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Central London Retail

UK Commercial – Q2 2020

Report

Autoren: Marie Hickey , Joshua Arnold

Reihe: Savills Market in Minutes

Anbieter: Savills

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  • Erscheinungsweise: Quartalsweise
  • Berichtszeitraum: 2. Quartal 2020
  • Erscheinungsdatum : 14.08.2020
  • Seiten : 2 Seiten
  • Datei-Typ : PDF-Datei
  • Größe : 169,22 kB
  • Sprache(n) : Englisch

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Inhalt

Covid-19 continues to impact central London retail

Despite the easing of lockdown and widespread reopening of retail from 15 June, the effects of the pandemic are having a lasting impact on central London retail. The recovery process is somewhat delayed due to the absence of both local office workforce and international tourists, exacerbating the recent weakening in occupier confidence. This has resulted in tougher retailer-landlord negotiations, applying further downward pressure on rents, with some landlords looking at rent reductions or temporary turnover-based rents.

As a result, rental declines accelerated across central London in Q2, with average prime Zone A rents falling by 12.9% year on year, representing the most pronounced shift in rents on Savills record. Prime West End hasn't been immune to the fall in rental levels but has experienced a relative degree of resilience, reporting a much more subtle rental softening of 3.8% year on year.

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