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Slide in regional shop rents slows down

Analysis of prime retail locations across Great Britain indicates that the continued falls in shop rents, which have been seen in many regions, are finally coming to an end, according to the latest GB Retail Report by Colliers.

Apart from a marginal (0.1%) return to rental growth in 2010, the report’s prime in-town rents sample had witnessed three consecutive years of rental decline. However, the latest analysis shows a marked improvement across the country, with a growth in the GB-weighted average rent of 1.8% for the 12 months to June 2014.

The GB-weighted average prime retail rent grew to £105 sq ft, a level which was last witnessed in 2011.

At a regional level, three UK regions witnessed rental growth during the past 12 months. Central London led the way with average rental growth of 11.6%, which represents its strongest year for rental growth since 1998. Other areas to register rental growth were Outer London (4.7%) and the East Midlands (2.7%).

However, the broader trend is indicated more clearly by the fact that across the 12 regions that the report analyses, the total number of centres which registered falling prime rents dropped year-on-year from 141 (33%) to 90 (21%).

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