Landlords are likely to face rental losses of 30 to 50 per cent, according to a consultant in the commercial property sector.
Tony Lorenz, who runs Lorenz Consultancy, told Facilitate: “Even if we were to go back to some sort of normality as soon as tomorrow (which clearly will not happen), businesses will still have seven months of rent negotiations to settle. Accepting reality early is critical. The landlords who accept a drop in the market will be the first to let their premises.”
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