Posted on May 27, 2009 by Beverley Rogers

A New Lease on (Your Business) Life

According to a recent  Wall Street Journal blog, vacancy rates at malls and shopping centers in the top U.S. markets have climbed to their highest rates of this decade: 7.9% for malls and 9.5% for smaller, open-air shopping centers.


In today’s challenging economy, many struggling retailers – and residents – are approaching their landlords and asking for financial assistance or a reduction in their monthly rental payments. This practice, once considered a drastic measure, has actually become very commonplace.


Contrary to appearances, the parties are not on opposing sides. Both have the same goal: to keep the renter in business so he can continue to pay the rent. Facing a potentially long recession, it benefits both parties to come to an understanding in these situations.


Retail vacancies are on the rise, even in our own town of Ridgefield. If landlords and tenants come to an agreement, the lessee can continue to run his business, and the landlord continues to have a paying tenant. Of course, the terms of the negotiations should be agreed upon beforehand and clearly spelled out. It is also beneficial to have an attorney present to mediate or help resolve any potential conflicts.


Retail property owners that consent to abatement are putting their own financial future at risk. They also need to thoroughly analyze which of their tenants is deserving of the break; in other words, who is likely to succeed?


Tenants and renters cannot take a “hardball” approach to the situation, despite its frequency in these economic times. They should be willing to make concessions, put limits on the agreements and fully cooperate with the landlord. 

Image: New co-working reception area, Executive Pavilion, Ridgefield

 

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Posted on May 8, 2009 by Beverley Rogers

Welcome

Welcome to the new Rogers & Tartaro blog.  Our blog has been evolving into this final new site that we’re excited to unveil. 

In addition to traditional business and employment law issues, we’ll be focusing on several other subjects, including issues and regulations that affect our own town of Ridgefield and beyond.

Below is an explanation of our revised name, along with a brief summary of the types of posts you might find here.

 Main Street – (1) in contemporary usage, “Main Street” has come to mean “not Wall Street.” (2) “Main Street” is associated with small towns, and Ridgefield, the location of our main office, deals with small town issues. (3) Our office is actually located on Main Street.

 “And Beyond” –While we are focused locally, issues of interest in any community always include broader subjects along with the local ones. In addition to Connecticut, our practice has represented clients in the courts of New York, Arizona, Maryland, New Jersey Massachusetts, Georgia, Texas and even South America and Europe.

 Law and Business –As attorneys, our blog is a legal blog, but we are also small business owners. Our posts will address issues relevant to local businesses, small to mid-sized organizations, and not-for-profits.

 Litigation/Disputes –Our posts will comment and educate about interesting litigation issues, but also reflect the broader mandate of our practice: a reasonable, economical resolution of a dispute.

 Economics 101 – “I am not an Economist but I play one on my blog.” Along with my law degree, I have a graduate degree in business, so we will comment on economic issues.

 We look forward to your comments and input.

 Images: Top left, Cass Gilbert Fountain, a Ridgefield, Ct landmark.  Side, right, Downtown White Plains, NY.  Both images from City-data.com.  Images on this post were modified after first published.  Our offices are in Ridgefield and White Plains. 

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