According to recent research from commercial agent Colliers International, retail rents across the North West are showing signs of recovery.

The firm’s most recent Midsummer Retail Report demonstrates that the rate of rental decline in the retail sector slowed to just 1% last year.

It said this reflected an improvement across the UK where prime retail rents increased by 1.8%.

North West retail rents were down for the fourth consecutive year, but the region slightly outperformed the rest of the UK, excluding London, for the first time since 2011.

Colliers said the number of North West retail centres with stable rents rose from 12 in 2013 to 31, or 79%, in 2014. The number of centres with decreasing retail rents fell from 64% in 2013 to 18% in 2014. However, North West rents are still 19% below pre-recession levels at £81/sq ft.

David Fox, head of retail in the North at Colliers, said:

“The more optimistic outlook for the North West is borne out by our own market activity on behalf of retailer and landlord clients. Whilst there are still towns and secondary streets in bigger urban areas that have an uncertain future, new entrants into the North West retailing landscape and a proactive approach from landlords are enhancing the appeal of the region’s shopping destinations.”

Source: The Business Desk