Jaime Sturgis was interviewed by the publication’s Matthew Arrojas about the way lease agreements are being modified to adjust to the new challenges the pandemic is bringing both landlords and tenants. New leases are being written with substantial changes, particularly in regard to provisions that provide relief for tenants.
Experts say changes are on the horizon to the decades-old language in retail and restaurant leases as a result of the Covid-19 pandemic.
“As a result, many new leases signed over the last few months include more specific language, Jaime Sturgis of Fort Lauderdale-based Native Realty said.
“Moving forward, there’s going to be a little more clarity,” he said. “[The provision] is broad by design, so I think moving forward more clarity and more specific language addressing these types of situations.”
Sturgis added that landlords and tenants have mostly settled on common ground on what those new clauses may include.”