Encouraging Signs for the Retail Market in Chichester
Tuesday 8 October 2024
Overall, 2024 has been really positive for the retail market in Chichester. We have seen an increase in occupier demand, which has led to a reduction in the vacancy rate and gradually we have begun to see rents bounce back from the significant drops during the pandemic.
During the last quarter, Flude Property Consultants have been able to complete a number of new lettings in the city, including Fred Olsen Travel at 65 South Street, Hidden Hearing at 3 Stocklund House and 17 Grams Coffee Roasters at 58 East Street. We have also welcomed some other new occupiers such as Brook Taverner and Piccolos.
We are also excited to have completed the letting this month at 33-34 North Street, where the new tenants plan to open an indoor food market venue which will have space for up to 11 small independent businesses to trade, including seven hot food stalls and bars for coffee, beer, wine and cocktails.
Not only are new occupiers coming to the city, but we have also found retailers taking this opportunity to up size in locations which are trading well. In Chichester, we have seen brands such as Greggs, Mint Velvet, Sports Direct and Mountain Warehouse all increasing the space they occupy. There are also a number of other existing occupiers in the city who want to take on more space if it becomes available.
Director, Sebastian Martin, commented, “We have found over the last 12 months a notable improvement in the quality and type of occupiers who are looking at vacant space in the city. There has been some good rental growth, especially within the primer positions due to the limited supply of retail units. We are confident that these trends will continue into next year and the outlook for retail generally is positive at the moment”.
We are predicting that there will continue to be good activity and there are still some enquiries from national and regional occupiers which need to be satisfied. Assuming the supply of accommodation remains low, we anticipate there is some head room for further rental growth.
For further enquires on available properties within the centre, please contact Sebastian Martin or Alex Halfacree.
