As I sat at the new desk in my new office last week, which is the dining room table in my home, flanked by our daughter's art station on my left and our son's Lego table on the right, watching the Stock Market drop more than 2,000 points in one day and businesses closing their doors, I thought to myself, "Wait a minute! We just did this twelve years ago!" But, this is different. This is not 2008. This bear market and looming recession were not caused by the economic factors that lead to other recessions during the last century, and most recently the Great Recession. The current situation is the result of an external force: a worldwide pandemic of a novel virus, forcing people all over the globe to shelter in place and avoid social contact. This is unlike anything we in modern society have ever seen. While this is not 2008, there are certainly valuable lessons we learned from the Great Recession, and our ability to utilize what we learned from 2008 will have a significant impact on our recovery from this unexpected blow dealt to our economy by COVID-19. In short, landlords and tenants need to be proactive and modify their leases now to address rent payment issues they will face in the coming months.
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