The spread of COVID-19 makes economic and property forecasts almost impossible and the extent of the impact will only become clear in the coming months. Governments and central banks around the world are trying to do whatever they can to cushion the detrimental impact the virus is expected to have.
Despite all this, transactional activity has held up well in 2020 so far, which was of course helped by Blackstone’s purchase of the iQ student housing portfolio for £4.7bn - by far the largest UK property deal recorded. Economic indicators such as the PMI and retail sales data were positive at the start of the year too, but expect this to change rapidly.
We will continue to monitor and assess the situation and provide clients with as much information on what this all means for commercial property as we can.