Property news - Demand wanes for high street retail property

Retailer demand is levelling out. Research by the Property Information Project shows demand for high street shops was patchy in the second quarter everywhere except in Northern Ireland and Greater London.

Jones Lang LaSalle reports big drops in rents in Exeter and York. Meanwhile, Donaldsons' Retail Research Spotlight shows shopping centre rents rose by 7.75 per cent in the last quarter, high street shop rents grew by just 0.8 per cent.

According to PIP, the space required increased 1.3 per cent over the second quarter, but the clothing and footwear sector continued to decline.

The Northeast was worst hit. A small rise in the region was because of household and non-food speciality retailers' higher level of requirements.