INSIGHTS 🔎 - A view from...
Insights - A view from Associate Partner Adam Hall
Having worked in commercial property management for nearly 10 years, Covid-19 has without doubt been the greatest challenge of my career to date. My role is focused on management of retail and leisure destinations. The sector was already going through a period of transition before Covid-19 and is likely to be the hardest hit by the current crisis.
My colleague, Oli Williams, commented last week on the negotiations with tenants over the March and June quarters and the future implications that Covid-19 could have on the future of lease and rent structures - https://www.tandem-property.com/post/insights-a-view-from-2. Like Oli, I’ve been busy in recent weeks looking at opportunities to restructure leases in return for immediate cash flow assistance. As well as managing commercial property, I’ve also been part of the operational team for a street food restaurant in Durham since November 2019
The Food Pit, and this has given me a much better understanding of the impact of Covid-19 on our occupiers. I’ve been really encouraged by the willingness of landlord’s and tenants to work collaboratively to reach mutually beneficial outcomes and help secure long-term viability of businesses.
In the last few weeks, my focus has turned to a re-opening strategy for retail/leisure destinations, the planning accelerated following Boris Johnson’s Sunday evening announcement and following documents. The first stage will be to undertake a Covid-19 risk assessment at our properties and identify practicable measures which can be taken. Whilst businesses and managing agents are going to find operating under a social distancing regime challenging, we are committed to working collaboratively with our occupiers to ensure that all reasonably practicable preventative measures are taken to mitigate the risk to our customers. The key for the foreseeable future will be creating Covid-safe environments where members of the public feel safe to visit, work and shop.