By James Moss, Managing Director, FRICS, MCIArb, Curzon Property Consultants
West End Retail Market Brings In Strong International Retailers
(This article appeared first at the Curzon’s October/November Market Update; shared to us by Mr. James Moss of Curzon Property Consultants based in London, UK; one among the “Established Professionals & Trusted Networks” and “International Businesses Board” of ReloNavigator.)
The strong recovery in the commercial property sector continues with increasing yield compression in London and across the UK.
There was a further tightening of City office yields reflecting the future office shortage being predicted by the sector.
The increasing business attraction and lifestyle diversification taking place in the City of London, is helping the recovery in its commercial sector.
Also the Provincial Offices sector is gradually coming in to their own many years in the wilderness. As ever tenant covenant strength and location remain critical to any investment decision.
Prime West End retail continues to remain a very hot market and especially attracts luxury international retailers. Since 2012 alone, 67 new international entrants have opened their first store in prime London retail locations.
Importantly the yield spread in the commercial sector vs. gilts is still some way of 2007 levels, indicating potential rental growth and increased return opportunities ahead.
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