Property managers and real estate companies are seeing an increase in their commercial and retail tenants’ ability to pay rent again after accessing funding through programs including the Paycheck Protection Program.
West Michigan real estate companies generally report more normalcy financially, but they say it will only continue with additional access to financial aid through state and federal programs.
Grand Rapids-based Edmark Development Co. owner Mark Finkelstein said he has been in negotiations with tenants over the past few months identifying their needs. If a tenant needs rent relief one month, they may negotiate extending the lease length, he explained.
BY KATE CARLSON
Sunday, July 19, 2020 05:52pm