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It is no surprise to hear that retail leases have stalled during the pandemic. With many store closed or operating at limited capacity and uncertainty about the future of the market, retailers have paused any expansion plans. However, some new leases are still getting done. Essential retailers are continuing to move forward on new leases even through the pandemic. These retailers are helping to drive lease activity.

“In terms of new leases, I would say there are fewer new leases being completed given the current climate and uncertainty surrounding the pandemic,” Chris Rizza, a partner at Crosbie Gliner Schiffman Southard & Swanson, tells GlobeSt.com. “Many tenants looking to enter into new leases and rent space are sitting on the sidelines taking a wait-and-see approach.  New deals that are closing tend to be for tenants providing essential services—those tenants that are not seeing a significant dip in consumer demand during the pandemic.”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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