Still taking punches.
We have just witnessed the largest hit to the economy the UK has ever seen and the landscape is unrecognisable from a year ago. The state of the economy is being held to ransom by the spread of Covid-19 and will continue to be until the virus is brought under control, with Brexit still a potential cause of further disruption.
We are seeing office occupier requirements re-evaluated and reduced as businesses look to mitigate cost. However, those who are fortunate and able to take a long-term view on the growth of their business, are already looking at ‘futureproofing’ their requirements. This has the potential to create a ‘two tier’ market.
Covid-19 and the lockdown measures put into place have exacerbated retail woes many times over, put existential pressure on a number of businesses and further accelerated the shift to online that was already driving a long term reduction in the demand for retail space.
By popular demand.
We have seen an acceleration of drivers that continue to power demand for warehousing as the proportion of online retailing has jumped significantly and supply chains have been disrupted and evolved at a rapid pace.
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Whilst we continue to see investor demand, economic uncertainty as well as structural shifts in our occupier markets and restrictions on mobility continues to weigh the market down.