Coronavirus (COVID-19): How to Navigate Your Office Lease

Millions of businesses around the country are trying to settle into a new normal for their workplace routine. For office tenants, this means a huge shift towards working from home for the majority, if not all, of their employees to help stop the spread of COVID-19.

As you continue to navigate this new virtual reality as a business leader, there are thousands of questions running through your mind: Will we make it through this? Are my employees OK? What does this mean for productivity? How will this impact my team’s culture? How do I continue to motivate? What are our opportunities for business growth?

And one more big question: What do I do with my office lease during the coronavirus (COVID-19) outbreak?

As more companies are asking their employees to work from home (or as they are required to do so in some major metropolitan areas), their office spaces are emptying out. With real estate being one of the top expenses for your company, what are your options?

While there are very limited legal options you can exercise during this time, there is an opportunity to be proactive and limit your financial exposure.

Now is the time to negotiate rent reductions and abatement with your landlord.

There’s enough on your plate right now. Let a trusted broker help guide you through this process:

  1. Assess your current situation. How you approach this conversation with your landlord will depend on your current status in light of the evolving COVID-19 situation. It’s important to look at how your company is responding and adapting now, as well as what your needs will be in the coming three, six or nine months. Be prepared to show the economic impact that this situation has had or is projected to have on your business, as well as any additional measures you’ve taken to mitigate your financial risk.
  2. Read your lease agreement. Unfortunately, there is most likely no protection for this type of scenario included in your lease agreement, even if there is force majeure language. If you have an attorney, have them review and provide insight into your legal options (which, per our current understanding, are extremely limited).
  3. Name your best-case scenario. While this is a new situation for everyone, decide what your best-case scenario would be for your company in terms of your office lease. Then, work with a trusted broker to help craft what those terms would be to present a clear, concise proposal to your landlord.
  4. Negotiate with your landlord. Landlords are particularly busy during this time making sure their buildings are safe for their tenants and trying to figure out the ripple effect of the coronavirus (COVID-19) on their properties. Some landlords may be willing to work with their tenants, while others may not. Using brokers who have a strong relationship with multiple landlords will help you find the best solution.

This is a first for all of us, and we want to do what we can to support you during this very fluid situation. Please let us know what we can do to help.

Andy Cullen
andy@tributaryre.com
720-933-9411

Amy Aldridge
amy@tributaryre.com
720-217-7340

Coronavirus (COVID-19): How to Navigate Your Office Lease2020-03-24T19:46:54+00:00

Coronavirus (COVID-19): The Impact on Commercial Real Estate Lending

As this unprecedented situation with coronavirus (COVID-19) continues to impact communities around the world, people are seeking answers, particularly regarding the current state of financial markets. How will commercial real estate lenders respond as uncertainty continues to overshadow the market? Here’s some insight.

Recently, the federal government pumped $1.5 trillion into the economy in an effort to calm the market and provide liquidity so that business and property owners can maintain operations and keep people employed.

For commercial real estate owners in Colorado, this could be one of the greatest borrowing opportunities in our lifetime.

As the market responds to this dynamic situation, we’re seeing changes in lending behaviors across the industry. Some lenders are choosing to pull out completely; some are planning to close approved deals in the pipeline and re-evaluate; while others, primarily privately funded bridge lenders, are moving ahead in full force.

For commercial real estate owners/buyers in Colorado, this can be a particularly tricky landscape to navigate. During turbulent times, it’s important to have an experienced debt advisory advocate on your side to help evaluate a current situation with existing debt and/or assist with a new purchase.

Need debt advisory guidance?
Tributary Lending provides debt advisory services to assist our clients to effectively maneuver up-cycles and down-cycles using both bank and non-bank lending options.

If there’s anything we can do to help, please don’t hesitate to contact us at info@tributaryre.com.

Coronavirus (COVID-19): The Impact on Commercial Real Estate Lending2020-04-14T14:50:12+00:00

Tributary Real Estate Expands Brokerage Team

Mark Floersch Joins Growing Commercial Real Estate Firm

DENVER (March 4, 2020) – Tributary Real Estate, a fully integrated brokerage, development, lending and investment firm based in Colorado, recently welcomed Senior Broker Mark Floersch to its brokerage team.

“Mark brings a fresh perspective to the Denver market and a strong track record of executing real estate strategies for high-profile clients,” said Andy Cullen, partner and managing broker for Tributary. “His proven success and relationship-centric approach to commercial real estate will help us take our client services to the next level.”

Floersch has more than 14 years of experience in commercial real estate and tenant representation. His ability to translate market intelligence into actionable real estate decisions has earned him the trust and loyalty of an extensive client base.

“Tributary’s relationship-driven approach is transforming the brokerage model in Denver, and I wanted to be a part of that,” said Floersch. “With a team-first mentality, we offer some of the most in-depth market knowledge and experience to serve the growing list of companies expanding their operations in Denver.”

Prior to joining Tributary, Floersch served as a senior associate at CBRE. During his 10 years as a tenant rep in the competitive downtown Chicago market, he focused almost exclusively on the financial sector, primarily fast-growing high-tech trading companies with complex infrastructure needs. Since moving to Denver in 2016, Mark has expanded his client portfolio across all sectors, representing multiple high-profile clients while maintaining his Chicago license and client base.

Mark earned his bachelor’s degree from Miami University.

About Tributary Real Estate

Tributary Real Estate is a fully integrated commercial real estate firm based in Colorado. Founded in 2015, the firm offers a customized approach to brokerage, development, lending and investment, using data-driven insights to maximize value for clients and partners. Tributary’s team of seasoned industry leaders maintains strong relationships to be able to capitalize on market-informed opportunities that help catalyze economic growth. For more information, visit tributaryre.com.

Tributary Real Estate Expands Brokerage Team2020-03-16T19:26:02+00:00
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