UK tops mall rent table
Published: 17 June, 2010
Shopping centre rents in the UK are the highest in Europe, According to new research from Jones Lang LaSalle
Jones Lang LaSalle's latest Shopping Centre Rental Map illustrates current market conditions across a range of European countries, and it shows the highest prime shopping centre rents during Q1 2010 in Europe were achieved in the United Kingdom at €1,900 per sq m pa, followed by France at €1,700 and Russia at €1,500.
The report concludes that, with limited availability of prime retail space in many shopping centres across Europe, the outlook for prime rents in most European markets is stable despite the inevitable slowing of demand from occupiers over the last 18 months.
James Dolphin, head of European retail agency at Jones Lang LaSalle, said: “Despite some softening of occupier demand over the past 18 months, the outlook for prime rents in shopping centres in most European markets has remained stable. The scarcity of prime product and a weak development pipeline will further enhance the rental growth potential for the best product in core locations.
“Overall, the dynamic face of retailing and continuing demand from new retailers for prime shopping centres, together with active management opportunities should continue to go some way in shielding the best schemes from challenging occupier conditions.”
