UK commercial rent collection rises to 50%
Commercial tenants in the UK have paid 50% of rent as of October 6th, up from 22.1% a week ago.
Retail properties have seen a strong rebound, with rent collection jumping from 12.7% to a steady 51%, a 11% uplift on the same point in the rent cycle for the June quarter.
Tom Wallace, Re-Leased’s chief executive, said: “It’s encouraging to see landlords have collected half of the rent owed just a week into the final quarter of the year.
“If the rate of collection continues on this trajectory, landlords should expect to meet, or possibly just surpass, the volumes that came in for the June Quarter.
“This initial strong rent collection curve at day 7 should provide landlords with some comfort; however, it won’t mitigate the substantial volume of unpaid rent that has been accruing since March.”