Hey There,
I own an office property in the
Sydney CBD and it has never been left vacant until recently. The month of April
proved to be the worst period for me as my tenant asked to end the lease and
move out due to financial losses. I had to oblige and allow him to leave.
Anyway he was not able to pay the rent and it was not too hard to let him go.
He owned a travel agency so it made sense for him to close down as international
borders have been closed for a while now. It is a sad state of affairs, but
what can be done! I tried hard to find a new tenant at the same rental amount,
but nobody was willing to pay the same price. I was devastated as I needed this
income to pay my bills and maintain my lifestyle. I spoke to my real estate
agent and got to know that things had changed in the CBD and the rents were
falling. He told me that besides offering a reduced rent, I should offer
incentives to lure new tenants. I could not believe that something like this
could happen in the CBD. If you too are concerned about the changing rental
prices, then read the article shared below to know all about it.
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