To further support our clients as they navigate the effects of COVID-19 on their businesses and their recovery, Colliers Real Estate Management Services (REMS) initiated a national sentiment assessment of the tenants in our managed portfolio, surveying 445 tenants. Of the tenants surveyed, 163 were office tenants, 148 were retail tenants, and 134 were industrial tenants across 66 million square feet of commercial real estate in Canada.
Over the coming weeks, we will be releasing three separate reports dedicated to the retail, office, and industrial asset classes based on our findings. Our first report, Retail Recovery: Regulations, Cost Increases, and Adaptation, focuses on how retail tenants have responded to the easing of provincial lockdowns, the gradual re-opening of their physical stores, and new government regulations and associated costs now available.
- Tenants across all retail types anticipate that their revenue will start rebounding over the summer to reach 45% on average compared to the same period last year
- As revenue rebounds, 37% of respondents believe that 75 - 100% of their workforce will return to work by the end of the summer
- Our retail tenants have been widely adaptive, with 83% reacting to the pandemic by adapting their business in some form
- We are seeing retailers of all sizes and types investigating and adopting an omnichannel approach