Yorkshire & The Humber 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 Yorkshire &
The Humber rose, on average, by 2.2% an improvement upon last years increase of
1.5% and well above the UK average of 1.1%. This places the region joint second in the
regional ranking for 2007/08.
In terms of real rental growth, however, the region experienced a rental fall of -2.0%
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 27% of centres in
Yorkshire & The Humber, up from 17% last year. No centres experienced a fall in
prime rent.
Meadowhall remained the most expensive rental location in the region at £400 psf Zone
A, the same as 2006/07. However, Beverley achieved the highest annual growth of
16.7% with prime rents rising from £90 psf to £105 psf.
As at May 2008, the shopping centre development pipeline for
Yorkshire & The Humber stood at 4.7 million sq ft 26% of which was under
construction, 74% had planning consent, with nothing at proposal stage.
In the out-of-town retail market, Leeds achieved the top rent of £63.75 psf at Birstall
Shopping Park. This location also saw the highest annual rental growth of 25.0%, rising
from £51.00 psf in May 2007.
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