The leisure sector has seen rent payments increase “significantly” in the two months since March quarter day, with levels rising from 18% to 37%, according to the latest figures from Colliers.
The restaurant sector welcomed a “record” +2 month rent collection since June 2020, exceeding the rent levels collected during last summer’s Eat Out to Help Out scheme, with 30% of rent collected two months on from the March quarter day.
In addition, the hotel sector has “significantly improved” rental collection levels, rising from 33% to 63% since the beginning of the March quarter, and similarly achieving its highest +2 month collection rate since June last year.
Beyond hospitality, Colliers found that high street and out of town retail has been “particularly boosted” in the two months following March 25, rising from 25% to 87% rent collection for the high street and 44% to 78% for out of town.
High street and shopping centres have seen their highest +2 month collections recorded since the beginning of the pandemic.
Mark Jarrett, head of Property Management at Colliers, said: “The increase in rent payments from leisure and retail businesses demonstrates the significant impact that the lifting of restrictions can have on operators.
“Our rent collection figures have painted a picture of the impact of COVID-19 on commercial property over the last year and I am glad to see that collection levels and sentiment have both started to improve.”
He added that the coming quarter day on 24 June will “complete the picture and hopefully show that the resilience and optimism felt today is reflected in financial performance”.