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SHARESHARESHARE
HOW CORONAVIRUS (COVID-19) COULD AFFECT COMMERCIAL REAL ESTATE TRANSACTIONS
The long-term effects of the coronavirus on the economy remain unknown, but we can predict some acute short-term effects on the commercial real estate market in general, and in particular on contractual relationships in this arena. There are many different implications of the force majeure concept described above for the commercial real estate world, but here we will describe just a few of them. The coronavirus outbreak has already had an impact on the supply chain for various materials required for construction. Similarly, government restrictions, such as curfews or lockdowns, could interfere with the ability of contractors to have the labor needed for construction, and there may also be delays in the issuance of construction approvals and permits.  Suspension of or delays in the ability of contractors to complete construction could be covered by force majeure provisions in construction agreements. READ MORE