The demand to rent commercial retail premises picked up considerably during Q3 2013 indicating that the UK retail sector is starting to feel the effects of the nation’s fledgling economic recovery, according to RICS UK Commercial Property Survey.
Whilst demand is still historically very low some 27% more chartered surveyors have reported a rise rather than fall in the demand for shops to rent. All parts of the country saw demand for retail space increase with London seeing the most notable growth.
Simon Rubinsohn, RICS Chief Economist, said: “The pick-up in the desire to occupy retail space is broadly reflective of the improved trend in high street spending. That does not, however, mean that the big challenges facing the sector have disappeared. Rent expectations are still largely soft away from the South East part of the country and it is mainly in London where the numbers are strongly positive.”
Demand for all types of commercial premises, such as office and industrial space, also saw a rise in the three months to October, with 36% more respondents reporting an increase in demand.