When COVID-19 first broke out in the Greater Boston area, many businesses not only faced economic uncertainty, but they also endured substantial financial hardship. As a result, CLG has been committed to working with commercial leasing clients to negotiate rent reductions, delay move-in dates, and implement other creative solutions.
But, lately we have been noticing a shift in the commercial leasing landscape despite the ongoing pandemic.
During most of COVID-19, negotiating amendments to existing leases with current tenants was the norm. Now, CLG’s leasing practice — led by attorney Anthony Gambale — has been seeing a surge in new commercial leasing transactions over the last few months.
Medical Industry Leasing Activity Increases in Massachusetts
Perhaps not surprisingly, in light of the current health crisis, many of the new commercial leasing transactions in which CLG has been involved concern companies within the medical industry. Specifically, research and development, health care, and medical labs have been at the forefront of the activity as their need for additional industrial space grows.
Some of our recent leasing transactions include successful negotiations of:
- A new 7+ year lease with a global R&D / lab tenant in Bedford;
- A multi-year lease extension with a health care tenant in Bedford; and
- A new 3+ year lease with an office / R&D tenant in Newton.
In addition, CLG has successfully negotiated a multi-year lease extension and addition of over 50,000 rentable square feet of space with a warehouse tenant in Avon. CLG is also currently engaged in several other significant negotiations, including one concerning a new 10+ year lease with a health care tenant in Boston.
Successful Lease Negotiations Revolve Around Open and Honest Discussion
Although we’ve seen a considerable increase in new leases lately, there are still businesses that are suffering from the impact of COVID-19. CLG has been representing both landlord and tenant clients and working to help them mitigate risks and reach the best possible outcome — both during the pandemic and in the long-term.
With the understanding that the key to achieving an effective resolution in commercial leasing matters has been cooperation and collaboration between the landlords and tenants, CLG has continued to mediate negotiations surrounding pandemic-related leasing disputes concerning existing leases to find fair and positive solutions.
It has always been important for landlords and tenants to be able to communicate their concerns with each other during any commercial transaction. However, the effects of the pandemic have made collaboration and compromise even more essential for good landlord-tenant relationships than ever before. The most successful lease negotiations we have seen during COVID-19 have been those in which the parties discuss their issues openly and honestly, and work together to accomplish their objectives.
Learn More About CLG’s Commercial Leasing Practice
Continental Law Group provides reliable representation for landlords, tenants, developers, asset managers, commercial stakeholders, buyers, and sellers in various commercial leasing and real estate transactions throughout Massachusetts and New Hampshire. CLG has offices located in Boston and Salem, MA, and Portsmouth, NH. Call (617) 616-8210 to learn more about CLG’s commercial real estate practice and other legal services.