Central London continues to significantly outperform the rest of the UK in terms of vacancy rates, resulting in an exacerbated two tier retail property market.
A survey published today by property agents Colliers found that the proportion of vacant retail floorspace in Central London decreased from 3.2% to 2.4% in the six months to July 2010 - almost five times lower than the UK average of 11.4%.
The survey, which provides more evidence of a North / South divide, found that the Central London retail vacancy rate is likely to continue to fall over the next six months given the number of potential temporary lettings “pop-up shops” over the Christmas period.
Colliers concluded that the London retail market will maintain its resilience as a result of continued stronger retail demand and the completion of new retail developments such as One New Change at Cheapside in the City of London, which opened last week.
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