Shopping centres have actually seen the percentage of vacant units fall over the period from 4.7% to 4.1%. However, high streets continue to suffer with vacancies climbing over a third from 2.7% to 3.8% of all shop space.
But there are inequities even within the shopping centre sector and as retailers have shifted a larger proportion of store openings to smaller and cheaper centres, big is no longer beautiful. Bryan Duncan, Donaldsons' head of retail says: "When we first identified the weakening performance of the giant shopping centres a few years ago it came as a shock to the orthodox view, that big is automatically better and that retailers will always pay up to locate in the dominant retail locations."
Office space lingers at the bottom of the table with close to 10% of all UK offices now standing empty, up from 6.7% last year.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
