Re-Leased, the cloud-based commercial property management platform, has published its COVID-19 Regional Rent Collection Report, which ranks 20 of the largest cities and towns in England by the overall percentage of rent collected for commercial properties 25 days after the March quarter date, compared to its two-year average.
Key findings of the report revealed:
- Cambridge is the most resilient location with overall rent collection down by -7%. This compares to a UK average of -30%.
- Bristol ranks the second most resilient location, seeing an overall decline of -9%.
- All other locations analysed reported double-digit decreases in the overall percentage of rent collected.
- Liverpool saw the steepest overall decline at -50%, making it the least resilient location.
- London and Milton Keynes are the second least resilient locations, both seeing an overall decline of -40%.
- The UK’s second and third largest cities fared significantly better than London. Birmingham and Manchester fell by -18% and -21% respectively.
Re-Leased’s analysis is based on live rental collection data from over 10,000 properties and 35,000 leases on its platform, and includes office, industrial and retail assets.
Re-Leased’s CEO Tom Wallace said: “While some locations have proved more resilient than others, our research shows that landlords across the country are seeing concerning drops in rent receipts because of coronavirus. Many will be facing serious financial pressures as a result of these declines.”