Retail finally on the rise in the South

UK retail is finally beginning to show the signs of economic recovery with a rise in the number of businesses renting premises in the South of England.

In a survey conducted by the Royal Institute of Charted Surveyors (RICS) showed that those surveyed are reporting a rising demand in retail spaces.

Although they have welcomed the increased demand RICS have cautioned that overall demand is still historically low.

Exeter City Centre Manager, John Harvey has welcomed the news: “This is another encouraging signal that we appear to be in a period of recovery.

“Exeter is definitely ahead of the curve as we are continuing to attract new brands- such as the White Company. One of the more encouraging signs is that vacant units aren’t staying vacant for significant periods of time anymore.

“While we’re on the right path – there are still a number of steps to take, we mustn’t become complacent.”

However there are plans to build even more retail space over the coming years.

There has also been a rise in demand for Office Space, with 34 percent more surveyors seeing a rise in demand rather than a fall, and in industrial space with 51 percent more surveyors seeing a rise in demand.  These two sectors have also seen a drop in availability in the South pushing rental expectation for the next three months up.

Simon Rubinsohn, RICS Chief Economist, commented: “The pick-up in the desire to occupy retail space is broadly reflective of the improved trend in high street spending.

“That does not, however, mean that the big challenges facing the sector have disappeared. Rent expectations are still largely soft away from the South East part of the country and it is mainly in London where the numbers are strongly positive.”