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Landlords Offer Retail Rent Cuts

Korea Daily, News Report, Posted: Feb 17, 2009

GARDEN GROVE, California Fearing loss of tenants, landlords of retail spaces in Orange County's Korean-American community are offering rent assistance, reports Korea Daily. Many landlords are offering rent cuts of 10 to 20 percent. Some landlords are reworking lease agreements with struggling shop owners to help them stay in business. The trend would have been inconceivable a mere year ago. But, the economic crisis changed the situation, reports Korea Daily. As the downward spiral of the economy continues, vacancy rates are rising and more businesses are failing. Empty spaces are not at all a good thing for landlords. Not only do they represent loss of rents but they also lead to lowering of property values.


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