Pandemic forces landlords to accept sharp rent cuts

Landlords are having to accept reductions to retain tenants as the economy continues to experience fallout from the pandemic

01 August 2021 - 00:03 By NICK WILSON

SA’s retail and office landlords are having to accept significant rent reductions to retain some tenants when negotiating new leases as the economy continues to experience fallout from the pandemic.

This week, Liberty Two Degrees (L2D) — which offers JSE investors access to some of SA’s top retail properties such as Sandton City and Eastgate — reported in its results for the six months to June that when leases were renegotiated they were, on average, 21% and 26.6% lower for offices and retail respectively...

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