THE MARKET
It wasn’t that long since Central London was registering double digit percentage annual growth, but even this most robust area has now reversed.
Looking ahead, with ongoing occupier failures, portfolio rationalisation and no end to the CVA story we do not see any reason why this trend should not continue in the coming 12 months. Supply tension creates rental stability and the prospect of growth, but, of course, at present we have almost none.
VACANCY On the face of it, the fact that 11% of the floorspace that we monitor across key UK locations is vacant, does not seem excessive.
However, if you consider the number of shops where occupiers remain in occupation rent-free to mitigate rates liabilities, temporary deals, CVA governed leases with multiple breaks and leases being marketed etc then you start to realise that this headline level of vacancy is just the tip of the iceberg.
As such, the headline drop in vacancy from 11.5% to 11.1% during the past year is actually masking a more profound situation. There has been a marked decoupling of the traditional relationship between vacancy and availability and there is now far more space available than that which is officially vacant.
Across total vacancy there is also a predictable gulf between prime at 6.1% and secondary space at 15.1%.
EXECUTIVE SUMMARY
THE MARKET
RETAIL REIMAGINED
MONEY
IS THIS THE END OF THE GOLDEN AGE OF ONLINE RETAILING?
KNOWLEDGE
SHOPPING WITH A CONSCIENCE
FOOD
REGIONAL UPDATES
CONTACTS < >
RENTS – THE PAST DECADE
GB Average ex Central London Prime Retail Rents
(£)
100 105 110 115
70 75 80 85 90 95
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Source: Colliers
30%
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