Published:
Pre-Brexit uncertainty sees a -46% drop in retail and leisure property activity levels in July 2016
According to a report by Local Data Company (LDC), Britain’s shop vacancy marginally increased to 12.4% in July from 12.3% in June. Annually this is down -0.6% from the same period last year (July 2015).
This change was driven by fall in the number of new units in July of -3.5% and a 44% drop in the number of vacant units getting new occupiers. Overall activity levels were down -46% in July 2016 compared to 12 months ago (July 2015).
This is due to stakeholders in the property sector delaying major property decisions, such as new store openings, developments and conversions, in the lead up to the referendum in June. These impacts are now being evidenced in the LDC data.
Below are the key findings for July's vacancy rates:
- The GB shopping centre vacancy rate (13.3%) dropped by -1.6% in July 2016, when compared to the same period last year (July 2015).
- Wales was the only area to see a rise in shopping centre vacancy rate of +0.8% in the last 12 months since July 2015.
- Retail park vacancy rates dropped by -1.0% across GB retail parks in July 2016.
- The South West was the only region to see an increase (+0.2%) in its retail park vacancy rate in the last 12 months since July 2015.
- The town centre vacancy increased by -1.0% across GB in July 2016.
