Business Owners Renegotiate Leases

Home owners are getting loan modifications as a way to mitigate losses for both the borrower and the bank. Similarly, business owners may be able to obtain a lease modification as a way to mitigate losses for both the landlord and the tenant. Commercial vacancy rates are increasing, and landlords are increasingly willing to modify lease terms instead of pursuing eviction. Landlords understand that some rent is better than no rent. Small businesses, like individuals, need to talk to their creditors if they are facing financial difficulties. A lease is often one of the larger expenses for a business, and thus a landlord is one of its primary creditors. Business tenants facing financial difficulties should contact their attorney to explore lease modification negotiation.