As emails and calls on Monday slowly fed through, the harsh reality of the Coronavirus has come to fruition .
Tenants are already asking for rental holidays, projects are on hold and access to sites is being denied.
All actions that are needed, but the knock-on effects will be widespread, costing people money and in some cases their jobs.
Project pricing will be one of the biggest factors we expect to see with an estimated 20% increase in costs being applied. Rates are already rising but contractors will need to cover the risks or simply not return tenders in the worst case for a while.
Supply chains have already been hit with many companies reliant on overseas partners in Europe or Asia. If the parts or equipment are not available the work cannot happen. Simple.
Brexit is for now forgotten and for the next months, all talk of CV19 will be the hot topic.
As we entered a period of re-stabilisation in the property market this will likely extend to a longer period.
At Vantage, we had been planning for 18 months but now 24 is the revised planning time. Unknowns and poor sentiment will see us in a state of limbo and the true effects with business casualties are as of yet just unknown.
We’re monitoring the Government’s advice and will be continuing to work through this.
We are committed to ensuring all our clients can access our usual high levels of service as normal. Our team remain fully available via all the usual channels – phone and email. If you need any advice or support during this time, please get in touch.
We are being sensible and using other means such as video conferences to ensure we can carry, rather than face to face meetings and putting anyone at unnecessary risk.
Wishing you all the best and remember to support each other during this difficult time.
Paul and the Vantage team