Welcome to The Deal, March 2021

COVID-19 TWELVE MONTHS ON

It is now twelve months since the outbreak of Covid-19 and the first of the government-imposed lockdowns, what have we learned?

Whilst there has been a great deal of talk and speculation about the future of offices and the retail and hospitality sectors, the industrial property market has continued at pace with strong occupier demand, particularly for good quality modern accommodation. We have seen a strong level of transactions, shortage of supply and increasing prices and rents. The industrial and warehousing sectors remain more than resilient.

There has also been a strong demand for many forms of property as an investment, particularly where it is already income-producing with established tenants. We have recently sold industrial and residential investments at very good prices. It is perhaps not surprising that investors are looking for other forms of assets when interest rates are so low, and there is clearly a confidence in the future of many classes of property.

Commentators may have been unsure about the future of offices. The government-imposed restrictions resulted in many people working from home, aided by modern technology. Whilst this has provided some benefits, particularly in better work/life balance, more flexibility and less commuting, it has also highlighted some of the social benefits of the office workplace and the need for face-to-face contact. If there is to be a change in the way in which offices are occupied it may not be in the way initially envisaged twelve months ago, offices certainly have a future.

The retail and leisure sectors have undoubtedly suffered throughout the last twelve months, however the restrictions have highlighted consumer demand for these facilities. We miss eating and drinking out, and other leisure activities that are currently closed. Consumers will be flocking back to these venues as soon as they are allowed.

It is certainly going to be interesting to see over the next twelve months how the sectors evolve.

Peter Conroy
Director
Trevor Dawson

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