COVID-19 Impacts for EMEA Real Estate

The recent good news on coronavirus vaccines with a provisional 70/90/95% efficacy has reinvigorated many. The second lockdown experienced by many countries across Europe has proved hard to handle for many. The timing of this 'light at the end of the tunnel' could not have been better. 

Many countries across Europe are wrangling with the desire to 'give' families a Christmas, and the very real threat that increased contact with others will see a surge in the number of people with COVID-19. The general view seems to be to create a Christmas window where households can mix more freely than has been the case over the past months - the vaccine on the horizon negating the risk factor in many people's minds.  

The retail and hospitality industries (join the webinar Hotels In The Post-COVID City by registering here) are trying to figure out how they can achieve the level of sales they'd expect in the six weeks before Christmas, in a much shorter period. This is very challenging in a space where social distancing is still required. 

Real estate investors and occupiers are increasingly looking to make decisions. They have been waiting for certainty as to when the crisis might end and with the vaccine many are feeling more confident about taking property investment decisions and space requirement decisions. The first half of 2021 is likely to see a much larger volume of discussion, decision, action than we have seen during 2020. The consensus that offices remain relevant is irrefutable. Agreement about how / whether the location, layout and purpose of an office will evolve is still to be reached. 

We do have greater confidence as we come to the New Year than we have had at any time since March.