Retail rents to stabilise
The latest research from Cushman & Wakefield suggests that while average retail property rents continued to fall in 2009, the pace of decline is slowing and some stabilisation can be expected this year.
In the final quarter of last year rents dipped a further 1% overall, although London bucked the trend with Bond Street rents topping out at 9.7% growth. The continued influx of newcomers to the capital and the limited supply of high-quality retail space available to let has kept rental rates high in the West End and in other parts of central London. The weaker pound has also boosted tourist shopping levels.
Cushman & Wakefield’s research shows that while occupier activity increased towards the year-end, availability remained at just over 10%, compared with 12% in October. Remember that temporary lettings in the run-up to Christmas may have boosted that figure. The survey also shows that landlords are agreeing healthier incentive packages to achieve lettings, which has helped activity levels as there are now some good deals around.
So if you are seeking retail space to let or for sale and want to find out how Novaloca can make your life easier, contact us on 01767 313380.
