As it has in virtually every aspect of our lives, Covid-19 has drastically accelerated trends in the field of real estate that were emerging slowly before the pandemic, and has ushered in some brand-new changes as well. Our clients at Steeg Law are grappling with these trends and changes, and our documentation of their deals tries to help them achieve the flexibility that these times demand.

Two recent articles highlight some of the key trends and changes brought about by Covid-19. The first article, from CNBC, points to a new development directly related to the pandemic – shorter lease terms on new leases, and the consequences and risks posed to both landlord and tenant by this change. The second article, from The New York Times, describes the acceleration of a trend that was already in existence, namely the shortened life span of commercial real estate buildings and the need for multiple adaptive reuses over the life of the building. The pandemic has caused building owners to anticipate even shorter life-spans for their buildings.