Huge rise in demand for West End retail space | 12 February 2013
Demand for retail space in the West End continues to skyrocket, according to new research.
A study by commercial property advisers, Cushman & Wakefield, has suggested that there are at least 10 international investors competing for every store that becomes available in Bond Street and Sloane Street. This has led to rents increasing by 20 per cent in the last year.
Peter Mace, who is head of retail at Cushman & Wakefield, admitted that he hadn’t seen such a high level of demand in years.
Speaking to costar.co.uk, he said: “The appetite for British, and international, luxury brands from Chinese, Russian and other overseas consumers in London has never been higher as prices can be considerably cheaper than back home.
“International retailers are acutely aware of the relentless demand from consumers for luxury goods in the West End and are constantly vying for prime positions on London’s top shopping destinations.”
Cushman & Wakefield also claimed that luxury West End properties will have had one of their busiest spells of the year last weekend due to increased tourism caused by the Chinese New Year.
According to property-magazine.eu, it was claimed that the rise in Asian and Russian tourists has played a significant part in the increased demand for London retail space.
The views expressed in this post are those of the author and are not necessarily those of Qube Global Software. All facts are verified where possible directly by the author.
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