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Central London Retail Market in Minutes

UK Commercial – Q3 2021


Autoren: Marie Hickey , Joshua Arnold , Alan Spencer , Anthony Selwyn , Sam Foyle , James Purdon

Reihe: Savills Market in Minutes

Anbieter: Savills

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  • Erscheinungsweise: Quartalsweise
  • Berichtszeitraum: 3. Quartal 2021
  • Erscheinungsdatum : 11.11.2021
  • Seiten : 2 Seiten
  • Datei-Typ : PDF-Datei
  • Größe : 131,95 kB
  • Sprache(n) : Englisch

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Has vacancy in the West End bottomed out?

The decline in Central London Prime Zone A rents accelerated in Q3 2021 to -17.4% year-on-year. This was driven by falls across City locations as well as some key West End streets. However, its important to flag that limited leasing activity is making it difficult to ascertain true rental tone in some cases.

Unsurprisingly, this softening in headline rents, alongside an increase in incentives, has coincided with rising vacancy rates since the onset of the pandemic. However, Q3 reported a reversal of this trend with the Prime West End vacancy falling by almost 50bps to 13.7%. Landlord Shaftesbury reported a similar trend with vacancy across their Estate falling to 2.9%, as of 30th September, down from 4.6% in July (vacancy measured as available-to-let vacancy as % of estimated rental value). Is this pointing to the start of a recovery in occupational demand?

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