Dubai: More landlords in the UAE are giving tenants at their retail and office properties rent deferments and even full-scale lease renegotiations to help them through the COVID-19 crisis. Even those landlords who had held back from doing anything last year are more willing to come to the negotiating tables.
“Existing tenants are being given the opportunity to scale down their premises until market conditions improve,” said Zain Qureshi, Managing Director and Global Head of Real Estate Finance and Advisory at Mashreq Bank. “With businesses across the UAE coming under increased financial stress from a fall in revenues caused by the pandemic, occupiers are seeking more value out of their properties.”