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The Impact of Commercial Rent Relief

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In October 2020, Colliers Real Estate Management Services gathered information from more than 6,000 tenants across its national managed portfolio to gauge the effect of rent relief on the market. 

Since the pandemic started, questions have swirled around rent relief and the efficacy of the Canada Emergency Commercial Rent Assistance (CECRA) program. 

Initially, CECRA was available in April, May, and June, but was later extended through July, August, and September. Landlords were eligible to apply for CECRA if their tenants paid less than $50,000 a month in rent, brought in less than $20 million in gross annual revenue, and saw revenue drop by at least 70 percent because of the pandemic.

The federal government announced earlier this fall that the CECRA program will be replaced by the Canada Emergency Rent Subsidy (CERS), which will provide support directly to businesses, instead of through landlords.

Our findings indicate:

  1. The vast majority of tenants who requested relief received it and most landlords worked to help their tenants;
  2. Relief went to tenants who were most in need – retailers and small businesses;
  3. The Canada Emergency Rent Subsidy program will be essential to help these tenants get through the second wave and the most critical selling season of the year for retailers.

The findings from this survey are outlined in the infographic below:

Colliers Research CECRA Infographic Q4 2020

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The Impact of Commercial Rent Relief

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For More Information, Please Contact:

John Duda

President, Real Estate Management Services Canada

Toronto Downtown

John Duda is the President of Real Estate Management Services, Canada. John began his career as Director of National Property Services at CIBC, joining Colliers in 2010. Appointed as head of Real Estate Management Services in 2017, John has driven significant growth both organically and strategically through the development of new service lines and markets. In his role as president, John a oversees 14 offices across Canada, working closely with local teams to create value-driven strategies in support of clients’ goals. 

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