Grafton Street voids defy recession
Published: 28 June, 2010
Despite the tough economic climate just 2.8 per cent of retail space is vacant on Dublin’s prime Grafton Street, according to Savills.
Savills research shows that 2.8 per cent of Grafton Street floorspace – or 9.9 per cent of units – is currently vacant. Rents are down to €400-600 per sq ft but the outlook remains positive with a number of retailers keen to have a presence on the street.
Grafton Street is dominated by a large number of small units, due to the layout and design of the street and Larry Brennan, chairman & head of retail at Savills said that an analysis of the type of space on Grafton Street highlights a potential problem for retailers “Many retailers have a problem with locating to Grafton Street which is the trade off between the prime shopping area and suitable floor plates to trade from. Fashion retailers occupy eight of the 12 units that have a total retail area of more than 5,000 sq ft. Of the 16 units that are available on Grafton Street, 75 per cent of the units have a total retail floor space of less than 2,000 sq ft and only one unit has a total retail floor space of greater than 5,000 sq ft.”
However, Brennan said the outlook for Grafton Street in 2010 is positive. “A number of retailers are still keen to have a presence on one of the main shopping streets in Dublin, with the lack of larger stores being the only impediment for a number of the larger retailers. Rents on Grafton Street have adjusted considerably with rental levels currently in the region of €400 - €600, having peaked at €900 - €1,000 at the top of the market in 2006/2007”
