The Days Of Long-Term Retail Leases May Be Over
May 07, 2020
As retailers and other businesses seek relief from landlords, one potential long-term fix to rent woes is on the horizon. Michael Phillips, who leads real estate investment manager Jamestown, told the Wall Street Journal that the days of reliance on standard long-term leases with fixed payments in retail are done. “The days of being the landlord as an overlord to collect rent are over,” he said. The landlord said he expects to see more revenue sharing agreements and short-term leases as stores reopen when social distancing measures are relaxed. Phillips said Jamestown, whose holdings include Industry City and One Times Square, has set aside $50 million for loans and aid to its tenants. Read more at The Real Deal.
