Business Rental

For two months, many businesses across the region were shut down completely, or had state mandated restrictions on how they could operate.

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Intro centered for two months, many businesses across the region were shut down completely, or had state mandated restrictions on how they could operate.

Now, some of the businesses are asking landlords for free rent to help make up for the tough times.

But as wcbi's allie martin reports, the overall outlook for commercial development remains strong.

Although most businesses are open, the extended shutdown meant drastic drops in sales and revenue.

Now, some businesses are asking landlords for a period of free rent, known as abatement.

"that don't work out for me so we're trying to help them on the end of the lease."

Vm cleveland is a commercial property developer, who has been through good and bad economic times.

He is a former retailer, who understands the predicament many businesses are in.

"the bank notes are still the same, the overhead is still the same, we are working with them and we understand, when they shut down , overhead continues."

Standup bridge while many retail businesses were hurt because of the extended shutdown, commercial projects were well underway before the coronavirus pandemic hit, and those projects never shut down.

"now, they're continuing on, new ones coming out of the ground."

Nats one of those is market center number two, the west tupelo project will feature a brooks grocery, with spaces for restaurant and retail.

Cleveland believes the pre pandemic momentum the economy enjoyed will continue.

"i think we will bounce back , i think will be stronger than ever, we will be different and do things differently, but economy will spring back, i think we will be better than ever."

Cleveland says he wouldn't be surprised if future lease agreements had a clause about rent abatement's or reductions in case of future pandemics.

In lee county, allie martin, wcbi news.

Cleveland also pointed out that the paycheck protection program passed by congress can also be used by businesses to pay overdue rent in come cases.