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High Street Vacancy Rates Improving, CBRE Study Finds

Published on Apr 20 2015 12:26 PM

High Street Vacancy Rates Improving, CBRE Study Finds

Statistics released by commercial property consultants CBRE point towards an improved retail environment across many cities in Ireland.

According to CBRE, high street vacancy rates for six out of the nine retail locations surveyed over a period of six months showed an improvement. The property consultants say this statistic is in stark contrast to the same period last year when rates were heading in the other direction.

The most significant reduction in ground floor vacancy was seen in Belfast and Limerick, as they both contracted by between 3 and 4% to now stand at 10% and 14% respectively.

Elsewhere, Athlone, Sligo and Dublin also showed an improvement in high street occupancy, with the latter's ground floor vacancy rate now standing at 3.2%. Ground floor vacancy increased in Cork, Killarney and Kilkenny, but it is noted that there are a number of deals in place in these locations which should see figures improve in the coming months.

Simon Cooper, senior director in the retail agency department at CBRE, said; “It’s encouraging to see an improvement in ground floor vacancy rates across the country as it is not only a sign of the increased occupier activity that we are experiencing but also of local councils and landlords becoming proactive to work towards a solution to double-digit vacancy rates in high street locations.”

© 2015 - Checkout Magazine by Niall Swan

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