Landlords in UK collected 21% of commercial rents
This marks a decline on the previous two quarters, suggesting the third national lockdown has caused the rate of rent collection to soften after seeing some positive growth at the end of last year when restrictions were lighter.
Re-Leased’s analysis is based on live rental collection data from over 10,000 commercial properties and 35,000 leases on its UK platform.
Behind the overall UK picture, each sector is responding differently to the crisis. Retail continues to be hardest hit; the sector has recorded the lowest rate of collection this quarter at 15%. Offices recorded the strongest rate of rent collection at 28%, however this sector has slowed compared to the previous two quarters. Industrial has emerged the most resilient sector and is the only one to see an increase on levels recorded a year ago, at +3%.
Behind the overall UK picture, there are also significant variations in rent collection across the country. A breakdown of the UK’s 10 regions revealed that the East Midlands is the most resilient region this quarter, while the South West is the least resilient. ■