It’s hard to imagine entering August with the COVID-19 pandemic still causing mass disruption throughout the commercial real estate industry. While there are varying degrees of guidelines and protocols for reopening buildings, the general consensus is that a large percentage of tenants needed help to navigate these times. Whether it was in the form of rent concessions, deferrals or any other tactic to prevent going under, tenants are reaching out to property managers more than ever. As part of Yardi’s Innovator Sponsorship of the July CRETech virtual conference, Brian Sutherland, commercial industry principal, had a chance to host a discussion with Paul Gaines, managing director of asset management for Accesso Partners. Accesso, based out of Hallandale, Florida, manages a portfolio of over $3.3B in assets across 21 cities in 8 states. Managing Deferral Requests Gaines explained they initially had 150 tenants across the portfolio who requested rent relief. Accesso then requested three things: 1) Ask the tenant to look thoroughly at their insurance coverage for any pertinent information. 2) Ask the tenant to apply for government assistance. 3) Ask the tenant to send complete financial documentation to Accesso so they could work on a plan together. Gaines revealed that his company had been able to reach agreements with 35 tenants on lease amendments or deferrals, without granting any abatements. While it’s a difficult time for all, it is important to realize the difference between those who truly need assistance and those who simply aren’t able to use their office space but are continuing business operations successfully. Thanks to quick and concise decision making within the executive team at Accesso and consistent communication with tenants, Gaines said they have seen 96-97% timely collection across the portfolio since work from home orders were enacted. The senior...