Landlord/tenant leases in a post-COVID world
In a post-COVID world, retail leases will need to be modified to include the possibility of a pandemic and the mandated closing of tenant businesses. For the benefit of all, adjustments to the force majeure and insurance provisions, use of common areas, common area caps, alterations and regulations, should be updated to reflect the post pandemic market.
Currently, most leases don’t cover social distancing usage. Landlords should make sure that the lease language is broad enough for them to respond to pandemics and similar emergencies. Specifics would include use of common areas, installing items to improve health and safety conditions, and making necessary changes to comply with CDC, state and local authorities.