Standing Tall To Weather The Storm ' Covid-19 And The Commercial Property Market
Published date | 08 June 2021 |
Subject Matter | Corporate/Commercial Law, Real Estate and Construction, Contracts and Commercial Law, Real Estate, Landlord & Tenant - Leases |
Law Firm | PDT Solicitors |
Author | Mr Craig Burton |
As a sector which relies heavily on confidence in the market, during any recession or periods of economic uncertainty the commercial property sector is usually one of the first areas which sees a significant drop in activity. Couple this with a national lockdown preventing the retail and leisure industries from operating and forcing many office and service based businesses to work from home, you would be forgiven for thinking the outlook was bleak for the commercial property market. Indeed, many of those at the coalface were fearing the worst!
Thankfully (and surprisingly), those fears - for the South East at least - do not appear to have materialised with the marketplace showing a steely resolve and almost unwavering desire to push on no matter what; to roll with the punches and battle on through.Whether this is a reflection on the current pandemic being unique in the sense it is not a result of any deficiencies in the viability of businesses generally or a result of mismanagement of particular markets is difficult to say, however, whilst undoubtedly many transactions were put on hold during March and April, activity levels since have been constant and consistent with new deals being agreed and completed across nearly all sectors (with the exception of retail which remains very fragile).By way of an example, below are some of the deals PDT have been involved in and which we have completed since lockdown:
- New lease for relocation of HQ offices for an IT consultancy firm;
- New lease of warehouse premises to an independent coffee bean producer and...
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