Midlands retail units stay empty
The Midlands has the highest number of available retail units outside of London. According to property experts Cushman and Wakefield, the region has the highest availability rating for any region in the past 18 months, at 12.1 per cent.
The UK average has dropped from 11.1 per cent in May this year, to 9.8 per cent in August. However, the Midlands availability rate remains unchanged.
Cushman & Wakefield's Birmingham-based retail partner, Rob Alston, said the overall picture was “patchy”.
He said: “In the Midlands, we are seeing variable demand in different locations. In the larger city centres, such as Birmingham, there is still reasonable demand from retailers, but the smaller towns are more sluggish.
“In more affluent areas and market towns, demand is still strong and, in some instances, we are even seeing some rental growth.”
He said that Cushman & Wakefield remained “cautiously optimistic” that the levels of availability in the region would move downwards in the coming months.
