The amount of floor space in the development pipeline also remains at a record low, lower even than during the early 1990s recession. Completion levels are expected to remain at around 2.15 million sf per annum for the next couple of years at least. Development activity continues to shift in favour of the southern half of the UK: developments in London and the South East currently account for almost 40% of the total floor space under construction.

CB Hillier Parker retail director Paul Redstone says: 'Despite government efforts to suppress out-of-town development activity, developers continue to provide new retail warehouse space for out-of-town retailers. Growth at the moment is strongest in the South East and London area.'

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