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In the Spotlight: Lease Restructures

By Elizabeth Cooper and Gregory McCavera

In the current economic environment, everyone wants to save money, and saving money in real estate is no exception. The economy is stagnant and will likely continue to be so through the next election cycle. Therefore, unless a lease is about to expire or a new tenant enters the market, we are unlikely to see positive absorption and/or much leasing activity across the country.

However, a lease is not a stagnant document, and neither landlords nor tenants should think of it as such. Organizations that have downsized or desire to utilize their space more efficiently are eager to “give back” excess space. Although landlords do not want excess space to lease in a down market, there may be benefits to the landlord of a steady long-term income stream that offsets the impact of additional vacancy. In sum, for each side an early lease restructure may make sense.

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