The new year is now three weeks behind us and the commercial property market seems to be very similar to pre-Christmas. Whilst there is optimism about the vaccine, all hospitality is still shut together with non-essential retail and office staff are working from home where possible. It would not be unreasonable to suppose that there would be many businesses handing in the keys to their properties and shutting down. It would appear for now that this is not happening.
Matthew Bowen, Director in Aitchison Raffety’s Commercial Agency team in St Albans, commented “Supply levels of vacant properties are not increasing at any great pace and generally the only transactions are where there were lease event dates. This is in part helped by the government support schemes such as furlough but also the inability of landlords to be able to use the courts to evict tenants who have been unable to pay rent.”
“Probably the most important factor is that whilst the Covid situation has continued for almost a year, there is an end in sight and people are hanging on until better times. This spirit is what will help the recovery and shorten its required length.”
“There have started to be larger office occupier requirements and rumours of people looking for room to expand into. These are positive ‘green shoots’ of optimism and it indicates that once businesses can open then we will push on as before and even a ‘vaccine bounce back’ may happen. It is encouraging at present, even if major hurdles are ahead of us.”
For further information please contact Matthew Bowen on 01727 843 232 or via email to email@example.com.