Property Monitor
Property Monitor: Asking-rents at decade-highs
Since interest rates first started rising in December 2021, there has been a steadily declining rate of construction and asking rents per square foot have now reached decade-highs. As a result, the availability of retail space in Great Britain has been growing since the start of 2023, with 34.4 million square feet currently vacant of 1 billion in retail inventory. This situation is exacerbated by a growing business rates burden for prospective tenants and buyers. The growth in available space is highest in the North-West and North-East, and lowest in the East of England. Available space is falling in London as supply, stifled by planning restrictions, fails to meet demand. Of the various location types, available space is growing fastest in retail parks after very low rates of availability at the end of 2022 and throughout 2023, while availability in general retail and shopping centres continues to rise.
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