Hopes for 'vaccine bounce back' for St Albans' commercial market
- Credit: Getty Images/iStockphoto
The commercial property market in St Albans remains unchanged by the latest lockdown according to one local expert, who's predicting a brighter future for the sector.
“Probably the most important factor is that whilst the COVID situation has continued for almost a year, there is an end in sight and people are hanging on until better times," said Matthew Bowen, director in Aitchison Raffety’s commercial agency team in St Albans. "This spirit is what will help the recovery and shorten its required length."
While hospitality remains mostly shut, and non-essential retail and office staff are working from home where possible, Matthew has seen no sign of businesses handing in their keys.
“Supply levels of vacant properties are not increasing at any great pace and generally the only transactions are where there were lease event dates,” he said.
“This is in part helped by the government support schemes such as furlough but also the inability of landlords to be able to use the courts to evict tenants who have been unable to pay rent.”
“There have started to be larger office occupier requirements and rumours of people looking for room to expand into," he added.
"These are positive ‘green shoots’ of optimism and it indicates that once businesses can open then we will push on as before and even a ‘vaccine bounce back’ may happen. It is encouraging at present, even if major hurdles are ahead of us.”