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Retail rents fall for first time in 15 years

Retail rents fell last year, for the first time in 15 years and are unlikely to pick up for the next five years.

According to property company King Sturge, retail rents fell by 0.4% last year, the first fall since a 1.9% drop in 1993.

The fall in rents is likely to give retailers some solace in the wake of an increasingly difficult trading environment.

King Sturge head of retail research Stephen Springham said that the rental fall would allow some retailers to continue trading on more favourable terms.

King Sturge says that rents will fall 5.6% this year, with further drops until 2013, when they will rise 1.6%.

It also predicted more favourable leasing deals for retailers signing up for shops this year, including monthly rent payments, rent free periods and shop fit contributions.

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