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Commercial property rent collections at highest level since start of pandemic

The collection of commercial property rents, seven days after the June Quarter due date, have reached the highest level achieved for any quarter during the pandemic so far, according to the latest REMark Report, published by Remit Consulting.

Remit’s figures for the June Quarter Day, which are verified by the country’s major managing agents, reveal that, overall, an average of 66.5% of rents due from tenants of commercial property were collected by property managers and landlords. This compares to a figure of 60.5% collected seven days after the start of the previous Quarter. The previous highest collection rate, a week after the due date, was 62%, which was collected in the September Quarter. By comparison, the equivalent figure from 12 months ago was 50.7%.

The latest REMark Report also reveals that, overall, 62.3% of retail rents were collected within seven days of the due date, with 61.2% of rents due from shopping centre occupiers collected, and 54.7% of rents collected from ‘high street’ retail tenants. The best performing retail asset class was retail warehousing, where nearly 75% of rents were collected within seven days of the due date.

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