Retail vacancies are continuing to rise inexorably, and now almost one store in seven is vacant across the UK, according to new research from Colliers CRE.
In October 2006 the number of voids as a proportion of all retail units stood at 10.7 per cent, of which 7.3 per cent were vacant and 3.4 per cent were available but trading. In April 2007 the overall void rate was 11.8 per cent, comprised of 8.9 per cent vacant and 2.9 per cent available.
This increased only marginally to 11.9 per cent in October 2007. By April 2008 the overall void level had risen to 12.7 per cent. But by October 2008 voids leapt 1.5 percentage points from 12.7 per cent to 14.2 per cent.
Dr Richard Doidge, head of research consultancy at Colliers CRE anticipates an even higher level of void units for April 2009. But he points out: “Although the number of void units has been increasing steadily over the past two years, the proportion of vacant floorspace has risen only marginally. This is due to the fall in average size of void units and additions to overall retail floorspace stock.”
