It certainly is bad form.

An ethical dilemma involves two good options ... maybe the two options in the OP are (1) saving money in the form of rent and (2) staying true to a contract.

Here’s an ethical dilemma ... you can afford to maintain staff during this time. However, do you lay-off/furlough your staff during this time?

I think this dilemma is similar to the one you presented in the OP. If there are ways to save money, do you take those options even though you don’t have to.