Small businesses start to gain upper hand in rent negotiations

In March 2020, as cities shut down and small businesses were told to shutter, owners pleaded with landlords for leniency, rent reductions or even rent forgiveness, largely to no avail. Now, The Wall Street Journal is reporting that the tides have turned and landlords are finding themselves at the whims of their tenants as they try to stave off waves of vacancies that could last for months or years. Restaurants, retailers and office tenants are renegotiating their rates after months of closures have winnowed the pool of potential tenants. Buoyed by mortgage protections and with few alternatives, landlords are bowing to the requests, whether they be rent deferrals or even reductions.