North West Retail Market Overview Autumn 2008
Published: September 2008
Source/Company: Colliers CRE
Abstract:
Executive Summary
Between May 2007 and May 2008, prime in-town retail rents in the North West rose,
on average, by 2.7% an improvement upon last years increase of 1.8% and well above
the UK average of 1.1%. This places the region at the top of the regional ranking
for 2007/08.
In terms of real rental growth, however, the region experienced a rental fall of -1.6%
over the 12 months to May 2008, although this is much better than the UK average
of -3.1%.
During the 12 months to May 2008, prime rents increased at 38% of centres in the
North West, up from 31% last year. No centres experienced a fall in prime rent.
The Trafford Centre remained the most expensive rental location in the region at
£400 psf Zone A, up from £375 psf in 2006/07. However, Urmston achieved the highest
annual growth of 33.3% with prime rents rising from £30 psf to £40 psf.
As at May 2008, the shopping centre development pipeline for the NorthWest to 2013
stood at 7.9 million sq ft 16% of which was under construction, 40% had planning
consent and 44% was at proposal stage.
In the out-of-town retail market, Liverpool retained the top rent of £55.00 psf at New
Mersey Retail Park. However, Bolton saw the highest annual rental growth of 36.8% at
Middlebrook Retail Park, rising to £39.00 psf as at May 2008.
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