Central London vacancy almost five times lower than national rate
There is now clear evidence of a widening 'two tier' retail market with Central London continuing to significantly outperform other UK areas.
The proportion of vacant retail units in Central London was 4.4% in July 2010, down from 4.9% in January. The proportion of vacant retail floorspace also decreased over the same period from 3.2% to 2.4% - almost five times lower than the UK average of 11.4%.
Sarah Banfield, Associate Director at Colliers International comments,"Since we began monitoring retail vacancy rates in January 2007, the average size of vacant units has fallen by over 35%.
"We believe that the Central London retail vacancy rate is likely to continue to fall over the next six months as a result of temporary lettings over the festive period.
"The Central London retail market will maintain its resilience in the face of upcoming challenges as a result of continued strong retailer demand and ongoing investment and development, particularly in the West End retail core."
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