One month on from the September Q4 rent collection day, Colliers International has reported that 80 per cent of rent has been collected from across the 6,000 tenancies the firm manages.
Highlights include 72 per cent collected across high street retail, 80 per cent for London offices and 87 per cent for national offices. These have increased from 50 per cent, 43 per cent and 50 per cent respectively. Health and fitness leisure operators were able to increase their rent payments from five per cent on September quarter day to 39 per cent, and restaurants from seven per cent to 20 per cent.
Mark Jarrett, head of Property Management at Colliers International, commented: “It is heartening to see that as the weeks have passed we have been able to report healthy rent collection figures. Retail, offices and leisure have all been able to dramatically increase their ability to pay rent as the country got back to some level of normality.”
Overall figures show that the industrial sector continues to be the best performer, recording 88 per cent of rents collected, up from 57 per cent on quarter day. In contrast, leisure has only paid 37 per cent.
Mark continued: “The second lockdown will inevitably hamper economic recovery during the last few months of 2020 and fortunately the furlough scheme extension will provide much needed financial support for businesses running short of cash. The big question for some sectors is whether this will be enough to prevent more insolvencies before the new lockdown ends on 2nd December.”