Building owners aren’t panicking yet about rent relief requests

Commercial building owners are already facing a flood of pleas for rent forbearance. Just dealing with tenants’ rent relief requests is going to be a challenge for the industry. Staggering numbers of businesses are suddenly struggling to pay their landlords as a result of the COVID-19 pandemic. Prologis, one of the country’s largest industrial building owners, says it has gotten rent relief requests from almost 1 in 4 of its more than 5,000 nationwide tenants. The San Francisco-based company, which has properties in North Texas, owns almost 1 billion square feet of distribution and warehouse space and is working with tenants to help them get federal assistance to make rent payments. “A portion of the customer’s rent is deferred in the form of a loan to be repaid in the future,” Prologis chief investment officer Gene Reilly said this week in a conference call. “Our aim is to help those companies who really need it and will be able to repay the deferred loan. “We have received several opportunistic relief requests from large, financially sound customers, frankly not the audience we are targeting with this support.” Click to read more at