Retail and Leisure Market Update
Monday 20 February 2023
Flude Property Consultants are delighted to share with you the most recent retail and leisure market update prepared by our dedicated retail and leisure agents; Will Thomas, Sebastian Martin and Alice Masterman.
The Brighton market saw a slight drop off in enquires after the autumn mini budget, but since the start of 2023 demand for 300 sq ft – 4,000 sq ft units seems to have increased dramatically. These tend to appeal to the local/independent operators.
In Chichester, the majority of the demand is from existing occupiers who are already represented in the city, who are looking for premises which are an improvement on what they have already i.e. better location and/or larger premises. This is mainly down to the fact that rental levels have reduced, together with the announcement of the new rating list which has fuelled this interest in our view. The rising cost of living is likely to impact spend which could have a direct consequence for letting demand.
The Portsmouth market has seen continued levels of activity, with increased enquiries from newer businesses and start-ups. We have seen less enquiries from food led occupiers, who are sceptical about the future price of utilities and the cost of living crisis. Other retail occupiers still remain positive and see a reduction in rents and business rates as an opportunity to secure better units. Tertiary locations remain busy with a constant level of enquires.
Click on the link below to view our market update flyer.
