Leisure sub-sectors recovering well and paying their quarterly rent bills

Coffee shops, gyms and restaurant retailers are becoming confident in their recovery post-lockdown and increasingly met their rental requirements, according to Colliers.

The property management team at the firm, which collected payments from more than 1200 properties, has seen 66 percent of tenants pay their rents on the first day of the new quarter. Cafes, fitness studios and restaurants showed significant confidence this quarter.

Some 25 percent of gyms and fitness occupiers paid their rents on September 29, the highest first0day figure since the pandemic began: over the last 18 months, the sector has paid below 10 percent on each quarter day.

Also, 38 percent of cafes paid their rents on the latest quarter day, an increase from 15 percent in June, when stores had only just been able to reopen.

Moreover, 47 percent of restaurant tenants paid their rents this quarter day, up from 25 percent in June, and 40 percent higher than 12 months ago.

Mark J