Attention: Cresa Ottawa COVID-19 Initiative
These are unprecedented times, and we want to help. Cresa Ottawa is offering to support clients and major employers with rent abatement discussion with their landlord. We're not seeking any compensation for this effort, nor are we suggesting that the landlord will simply gift any relief provided. We have several strategies we are employing to achieve this, and depending on your situation and that of your landlord, we expect to be able to arrange a period of lower rent, or no rent whatsoever. The rent relief may represent anywhere from between 1 and 3 months. We hope that our ability to work with your landlord to support you in this effort will contribute to your ability to get through this crisis smoothly. Let us assist with this effort so you can focus on other pressing matters.
Our team is fully engaged working out of their home offices and ready to assist. Please call us at 613 688 7200 before May 8th or fill in the form below if you are interested, so we can discuss your situation.
We know things will get better in time.
The Return to Work
Cresa is the world’s most trusted occupier-centric commercial real estate firm. We exclusively represent commercial tenants and solely focus on finding the best office space that drives superior results for your business.
April 23, 2020
Cresa is here to help! We are always in
1. Connect with your landlord as soon as possible
You should maintain strong lines of communication with your landlord over the next few months.
2. Dedicate someone to receive and sort all important mail.
It’s essential that legal notices delivered by FedEx and Certified Mail do not go unnoticed. Where possible, request the landlord communicate via email and assign a single person to manage the receipt of that communication.
3. Obtain all lease documents including amendments.
4. Review all relevant lease language with your Cresa advisor and your attorney.
This review should include force majeure clauses and business interruption insurance.
5. Obtain your most recent rent invoice and 2020 estimate (if available).
6. Draft a Rent Relief Request Letter describing the amount of relief requested.
This request should be made by an individual with a personal relationship with the landlord (your local manager or Facilities Manager/Director or Cresa advisor).
Quantify reduction in revenue due to the pandemic
Articulate all other measures being taken to reduce controllable costs (i.e., staff and employee compensation reductions)
Detail all other forms of relief your organization is seeking such as stimulus packages from the federal or state governments.
Note: Any verbal communications regarding rent relief should be documented, logged and followed by a formal request.
7. Provide your year-to-date and prior two years’ financial statements
8. Formalize the terms of the Rent Relief Agreement in writing
The amount and length of the relief and repayment terms or lease extension must be clearly defined in writing as a notice under the terms of the original lease.
9. Both parties must sign the written Terms of Rent Relief Agreement
If hard signatures are not possible, utilize DocuSign to secure confirmation on both sides.
10. File or upload the formalized Rent Relief Agreement to the lease administration system, as applicable.
Once the agreement is signed, the document must be kept on file with the lease to ensure the reduced rent amount and detail of the repayment terms or lease extension are captured.
Wondering how COVID-19 can impact your businesses's real estate? At this time you need an expert on your side who will guide you step by step through your options. Get in touch with one of our brokers today.