Wales Retail Market Overview Autumn 2008
Published: September 2008
Source/Company: Colliers International
Between May 2007 and May 2008, prime in-town retail rents in Wales fell, on average,
by -0.2% a big deterioration upon last years increase of 3.8% and well below the UK
average of 1.1%. This places the region eleventh in the regional ranking for 2007/08.
In terms of real rental growth, however, the region experienced a rental fall of -4.4% over
the 12 months to May 2008, again a weaker performance than the UK average of -3.1%.
During the 12 months to May 2008, prime rents increased at only 4% of centres in
Wales, down from 32% last year. 4% of centres also experienced a fall in prime rent.
Cardiff remained the most expensive rental location in the region at £300 psf Zone A,
the same as 2006/07. Llandudno achieved annual growth of 5.9% with prime rents
rising from £85 psf to £90 psf and was the only location in Wales to experience a
As at May 2008, the shopping centre development pipeline for Wales to 2013 stood at
almost 3 million sq ft 38% of which was under construction, 36% had planning
consent and 26% was at proposal stage.
In the out-of-town retail market, Swansea retained the top rent of £50.00 psf at
Parc Fforestfach. However, Newport was the only location to experience any annual
rental growth 100% at Newport Retail Park, rising to £35.00 psf as at May 2008.
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