Stenprop has recorded a jump of 80% in industrial leasing enquiries during the opening weeks of 2021, as its management team predicts “a strong recovery” for the multi-let industrial market once Covid restrictions ease.
The investor said average weekly enquiries on its industrials.co.uk leasing portal so far this year are 80% ahead of where they stood during the final quarter of 2020, with more than 96,000 sq ft of new lettings placed under offer in January.
In a trading update, the company said the MLI market had “sustained itself well” during the latest coronavirus lockdown, adding that “the shutters are open and our customers are open for trade” at many of its sites.
“This is in marked contrast to the first lockdown in the spring of 2020 and explains why we haven’t seen any material impact on rent collection rates or new letting enquiries as a result,” the update read.
In the final quarter of 2020 the company saw an average uplift of 25% on passing rent for new lettings and 24% on lease renewals. Occupancy across the MLI portfolio was stable at 93.1%.
Its December monthly and quarterly collections are on course to equal or beat the best rates since last April.
To send feedback, e-mail tim.burke@egi.co.uk or tweet @_tim_burke or @estatesgazette
