Hughes Marino is a highly successful, commercial brokerage consulting firm serving the San Diego, San Francisco and Denver areas. Is currently led by Jason Hughes. During the COVID outbreak and lockdown, their chairman and owner, along with other executives and staff members at the firm, many of their brokers and staff members worked diligently from their own homes. Much of the workspace, once occupied within the office, sat idle, Jason Hughes points out.
During this trying time, a portion of their staff was laid off in an effort to keep the company’s expenses low. Now that COVID restrictions are being lifted, executives and employees are returning to the workplace with the realization that there is excess workspace that is not needed, Jason Hughes explains. What is to be done with this excess space that is being paid for as part of their existing lease? Jason Hughes quickly came up with a creative solution to this problem.
The successful leader Jason Hughes accomplished this after realizing that there were other companies in the same situation in other cities across the United States and not just San Diego. He suggests that restructuring commercial leases will benefit both the tenants and the landlords at this critical time. Restructuring a lease will prevent tenants from defaulting on their leases and landlords from losing income. According to Jason Hughes, modifying existing leases helps alleviate this problem by lowering the rent of the tenant, decreasing the square footage of the space rented and leasing the unused space to other companies. This strategy, he notes, works well in times of recession provided that the landlord is willing to negotiate.
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