Commercial property firms say there could be a high street revival as businesses exit city centres.
The vast majority of respondents thought rents would fall in the next three months, the most pessimistic reading since 2008.Hew Edgar, head of UK government relations for RICS, warned of a"polo mint" effect - a hollowing out of city centres.
But he said this could bring benefits, if properly managed:"With downturn there can be opportunity, government must also look to replace uncertainty with stability; and fill the middle of the commercial sector polo mint. "Offices and shops in city centres need support as people stay away from their normal workplace, and although local shop hubs are benefitting the market must be addressed as a whole."
Simon Rubinsohn, RICS Chief Economist, said tenants are thinking about a shift because commercial property in central locations is more expensive, while people are wanting to work more from home and spend extra time in their neighbourhoods. "For a lot of businesses they are thinking about that opportunity to move towards suburban locations. We're looking at a very different model going forward: there may still be a central location but it may just be a lot smaller.""It's quite clear the pandemic is going to result in more space becoming available. One of the obvious answers to that is to begin... to think about addressing the housing crisis that we have through use of some of this space.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Opinion: Don’t expect a new Amazon tax to save the high streetA strategy to protect and revitalise bricks and mortar shops is fair enough, but we should beware of assuming that new taxes can turn back the digital retail tide, writes Ben Chu
Read more »
High street gloom eases as UK shops report brisker tradeRetailers report best sales in more than a year after the easing of lockdown restrictions
Read more »
Women on the pill may face high blood clot risks from COVID-19Both coronavirus and high levels of estrogen from the pill, being pregnant or taking HRT raise cot risks, warn doctors at Maine Medical Center and say aspirin or staying off the pill may lower risks.
Read more »
UK coronavirus live: concern about second wave 'very high' among NHS managers, MPs toldChief executive of NHS Confederation tells MPs staff are ‘exhausted’; Oliver Dowden tells people to book holidays but be prepared to quarantine
Read more »
Meghan's friends entitled to 'super-charged confidentiality', high court toldDuchess of Sussex suing owner of Mail on Sunday and Mail Online in privacy battle
Read more »
Boys State: what happens when 1,000 high-school boys run a government?In the Sundance award winner, teenage boys gather to simulate government in Texas. The result is part Lord of the Flies, part promising future
Read more »