Research released by the Local Data Company today (10 September), indicates that High Street retail property vacancy rates sit at 14.1%, remaining stubbornly high – the average has sat above 14% since August 2010.
High Street Vacancy Rates Remain Stubbornly High
It is a clear indication that the High Street continues to struggle, and importantly highlights that there are a number of retail units that are ‘long term sick’ – locations that have little or no chance of ever being brought back into use.
There is a clear north/south divide in this respect – London had a vacancy rate of just 9.4%, whereas the North West has a rate of 20.1%. So where does Peterborough sit in all of this? Looking at the central area – Queensgate, Long Causeway, Bridge Street, Rivergate, Westgate, Midgate, Park Road, Cowgate and Broadway, we see a vacancy rate of 8.8 % – 34 units out of a total of 385.
With new national operators looking to secure premises in the City over the next 12 months, the picture is reasonably healthy for our central shopping area.