70-90% of tenants are still paying their rent. As a result landlords are having negative cash flows. It is now a tenant favoring market. Landlords and banks will be impaired as this continues. Rents will likely go down as demands go down. Vacancies are likely to increase, capitalization rates will also go up. Taxes are bound to go up. The big picture here is unknown, as values continue to change. The financial condition of the landlord is a big factor in negotiations. At the same time, weaker tenants tend to have more bargaining power. Self-help clauses and non-disturbance agreements may be necessary in leasing contracts and negotiations.
The market is rapidly changing and it is important that your broker has an understanding of the risk factors involved. Let GE Grace navigate you through your lease negotiations and space search.