Retail space let temporarily is "significant"

Retail space let temporarily is "significant"

A new study by Savills estate agency has found that while Dublin’s high streets have high occupancy levels, a “significant” amount of retail space is let under temporary arrangements.

There are 11 shops available on Grafton Street, equating to 1,700sq m (18,300sq ft) or 5 per cent of total retail space on the street. Five of these are trading on short-term leases.

In the Henry Street/Mary Street area, five shops are now available with a total retail area of 860sq m (9,257sq ft) or 1 per cent of the entire retail space. All these units are currently trading.

Joan Henry, director of research at Savills, said that rents in both city centre locations had fallen by between 50 and 60 per cent. At best rents were expected to stabilise close to the 2012 levels.

Although there had been a minimal amount of investment on the high streets in the past two years, yields on over-rented properties were now in the region of 7.5 per cent.

Source: The Irish Times.

 

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