Despite the significant economic impact of COVID-19 on the territory’s businesses, the demand for tenancy at the Cyril B Romney Tortola Pier Park remains at a high.
According to Pier Park CEO, Vance Lewis, the facility currently has 61 active tenants and new-industry businesses are already showing interest in setting up shop at the location.
He said the health pandemic has created a shift in some of the types of businesses interested in operating at the park.
“We have had new tenants, tenants come and tenants go, and we have quite a demand for tenancy here in the pier park as a lot have realised life after COVID may be a little different to life before COVID,” Lewis said.
“Some business models have just not worked for during COVID and may not work afterwards and so, therefore, that is something that we recognised. We’re rolling with the punches and going with the flow,” he added.
Heavy demand for office spaces/interest from marijuana industry
Lewis said the present demand is for office spaces, adding that there have been several inquiries.
“We’ve had one new sea charter and taxi entity that is coming and we’ve had some bites from other interesting businesses. We’ve had queries from the medical cannabis industry and not at a firm application as yet. That is to be decided but these are the sort of things that we are seeing,” he explained.
Rent concessions in excess of $1 million
In the meantime, Lewis the facility has been acting in accordance with the Andrew Fahie administration’s wishes to offer tenants concessions during this health crisis.
He said the Pier Park has been offering rent concessions since April.
“We understand that this is a difficult for tenants and a difficult time as well for everyone. So, so far, we have offered over $1 million in rent concessions and we are going to continue working with them as long as possible,” he stated.
Lewis said assessments will continue to be conducted on a month-to-month basis to determine how concessions for tenants will continue.
He said tenants will soon be informed on what measures will be taken for the month of October.
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