Shop rents fall 1.1% in five years
Rents being charged to retailers by their landlords have only fallen marginally over the last five years, despite the economic crisis hitting the High Street and the switch to online shopping.
The research firm IPD says that annualised rental values declined by an average of just 1.1 per cent over the five years from the peak of the market in December 2008. It says rents have declined by a more substantial 2.6 per cent on an annualised basis over the three years to December 2011. Jones Lang LaSalle says 25 per cent of shops' leases are due to expire by 2013 and 50 per cent by 2015.
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