As the state tries to recover from the debilitating effects of the flood, renters wanting to move out of a flood damaged commercial area may have a hard time exiting their lease contracts.

Typically, a lease contract will allow landlords a specified period of time to address a problem in a rental or allow the renter to ask for reduced rent until the issue is fixed. A landlord may consider providing temporary office space until the area is again ready for occupancy.

"One of the main issues we will see surfacing is whether tenants can find a way to exit their lease if they are looking at an extended period of not being able to enter their premises," David Colenso, partner at Johnson Winter & Slattery, told The Australian.

Moreover, some landlords may not be covered by insurance depending on the type of flooding the property endured and the specifics covered by the insurance policy.

Colenso added: "For instance in Milton [in inner Brisbane] the flood damage was caused by stormwater drains overflowing, while in [Queensland's] Lockyer Valley it was a flash flood. The question you need to ask is: are you covered for either or both of these types of incidents?"

The Insurance Council of Australia reports that claims numbers and estimated insurable value of losses from the Queensland floods have amounted to 38,460 claims being filed worth $1.51 billion. Of these claims, 10 percent are for commercial property.

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