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Uncharted waters: The impact of the coronavirus crisis on commercial real estate — a US law perspective
Corporate Real Estate Journal,
9
(4),
291-298
(2020)
Abstract
The COVID-19 pandemic dealt an unprecedented blow to businesses around the world and left CRE professionals struggling to keep up with rapid-fire changes in operations resulting from shelter-in-place orders and business shutdowns. This struggle can be seen in the urgent questions that CRE attorneys were hearing from their clients in the early days of the crisis and as it continued to grind along. This paper touches on many of these questions and reveals some of the hurdles faced when trying to find relief for a situation that few anticipated in real estate leases, purchase and sale contracts and other agreements. It also anticipates some of the challenges to be faced once businesses reopen and lists some of the important lessons learned.
Keywords: COVID-19; coronavirus; pandemic; force majeure; business interruption insurance; rent relief; material adverse change
The full article is available to subscribers to the journal.
Author's Biography
Susan Matejcak is a partner at the US law firm of Quarles & Brady LLP with over 30 years’ experience focusing on commercial real estate transactions. She advises corporate real estate (CRE) professionals and institutional investors in the acquisition and disposition of commercial properties, leasing transactions on behalf of both landlords and tenants, and the negotiation of governmental incentives agreements. Susan is currently serving as President of Commercial Real Estate Women (CREW) Chicago, a chapter of the global CREW network, which focuses on advancing the careers of women in the commercial real estate industry.
