Insider Economy Pressure on owners for reduction of rents

Pressure on owners for reduction of rents

Since people are going through the third phase of restrictions imposed due to COVID-19, owners of properties are under pressure to reduce rents, since many businesses are under-performing or are closed.

As of March or April, if the epidemiological situation improves, it will become clear how many offices or shops will be able to restart operations under the circumstances.

According to Phileleftehros, certain owners are already in negotiations, aiming to review the terms of contracts signed before the pandemic. On the one hand, the owners what to retain their income but on the other hand, the tenants have no cash due to restrictions to their operation.

According to a research by Danos and Associates Company, after the situation returns to normal, rents of shops will be reduced by approximately 15% and in areas that are not so popular the reduction may even reach 20%. Something similar is expected to prevail regarding offices.

According to the company, the biggest reduction in rents will be seen in the Famagusta district.

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