There’s no doubt that the UK going into lockdown has affected us all. In terms of the commercial property market, many landlords and tenants have found it tough. Businesses have had to change the way they work, reduce trading or shut up shop. Many landlords agreed to receive a reduced or no income for a period of time.Property costs like rents and rates remain a primary concern. Traditionally paid quarterly, the next payment date is upon us, 24thJune. As grant monies are used and with business rate free periods potentially ending next year, what will the future be for the commercial property market?
Financial stress puts pressure on all relationships, professional and personal.Tenants have been worried about meeting financial and contractual obligations. Landlords have been anxious about rents being paid.There’s a misconception that landlords are cash-rich. Quite often their wealth istied up in the properties they own.If both parties are willing to have an open and frank conversation, they are more likely to explore and agree on unconventional ways to manage rent.An unbiased third party is often best placed to mediate difficult situations like these to achieve the best outcome for everyone.
As a qualified chartered surveyor with 30 years’ property experience, I have seen the highs and lows in the commercial property market.I represent lots of different landlords where I have a role to play in helping them. Over the last three months, I have had 25 different discussions with businesses regarding rent. Fortunately, my clients take a long term approach and are reasonable people who value my constructive approach to find a solution where a problem exists. In many cases solutions have been found:
The UK commercial property market is constantly changing, creating both uncertainty and opportunity and I would welcome your views on the sector. I am inviting landlords, investors, advisors, businesses large and smallwhom might be a tenant or have an interest in the sector, to take part in a survey on the outlook for commercial property - can you spare 3-5 minutes?