Kent, Surrey & Sussex Gatwick Property – Takes off!
NT IDL Artist Impression
The Covid-19 pandemic saw huge disruption for property markets all over the country. None more so than Airports and for us here at Gatwick. With passenger numbers suddenly at an all-time low, every stakeholder sought to cut costs and protect themselves during a period of uncertainty. For Gatwick this included the closure of the South
Terminal and for our occupiers the disposal of their property commitments. Vacancy rates gradually rose across the Gatwick property portfolio during 2020 and 2021 as lease events came to task. During the pandemic we saw circa 100 Covid related surrenders leading to the vacancy rate peaking at 25%.
Since this downturn, we have worked throughout to be ready for the return of our passengers and our occupiers. As abrupt the decline hit the airport, the recovery has been almost as sudden. In March 2022 the South Terminal re-opened to keep up with the recovering demand, taking the airport from 300 flights a day to 570 flights a day overnight. We rounded out the year with 32.8m total passengers representing 70% recovery on the total 2019 passenger volumes.
Accompanying this recovery has been the return of our operational occupiers in a more efficient outfit with property demands more streamlined to ensure the healthy re-introduction to the airport. Aiding this has been Gatwick’s investment in its property portfolio. Recently completed Project Property Re-Let saw c.£500k spent on property refurbishment to ensure that we had space ready and available for immediate occupation to service the new operational demand. Without such proactive projects our occupiers would have returned to space in need of works, delaying the time in which to set up and to be operational leading to ramifications in servicing the airline and passenger demand.
Gatwick Gridserve
Bringing passengers off the roads and onto more sustainable public transport, our multi-million-pound upgrade of Gatwick Airport railway station is also on- track for completion later this year. The investment programme will also focus on accelerating automation in cutting-edge improvements across check-in and boarding, as well as enhanced airfield technology. The airport also preparing a planning application to bring its existing Northern Runway into routine use.
2023/2024 will also repeat the successful Project Property Re-Let bringing new, refurbished accommodation to new occupiers. There are still occupational opportunities to join the recovery at Gatwick and have the best possible location to base any aviation operation.
How Gatwick’s new station concourse will look COMMERCIAL PROPERTY MONTHLY 2023
To speak to any of our team; contact
Propertyenquiries@Gatwickairport.com
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Gatwick has worked consistently on a proactive basis in the pandemic to ensure we are ready for the return of air travel. This attitude has continued as the company moves beyond the return of passengers but now continues to invest in huge new projects as growth beyond our 2019 numbers is targeted. Launching Gatwick into the future is our new brand. Accompanying the new brand and vision is an exciting multi- million pound development programme. This significant programme of investment includes the expansion and refurbishment of departure lounges to create more modern, appealing spaces for passengers, while at the same time considering the airport’s sustainability goals. With sustainability at the forefront of our minds, we have the construction of an electric vehicle charging forecourt underway to service our passenger growth and the growing proportion of electric vehicles in the country.
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