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REAL ESTATE Commercial in a tight market leasing In Ontario, lawyers are dealing with tensions on many levels. In B.C., plans are afoot for updating its 19th century legislation. BY KEV IN MARRON T he economic downturn is putting huge pressures on commercial leas- es. The demand for space is dwin- dling, as companies scale down their op- erations, reduce their workforce, and cut back inventories. Struggling retailers are looking for concessions from landlords. Property owners are squeezed for cash and many are worried that a lost tenant or a few rent defaults could put them out of business. It's a time of insecurity and anxiety — and therefore a time when all par- ties are acutely aware of their legal risks, rights, and obligations. Lease docu- ments that may have been signed with scant attention in good times are now being scrutinized carefully, as some par- ties are concerned they can no longer meet the terms of their agreements and others want to enforce their rights. It's a time when landlords and tenants look to lawyers and the law for advice and solutions. And it's a time for lawyers to readjust and refocus their practices to www. C ANADIAN Law ye rmag.com M ARCH 2009 17 PIERRE-PAUL PARISEAU