From changes in property requirements to changes in people, read how COVID's changed the business landscape
Time to reflect on your business' property needs
29 April 2021
We’re working with many of our clients at present to try and make sense of how Covid’s changed their property requirement’s throughout the last year – looking at what their obligations are now, and planning for the future. Many are looking around their empty offices and wondering if they’ll ever be full again. We’ve even made some recent changes to our office network ourselves driven partially by the effects of Covid and how we plan to work going forward, like many others, anticipating a much more flexible and remote approach to office occupancy with a resultant reduction in the requirement for physical space.
Others have seen demand for products and services soar, and in doing so, now require more warehouse or industrial space. We’ve witnessed market rents in the industrial sector continue to rise, undisturbed by the pandemic with forecasts for this to continue for the coming years. Whilst the supply of new property catches up with the rapidly growing demand for space across many sectors.
Our clients in the Leisure & Retail sector have had a mixed time, some suffering greatly from the enforced closure of their businesses, whilst others have had record breaking years, in the Fast Food sector in particular, driving demand for new sites and properties.
Our Landlord clients have had a difficult time as well, balancing their needs to receive rents to service their debt or pay their bills against in many cases, a genuine interest in supporting those same Tenants who themselves have been struggling.
Whatever your business has experienced, it’s highly likely your property needs before Covid are very different now. With the end in sight for the Coronavirus Act protection to Tenants who are in arrears of rents & service charges, now’s the right time to be thinking very carefully about your property, whether from a Landlord or Tenant perspective and make some proactive decisions.