
Local
Covid crisis causes Costa commercial property rental prices to plummet
JUAN SOTO
...neighbourhoods and make use of local businesses. Pérez-Peña said that most rental contracts are being revised downwards to try and dissuade businesses from leaving. And, in some cases, landlords have dropped their rents by as much as 50 per cent he claimed. ... He also explained that Covid clauses are being included in some of these new contracts to determine what would happen to rents in the event of new coronavirus restrictions or the temporary closure of business activity being enforced. The head of ... business transfers has also fallen dramatically, especially in the hospitality sector, which has been particularly badly hit by successive opening hours and capacity restrictions. Faced with this situation, he says that the landlords are being