Beautiful Virgin Islands

Tuesday, Jun 03, 2025

High demand for tenancy at Pier Park

High demand for tenancy at Pier Park

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.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
China Accuses US of Violating Trade Truce
Panama Port Owner Balances US-China Pressures
France Implements Nationwide Outdoor Smoking Ban to Protect Children
German Chancellor Merz Keeps Putin Guessing on Missile Strategy
Mandelson Criticizes UK's 'Fetish' for Abandoning EU Regulations
British Fishing Boat Owner Fined €30,000 by French Authorities
Dutch government falls as far-right leader Wilders quits coalition
Harvard Urges US to Unfreeze Funds for Public Health Research
Businessman Mauled by Lion at Luxury Namibian Lodge
Researchers Consider New Destinations Beyond the U.S.
53-Year-Old Doctor Claims Biological Age of 23
Trump Struggles to Secure Trade Deals With China and Europe
Russia to Return 6,000 Corpses Under Ukraine Prisoner Swap Deal
Microsoft Lays Off Hundreds More Amid Restructuring
Harvey Weinstein’s Publicist Embraces Notoriety
Macron and Meloni Seek Unity Despite Tensions
Trump Administration Accused of Obstructing Deportation Cases
Newark Mayor Sues Over Arrest at Immigration Facility
Center-Left Candidate Projected to Win South Korean Presidency
Trump’s Tariffs Predicted to Stall Global Economic Growth
South Korea’s President-Elect Expected to Take Softer Line on Trump and North Korea
Trump’s China Strategy Remains a Geopolitical Puzzle
Ukraine Executes Long-Range Drone Strikes on Russian Airbases
Conservative Karol Nawrocki wins Poland’s presidential election
Study Identifies Potential Radicalization Risk Among Over One Million Muslims in Germany
Good news: Annalena Baerbock Elected President of the UN General Assembly
Apple Appeals EU Law Over User Data Sharing Requirements
South Africa: "First Black Bank" Collapses after Being Looted by Owners
Poland will now withdraw from the EU migration pact after pro-Trump nationalist wins Election
"That's Disgusting, Don’t Say It Again": The Trump Joke That Made the President Boil
Trump Cancels NASA Nominee Over Democratic Donations
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OnlyFans for Sale: From Lockdown Lifeline to Eight-Billion-Dollar Empire
Mayor’s Security Officer Implicated | Shocking New Details Emerge in NYC Kidnapping Case
Hegseth Warns of Potential Chinese Military Action Against Taiwan
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Jamie Dimon Warns U.S. Bond Market Faces Pressure from Rising Debt
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Taylor Swift Gains Ownership of Her First Six Albums
Bangkok Ranked World's Top City for Remote Work in 2025
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
White House Press Secretary Criticizes Harvard Funding, Advocates for Vocational Training
France to Implement Nationwide Smoking Ban in Outdoor Spaces Frequented by Children
×