Editor's note: This brief was summarised by The Property AI Team from a report by Property118. Read the original article for full details.
Commercial Landlords Report Rising Vacancies as Void Periods Lengthen
Three-quarters of commercial landlords have seen vacancy levels rise over the past year, with 76% reporting an increase in empty properties. The findings come from a Property118 survey of 350 commercial landlords.
Void Periods Lasting Months
For many landlords, the gaps between occupiers have lasted months rather than weeks. According to the survey, 81% of landlords had at least a tenth of their portfolio vacant for more than three months during the past year.
What This Means for Letting Agents and Inventory Clerks
The survey points to a commercial lettings market where voids are both more common and longer-lasting than landlords have been used to. For letting agents handling commercial stock, that combination puts pressure on instructions, marketing periods and rental expectations.
Longer void periods also have practical implications for inventory clerks. Commercial units that stand empty for extended periods may need more frequent condition checks and fresh inventories or schedules of condition between tenancies, particularly where a previous occupier's alterations or dilapidations are in question.
Survey Context
The data comes from a Property118 survey of 350 commercial landlords. The survey did not, in the source report, break down the figures by region, property type or landlord size, so it is not possible to say from this report whether the rise in vacancies is concentrated in particular sectors or areas.
Source: Property118