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COVID-19: A perspective for real estate businesses

COVID-19: A perspective for real estate businesses

Andy Pyle discusses the challenges facing real estate businesses

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Andy Pyle

Head of Real Estate

KPMG in the UK

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“The overall effect is likely to be a moderate reduction in the total amount of office space, but with significant changes in the type of space and where it’s located.” 

In our video, Andy Pyle, Partner and Head of Real Estate, provides his insights on what COVID-19 means for real estate businesses now and as they move in to recovery. 

Building resilience

“Many in the sector are concerned about the prospects for the June quarter.”

At the moment, many businesses are wholly or partly closed, and finding it very difficult to pay their rent. At the last quarterly payment date at the end of March, property companies saw a significant shortfall in rent, making it essential that they can build their resilience

New operating models

“There will be more space devoted to collaboration and creativity.”

Many businesses now know that many tasks can be done away from the office. While that won’t result in everyone working from home all the time, it’s possible that workspaces will be provided closer to where people live.

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KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

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