Manchester Retail Property Market Booms

According to a survey conducted by Colliers CRE, one of the UK’s top ten retail consultants, Manchester has emerged as the new retail destination of the country. The city continues to prosper in spite of slow down in rental rates of high street shops since the early 1990s. Earlier, Birmingham was the retail property centre of the country. Colliers CRE further reveals that average UK high street shop rent has decreased by nearly one percent in the last 12 months.

The company says that the rental rates in the north-west have increased by three percent, increasing the growth prospect of Manchester’s retail property sector. Development of good retail infrastructure and entry of global giants in the city’s open market are causing growth of retail sector in Manchester. Surveyors believe that the upward movement in the city’s retail growth will likely to continue in coming two years. Many international brands like Henri Lloyd, Camper, Links of London, Molton Brown and Nike have shown interests in opening facilities in Manchester.

However, the survey company provides a discouraging retail picture outside the north-west region of the country. According to their report, the number of empty shops is increasing in other parts of UK. The situation is even worst in smaller towns. Also, rent is expected to fall further by 15 to 20 percent in coming three years. Slow performance of retail property sector and economic constraints are causing a lot of pressure on retailers, forcing them to relocating to safer and stable markets. In addition, experts believe that the situation might get worst in near future.

Manchester has become one of the top upcoming retail markets of the UK. With relocation of major firms to Manchester and other north-west cities, the demand of rental properties has increased a lot. Undoubtedly, there will be high demand for city centre properties. Also, the surrounding areas are likely to provide a greater return in coming time.

The article is contributed by a professional content writer, having experiences of working in different industries. For further information on retail planning and retail property please visit http://www.chaseandpartners.co.uk/