The recovery in retail property investment markets continued in January, albeit at a more pedestrian rate than the closing months of 2009. IPD data shows capital values for all retail increased by 1.03 per cent in January, the slowest monthly rate of growth since August 2009.
Of the various property segments, shopping centres reported the most sluggish rate of capital value growth of just 0.5 per cent, less than half the rate of standard shops and retail warehouses. And Stephen Springham, head of retail research at King Sturge says rents remain under pressure. All retail rental values declined by 0.3 per cent in January. Although a slight improvement on the rate of decline in December, this nevertheless marked the 20th consecutive month of rents going backwards.
In common with capital value performance, shopping centres fared less well than other retail property segments, with month-on-month rents declining by 0.57 per cent, despite very limited retailer fall-out and anecdotal evidence of a slowly improving occupier backcloth.
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