Rentals of retail property: challenges facing market players in a pandemic environment

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published on 18 September 2020

published in Real Estate Monitor, 3/2020, page 28 

 

During the second quarter of 2020 the real estate market underwent significant tructural changes caused by the COVID-19 pandemic. The governments had to choose which party to the real estate rentals they would support. The tenant’s challenges result from dropping sales, the necessity to adapt to new distribution channels and generally from having used vast leased spaces that are now becoming unaffordable. At the same time, the income of many landlords originates solely from rental payments from tenants on their property.

 

 

The Russian Federation decided to support tenants as the less protected party in the rental relationship. However, the relevant statutory regulations provide very few details, mainly highlighting the general direction of the planned actions and the intended outcome – and thus making it reasonable to assume that specific matters will be settled in courts and the affected businesses will have to seek extensive legal support during court proceedings prior to emergence of sustainable case law.

 

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