Global retail rents report shows retailers are still competing for space in the capital.
Retail rents in the capital are soaring despite the economic uncertainty caused by Britain’s decision to leave the European Union.
Property service firm CBRE’s Global Prime Retail Rents report shows that London rents shot up by more than 53% in the second quarter of 2016 as retailers battled it out for the best spots on key streets. Rents in the Europe, Middle East and Africa region grew faster than any other in the world, driven by severe supply shortages in western Europe and buoyant eastern economies.
New York’s high street rents continue to be the world’s highest, but the report found rents are likely to fall as a result of growing availability.