Newmark Knight Frank’s Tenant Playbook is intended to be a resource to help tenants gain a clearer understanding of existing leases and challenges and devise a strategy, during the pandemic.
DEVISE A COHESIVE STRATEGY
Most important to a tenant’s business continuity, today, is understanding and staying up-to-date on the evolving situation; implementing a flexible strategy; and remaining focused. A well-thought-out and tailored preparedness plan impacts tenant survival now and into the uncertain economic future.
CASH IS KING
In this environment, protecting cash-on-hand is essential for businesses and tenants. Considering natural fluctuations in business (e.g., seasonal sales), comparing current and historical financials provides a tenant an intimate understanding of the pandemic’s impact on the top-line (gross revenue) and bottom-line (net profit). Rent obligations will stand out among the largest impacts to cash-on-hand.
COLLABORATE TO FIND A LEASE SOLUTION
Reviewing and scrutinizing the existing lease prior to a conversation with the landlord allows a tenant to approach the situation with one solution, or several options. Asset owners, tenants and their advisors must work collaboratively to identify a path forward. A trusted advisor, such as Newmark Knight Frank, can guide tenants through the process: