Commercial Real Estate Live Data
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The Re-Leased platform captures live rental collection data directly from over 10,000 properties and 30,000 unique tenancies from across the country. This report does not rely on surveys or secondary collections. The report looks at the NZ picture and also provides segmented analysis across major property asset classes (Office, Industrial and Retail) and their debt collection performance.
Wherever the term ‘Baseline’ is used in the report, it refers to an aggregation and average of rental collection rates for invoices due on the first of each month between April 2018 to February 2020 (AUS and NZ).
ASSET CLASS BREAKDOWN
Written analysis is based from a data snapshot of the 13th of April
By 13th April 50.5% of the rent due across all commercial property sectors had been received by Re-Leased’s clients, compared to 90.2% expected.
Retail Rent Collection
On a sector by sector breakdown, just a third (36.9%) of retail leasing rent had been received by the 13th April (compared to the usual 88.6%).
Retail portfolios with tenants that ordinarily pay rent post the due date will suffer to a greater degree than those with a high proportion who pay on the due date.
Retail Payment Collection Time Period
(Data refreshed as of the 20th April)
Payment Days
These graphs are dynamic and may shift as property managers and landlords collect rent and apply credit in real time. As a result, there may be slight deviations between what you see on the graph and what appears in our analysis.
Industrial Rent Collection
Landlords of industrial properties fared best, having received 70.1% of the month’s rent by 13th April, though this is still less than the norm, when 88.19% would be paid by this date.
By comparison, over half (55.5%) of the due rental from office tenants had been collected by 13th April (91.97% anticipated).
Industrial Payment Collection Time Period
(Data refreshed as of the 20th April)
Payment Days
These graphs are dynamic and may shift as property managers and landlords collect rent and apply credit in real time. As a result, there may be slight deviations between what you see on the graph and what appears in our analysis.
Rent free periods and subsidies
Of the total rent due on the first of April, 6.3% of it has been credited or written off by the 13th April, whereas on average just 1% of rent would be expected to be credited in a regular month. As the month continues, this figure is expected to increase as landlords raise new credit notes to reflect agreements on rent relief.
Numerous landlords/property agents have reported anecdotally that their staff are inundated with tenants requests, ranging from rent holidays to deferments or subsidies.
The summary:
There has been a dramatic increase in credit note allocations compared to the average volume of credits that were awarded in the prior two years. These allocations only take place when a landlord or agent has agreed to the level of relief that will be provided to the tenant. It is indicative of an environment where property owners are aware of the challenges faced by tenants.
Rent free periods and subsidies
(Data refreshed as of the 20th April)
Payment Days
These graphs are dynamic and may shift as property managers and landlords collect rent and apply credit in real time. As a result, there may be slight deviations between what you see on the graph and what appears in our analysis.
Data breakdown | Rent Collected Snapshot
Analysis is based from a data snapshot of the 13th of April
Over the first two weeks of April only half of the rent was collected comparatively to the baseline average.
| Rent Received | April 1 | Baseline | April 2 | Baseline | April 6 | Baseline | April 13th | Baseline |
| Overall | 11.2% | 13.5% | 46% | 54.2% | 48.5% | 85.9% | 50.0% | 90.2% |
| Retail | 9.9% | 11.1% | 33.1% | 53.5% | 34.3% | 85.6% | 36.9% | 88.6% |
| Office | 11.2% | 15.6% | 48.2% | 57.4% | 50.6% | 89.7% | 55.5% | 91.9% |
| Industrial | 7.1% | 10.1% | 61.1% | 52.1% | 65.3% | 85.9% | 70.1% | 88.19% |
| Credit Notes | 3.45% | 0.65% | 4.2% | 0.78% | 4.86% | 0.89% | 6.3% | 1.0% |
