South East Retail Market Overview
Published: September 2008
Source/Company: Colliers International
Abstract:
Executive Summary
Between May 2007 and May 2008, prime in-town retail rents in the South East rose, on
average, by 0.9% a much weaker performance than last years increase of 3.7% and
below the UK average of 1.1%. This places the region seventh in the regional ranking
for 2007/08.
In terms of real rental growth, however, the region experienced a rental fall of -3.3%
over the 12 months to May 2008, marginally underperforming the UK average of -3.1%.
During the 12 months to May 2008, prime rents increased at only 12% of centres in the
South East, down from 51% last year. 7% of centres experienced a fall in prime rent.
Bluewater remained the most expensive rental location in the region at £415 psf
Zone A, the same as 2006/07. However, High Wycombe achieved the highest annual
growth of 44.4% with prime rents rising from £90 psf to £130 psf.
As at May 2008, the shopping centre development pipeline for the South East stood at
over 6.7 million sq ft 12% of which was under construction, 58% had planning
consent and 30% was at proposal stage.
In the out-of-town retail market, Guildford retained the top rent of £50.00 psf at
Ladymead Retail Park. However, Chatham saw the highest annual rental growth of
29% at the Gillingham Business Park, rising to £30.00 psf in May 2008.
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