Can I have some more (space) please?!
A crisis by its very nature generates highs and lows, creates some winners and some losers, takes casualties in its destructive path but for others, it gives rise to opportunities and successes. We have already seen evidence of all of those since the pandemic hit our shores.
However, a crisis also promotes and forces a new way of thinking. Innovation and collaboration are a product of this and the real estate sector is no different! Whilst some companies are trying to offload surplus space or negotiate releases from deals – others are crying out for short term availability. Some are even joining forces.
Take Eddie Stobart and Asda as an example. One has residual space, the other needs additional storage as a direct result of Covid-19, and Stobart has even thrown in its logistical services as part of the package.
Other similar reports indicate that Tesco is experiencing a similar irony by reoccupying some warehouse space it had previously been marketing as surplus.
Even hotel chains are offering their rooms to accommodate NHS staff as extensions to the NHS’s valiant efforts.
Pitching these recent collaborations alongside other innovations such as restaurants temporarily turning into takeaways, teachers making PPE for the NHS and the Excel being used as a Nightingale Hospital – now is as good a time as any to take a look at your property portfolio and real estate needs and make sure you are ready for any approach you might receive or indeed make.
And with reports swirling around about re-mobilising businesses over the coming weeks, make sure you are ready to hit the ground running with any space you may have available.
This update is for general purposes and guidance only and does not constitute legal or professional advice. You should seek legal advice before relying on its content. This update relates to the prevailing circumstances at the date of its original publication and may not have been updated to reflect subsequent developments. If you have general queries about our updates, please email: firstname.lastname@example.org