Since this pandemic has started we’ve seen a massive shift in the demand for physical space. A shift that we originally thought would be temporary, but it’s now clear that many of these changes are here to stay.

As a previous NYC resident, I feel especially empathetic towards its residents and all the businesses that struggled and closed as a result of this pandemic. It was on one of my first dates in the city that I was able to experience the real NYC restaurant vibe.

Amidst recent events, there has been mass discussion and speculation around the future of retail. Ironically, despite our desires to be socially together again, I’ve found that the narrative of a retail apocalypse has stayed the same with a focus on the decrease or even elimination of physical stores. The truth is that the concept of stores is not going anywhere.

Ways to leverage your position beyond a reduced rental rate.

Business as usual is on hold as landlords and tenants find themselves in unprecedented times. Many businesses, unable to continue operating without significant layoffs and/or furloughs, are looking to cut costs in every way possible. For those in active lease renewal negotiations, or whose current term expires in the next 24 months, you have leverage. Given the uncertainty and rocky economic outlook, landlords are more willing to negotiate. Here are three levers to pull, in the form of concessions, to come out ahead.