07/30/2020

Strategies to Help Associations Reduce Office Lease Costs

Many organizations' offices are sitting empty

While most states are in some phase of reopening after COVID-19 shutdowns, many associations have yet to return employees to the office. Unfortunately, those same associations have leases that require them to continue to pay for space they can’t occupy. If that’s the position you are in, Mindy Saffer, LEED AP, managing principal at commercial real estate firm Cresa, has some advice.

“Everyone is probably feeling very frustrated,” Saffer said at a recent ASAE Finance and Business Operations Professionals Advisory Council-produced webinar, “What to Consider as You Plan to Re-Open Your Association.” “We keep paying our rent every month, and it’s been several months since we’ve used our space and it may be several months more before we use it [again].”

Saffer said the frustration is as real as the cashflow problems that come with paying for space you can’t use. I spoke with Saffer after the webinar to talk details about some of the strategies associations should consider.

Please select this link to read the complete article from Associations Now.