Property firm Colliers found that 101,000 sq ft of retail property space is under redevelopment in the London’s West End – triple the amount in 2019, signalling that bricks and mortar retail is in recovery.
In 2019, there was 31,000 sq ft of retail space under redevelopment in central London. This year’s figure is also 49% up on the five-year average.
Colliers’ research revealed that prime areas were unaffacted. London’s Kings Road and the Duke of York Square were 100% occupied.
Regent Street shows a void rate decline from 10% to 8.4%, which occurred in the second half of 2021.
Areas relying on consumers who are now working from home are harder hit, and in reaction some retailers have reduced or changed opening days and hours to capture the highest rates of footfall.
Paul Souber, head of Central London retail at Colliers said: “The retail void rate in central London can’t be explained by one factor, as each pitch has its own character and mix of brands.
“One thing that has contributed, particularly on Oxford Street is the loss of the department store. While these are being redeveloped, the projects will take time and as such will keep the headline rates high. Elsewhere, void rates need to be managed with great care to ensure that the right occupier is put in place that compliments the location, be that a pop up, new entrant or a brand looking for rightsized space.” Read more….
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