In these uncertain times, the need for a strong and pro-active board of directors is more important than ever. Directors, managers and shareholders should start looking at implementing measures to mitigate the level of risk in the building, with the overall aim of reducing the spread of COVID-19 amongst shareholders and occupants whilst also maintaining the conduct of the building.
Company title buildings contain large areas that form part of common property such as the rooftop, laundry room, gymnasium, garden etc. The proximity of people in high rise buildings and the use of common areas gives rise to an additional risk in the face of COVID-19.
Further, company title buildings are a popular hub for short term leasing and sub-leasing platforms. The use of Airbnb and other online short-term leasing platforms is commonly used by shareholders and occupants as a way to earn income on their investment property. Have you thought of the additional issues that arise with short term leasing and COVID-19?
Now is the time for the board of directors to show strong leadership, assess the risk facing the building and act accordingly.
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