East of England Retail Market Overview Autumn 2008
Published: September 2008
Source/Company: Colliers International
Abstract:
Executive Summary
Between May 2007 and May 2008, prime in-town retail rents in the East of England
rose, on average, by 0.8% a much weaker performance than last years increase of
3.8% and below the UK average of 1.1%. This places the region eighth in the regional
ranking for 2007/08.
In terms of real rental growth, however, the region experienced a rental fall of -3.4%
over the 12 months to May 2008, underperforming the UK average of -3.1%.
During the 12 months to May 2008, prime rents increased at only 13% of centres in the
East of England, down from 62% last year. No centres experienced a fall in prime rent.
Lakeside remained the most expensive rental location in the region at £360 psf Zone A,
the same as 2006/07. However, Dunstable and Sudbury achieved the highest annual
growth of 7.7% with prime rents rising from £65.0 psf to £70.0 psf in both centres.
As at May 2008, the shopping centre development pipeline for the East of England
stood at 4.8 million sq ft 7% of which was under construction, 18% had planning
consent and 75% was at proposal stage.
In the out-of-town retail market, Cheshunt retained the top rent of £75.00 psf at
Brookfield Retail Park. However, Colchester saw the highest annual rental growth of
39.5% at Tollgate Retail Park, rising to £30.00 psf in May 2008.
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Williams Gunter Hardwick