Demand for out-of-town floorspace has more than doubled in Britain's leading locations over the past 12 months, as retailers continue to struggle to find the units they require in city centres.
Property Intelligence's latest Focus on Retail Demand report, which was published this week, reveals retailers are now looking for 1.8 million sq m of out-of-town space in Britain's top 50 locations, up a staggering 112 per cent since 2002.
Churston Heard head of retail Stephen Mahon, who has reviewed the report's findings, said: 'This dramatically illustrates the continued and increasing demand for space from recognised out-of-town retailers.' Traditional in-town retailers are also increasingly looking for out-of-town space in addition to in-town units, particularly in locations where they are unable to satisfy space requirements in town and city centres alone.
'Some of these retailers are struggling to find the size of unit they want in-town,' said Mahon.
Demand for prime shop units or good secondary space increased by 44 per cent in Britain's leading 50 locations, though smaller units of under 280 sq m are going out of fashion as retailers opt for larger units. Retailers in Greater London are also finding these smaller units less attractive.
Property Intelligence manager Heather Martin said: 'We are seeing a slowing demand for London.' Lack of larger units in the capital could be a possible cause of the overall 5 per cent fall in demand for retail floorspace in London's top 20 retail locations, Martin said.
Regional shopping centres also saw demand for smaller units decline by 7 per cent.
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