Scotland Retail Market Overview Autumn 2008
Published: September 2008
Source/Company: Colliers International
Abstract:
Executive Summary
Between May 2007 and May 2008, prime in-town retail rents in Scotland rose, on
average, by 1.8% an improvement upon last years increase of 0.7% and above the UK
average of 1.1%. This places the region fifth in the regional ranking for 2007/08.
In terms of real rental growth, however, the region experienced a rental fall of -2.4%
over the 12 months to May 2008, although this is better than the UK average of -3.1%.
During the 12 months to May 2008, prime rents increased at 15% of centres in
Scotland, the same percentage as last year. No centres experienced a fall in prime rent.
Braehead and Glasgow remained the most expensive rental locations in the region at
£250 psf Zone A, the same as 2006/07. However, Kirkintilloch achieved the highest
annual growth of 33.3% with prime rents rising from £30 psf to £40 psf.
As at May 2008, the shopping centre development pipeline for Scotland to 2013 stood
at over 3 million sq ft 51% of which was under construction, 27% had planning
consent, with 22% at proposal stage.
In the out-of-town retail market, Edinburgh retained the top rent of £55.00 psf at Fort
Kinnaird Retail Park, whilst Dundee saw the highest annual rental growth of 13.0% at
East Dock, rising from £23.00 psf in May 2007 to £26.00 psf 12 months later.
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