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Three Opportunities that COVID-19 has Revealed in Colorado Commercial Real Estate


COVID-19 has brought unprecedented challenges to Colorado businesses big and small this year, but some have continued to succeed despite the circumstances. From an economic standpoint, many of the challenges facing less-fortunate businesses are gratefully temporary. But this temporary disruption is also giving rise to unforeseen opportunities. For examples, franchises have brought many benefits the Colorado commercial real estate market despite the ongoing pandemic. Many commercial tenants are also taking this opportunity to renegotiate their leases and commercial real estate owners are pursuing more creative options.  Here are a few tips on how to take advantage of the opportunities in Colorado commercial real estate.


  • Demand for Commercial Space

Many people are jumping into entrepreneurship.  These business owners typically need a space for their new venture.  The good news for businesses and franchises that operate brick-and-mortar location is that in many places, commercial real estate prices are down. Reduced rents due to COVID have made it easier than ever to do just that. This is great news for someone who wants to buy or lease a new building or office space. Hiring a commercial real estate attorney to guide you through space for your business is important. They can dig deep into your lease agreement and ensure that hidden items like alcohol restrictions or parking issues are handled from the outset.


  • Commercial Real Estate Tenants Have Unusual Bargaining Power

Now is the time to consider reaching out to landlords and re-negotiating terms on commercial leases.  A seasoned commercial real estate attorney can help struggling commercial tenants reach out to landlords to discuss possible strategies to ensure mutual success. Landlords now more than ever need to be working with their tenants to guarantee both parties stay in business. It is important that property managers and landlords get in front of the fallout and proactively work with tenants during this crisis to create solutions. In fact, many commercial real estate owners have waived lease terms to allow use of common areas and deferred all or a portion of rent.   Hiring a commercial real estate attorney to negotiate new terms on your commercial real estate will help ensure better results for your business.


  • Creating New Solutions for Old Commercial Spaces

As the commercial real estate market adjusts to new conditions, opportunities in non-traditional locations for businesses and franchises are opening every day. Truck stops, airports, and other large commercial establishments are reinventing their spaces to create innovative uses and effective storefronts.     Non-traditional locations can be a great place to start for an aspiring entrepreneur or franchisee. Non-traditional locations may offer tenants and franchisees lower rent, possibly even more so in the time of COVID.  Whether the location be offbeat or offer a reduced square footage requirement or other non-customary market terms, nontraditional locations offer a unique opportunity for new businesses to bloom. And when it comes to monthly bills for startup businesses and even the size of your space, creativity may result in a better deal. Hiring a seasoned commercial real estate law attorney to help you create a non-traditional commercial space for your business is step one.

            

Be successful.

Have a commercial real estate attorney review the options for your new business venture or help you redesign your business plan to accommodate changing circumstances. A lawyer that specializes in Colorado commercial real estate can also help you build important relationships. For example, a positive relationship between the landlord and tenant is critical for the success of both parties. Since leases establish a long business relationship, the foundation must be carefully built.


Overall, the Colorado commercial real estate market continues to prosper during these trying times.  Now more than ever, businesses have a chance to build something spectacular.  If you are serious about starting your own business or franchise, now may be the best time to make your move! But before you do, be sure to consult the advice of an experienced commercial real estate attorney. This critical move will help you avoid pitfalls in Colorado’s COVID economy.

                                                             

About Robert Fischer

Rob Fischer is the owner of the Fischer Law Office located in Denver, Colorado. The firm specializes in commercial real estate law and helps its clients manage their property deals and concerns. Rob has years of experience in Colorado commercial real estate and brings a comprehensive approach to his client service. He is a go-to for commercial real estate leases, real estate purchase contracts and provides advice and guidance on land use and entitlements.  For more information, call Rob directly at 720-230-5907.