Central London vacancy almost five times lower than national rate
Colliers International’s sixth Central London Retail Health Check has shown that the proportion of vacant retail floorspace in London is now almost five times lower than the rest of the UK.
There is now clear evidence of a widening ‘two tier’ retail market with Central London continuing to significantly outperform other UK areas.
The proportion of vacant retail units in Central London was 4.4% in July 2010, down from 4.9% in January. The proportion of vacant retail floorspace also decreased over the same period from 3.2% to 2.4% – almost five times lower than the UK average of 11.4%.
Sarah Banfield, Associate Director at Colliers International comments,”Since we began monitoring retail vacancy rates in January 2007, the average size of vacant units has fallen by over 35%.
“We believe that the Central London retail vacancy rate is likely to continue to fall over the next six months as a result of temporary lettings over the festive period.
“The Central London retail market will maintain its resilience in the face of upcoming challenges as a result of continued strong retailer demand and ongoing investment and development, particularly in the West End retail core.”
