Solihull to become leading shopping destination
The Retail Property Health Index compiled by property agent DTZ found that the five healthiest retail locations in the UK are currently Surrey, Oxfordshire, Brighton & Hove, York and Inner London (West).
However, the index predicts that in five years’ time Brighton & Hove and York will drop out of the top five list to be replaced by Solihull and Outer London (West & North West).
The index, which ranks 128 counties and local authorities according to their current and future economic, socio-demographic and retail characteristics, also identifies Berkshire, Cheshire, Worcestershire, Northamptonshire and Shropshire as retail ‘hotspots’ to watch.
These 'high potential' areas currently have higher than average vacancy rates, but are forecast to experience above average economic growth which is expected to translate into relatively fast vacancy rate declines and subsequent retail property rental growth over the next five years.
Richard Yorke, head of UK research at DTZ, said: "The effects of economic recovery on the retail property market is still presently concentrated in the South East which has seen growth in consumer spend and retails sales underpinning vibrant retail recovery. However this is changing. As the economic recovery broadens, the variance in forecast economic indicators between the regions is reducing, closing the gap between North and South."
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