Tenant demand for retail property continued to fall in the first quarter of this year and the pace of the decline accelerated, while demand for industrial space picked up, according to the latest RICS UK Commercial Property Market survey.
A net 43% of respondents saw a fall in demand for retail property in the quarter, which is the weakest reading since 2009.
As demand for retail property dropped, availability in the sector rose significantly in Q1, with 43% more respondents noting an increase (as opposed to a decrease). Retail landlords also raised the value of incentive packages to entice clients for a fourth consecutive quarter.
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