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Continued activity in the Northern Ireland property market over recent months
9 investment transactions totalling approximately £58.6 million having completed in the region during Q1 2015
We expect to see more office investment properties coming to the market over the coming months with an increasing number likely to trade off-market
There has been a discernible increase in demand from local investors over recent months, particularly for lot sizes of up to £10 million.
Prime yields for the most part remain stable at present although there is potential for office yields to contract further over the course of the Summer months as new market evidence materialises and further rental growth emerges.
The announcement that Invest Northern Ireland intend to provide funding to support the development of some speculative Grade A office accommodation in Belfast has been broadly welcomed
With the devolution of corporation tax powers having now passed the House of Lords stage and possibly taking effect from 2017, it is hugely important that sufficient office accommodation is available at this juncture
Activity in the retail sector continues to improve, with regional locations also reporting an improvement in tenant demand over recent months.
The hotel sector continues to strengthen and a good Summer season is in prospect - boosted by the hosting of the Irish Open at Royal County Down and the hosting of the Tall Ships Race in Belfast in July.
Demand for residential sites has increased significantly over recent months. However, very few development sites are being offered for sale at present.
Prime rental values continued to increase in Q1 2015, recording 1.2% growth over the quarter.
Prime yields fell by an average of 11 basis points over the quarter to stand at 5.5% at the end of Q1 2015.
London, South East and some parts of the North contributed most to overall office performance. However, in terms of yield the gap between offices in London and in the rest of the UK has narrowed slightly.
The industrial sector is seeing strong rental value growth across the country. However, the sector saw very little yield shift recorded in most regions in Q1.
Rental growth and yield shift in high street shops was mainly in Central London.