The number of vacant commercial property in the prime retail sector has fallen for the first time in a year. The decline in the availability of prime retail property has been quite staggering in the three months up to November falling by over 2%. This will of course in turn lead to a upward pressure on commercial rents, those with rent reviews may now be looking for the services of their friendly local commercial surveyor to negotiated not only dilapidation reports but also break clauses and rent reviews.
It is not surprising to learn that central London has one of the lowest availability levels, with the availability of prime commercial retail property below 9%. With some areas in the south reporting vacancy levels of as low as 6.5%. Some in the UK’s property and construction sector are starting to fear the availability of commercial building and refurbishment contractors. They are also voicing their concerns regarding the levels suitable commercial and retail properties once the full force of the UK’s economic recovery is felt.
So why is the commercial property market recovering so well, the slowdown in retail administrations has without a doubt been a great help, with the sad days of great household names like Woolworths suddenly leaving unsightly vacant retail properties in the many small high streets, seemingly now just becoming a painful memory for many towns.
Interestingly the recovery in the small towns such as Stoke town center in Stoke on Trent can soon have a very positive effect on regional figures. These recent events also do assist those slightly battered commercial surveyors who have found there fee structures in less demand in recent times.