Landlords collect 22% of rents for September quarter
Landlords have collected 22.1% of commercial rents due on September quarter day.
The figures from Re-Leased reveal an improvement on day-one June quarter day rents, with just 18.2% collected last quarter.
Retail sunk to new lows, with just 12.7% of rent owed collected, down from 13.8% in June.
Landlords have collected 22.1% of commercial rents due on September quarter day.
The figures from Re-Leased reveal an improvement on day-one June quarter day rents, with just 18.2% collected last quarter.
Retail sunk to new lows, with just 12.7% of rent owed collected, down from 13.8% in June.
Offices and industrial both reported upticks. Office landlords reported 31.8% of rent collected, up from 22.8% last quarter and industrial saw 18.3% of rent collected, up from 16.2%.
The West Midlands was the region with the highest proportion of rent collected at 34.6%. This compares to 20.2% in London and 13.4% of rent collected in the North East, the worst-performing region.
The figures are based on live rental collection data from more than 10,000 commercial properties and 35,000 leases on Re-Leased UK platform.
Tom Wallace, chief executive at Re-Leased, said: “To see overall rent collection improve on the last quarter day is reassuring, especially following the new restrictions for businesses announced by the government last week and the recent extension of the rent moratorium.
“While there remains uncertainty in the market over rising coronavirus cases and the possibility of further restrictions, initial signs suggest the rent collection curve over the next 60 days will be on par with March and June.”
The British Property Federation estimates that between March and December there will be some £4.5bn in unpaid rent. Earlier this week, retail trade body Revo said arrears could pass £2bn after September quarter day.
Image © Jon Santa Cruz/Shutterstock
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