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Opportunities and Challenges in Extraordinary Times

D&T
March 25, 2020

Approximately 10% depreciation of most of the CEE currencies in February and March 2020 puts both landlords and tenants in a very unfortunate predicament, according to a fresh report by Colliers International.

Countries that have not adopted the Euro, or are not pegged to it, have each seen about 10% depreciation in currency value, during the period February to March 2020. The Romanian Leu is the exception which has depreciated just 1%, largely due to central bank intervention. Therefore, as the majority of leases in CEE are denominated in Euros, this can come as an additional strain to occupiers, particularly those whose income is largely collected in local currencies (CZK, PLN, HUF and RON).

Kevin Turpin, Colliers International's Regional Director of Research | CEE explains that on top of the forced or voluntary operational closures for retail, F&B, entertainment, hospitality, offices and some manufacturing and production facilities, to safeguard people’s health, this puts both landlords and tenants in a very unfortunate predicament.

This is, indeed, uncharted territory, as the pandemic and subsequent states of emergency are restricting ‘business as usual’ for so many individuals and businesses, he adds. Therefore, reaching a mutually ‘best of a very bad situation’ compromise is surely one way to help protect all of our interests in the long run.”
On the one hand, landlords will understandably want to collect their rents to protect their investments and on the other, occupiers will want to focus on securing the future of their businesses and people. In all real estate sectors, a future where properties have no businesses to occupy them and where businesses have no properties to operate from does not paint a very good picture for anyone, he stresses.

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