Much attention has been paid to the devastating effects of the COVID-19 pandemic on income, unemployment and cash flow for businesses. But new research takes an eye opening look at what the shutdown of many businesses may do to the worth of commercial real estate.
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Leslie José Zigel, Chair of the Entertainment, Media & Technology Group at Greenspoon Marder offers his thoughts on entertainment industry issues arising out of the COVID-19 pandemic.
While every industry is dealing with massive upheaval as a result of the COVID-19 pandemic, few are as visible as sports and entertainment. While many who practice in this area anticipate a slowdown in overall legal work, certain pockets of work are being pushed to the forefront, creating demand for the services these attorneys provide.
Can a commercial tenant that is required to be closed during the COVID-19 pandemic be relieved of, or does it have a defense to, the obligation to continue to pay rent? The short answer is possibly yes, but the situation is unprecedented and the answer may have to be determined in litigation.
