Phantom tenants and shadow leases: post-covid CBDs

Thu, 05 Nov 2020

Professional service firms in Auckland are opting to sublease offices to ‘phantom’ tenants to help cover lease costs in the wake of workplace shifts and as more of their employees opt to work remotely.Commercial brokers told BusinessDesk it was a win-win for tenants who were able to offset the potential losses of paying for unused office space under long-term, expensive leases. For those taking up subleases, it was about taking advantage of generally more favourable lease terms while getting into a top tier building typically alread...

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