// The overall vacancy rate has fallen by 13.9% in the UK
// The decline is 0.1 percentage points better than Q2 and 0.6 percentage points better than the same period last year
New research has shown that the overall vacancy rate has fallen by 13.9% but BRC warns that vacancies could rise if business rates increase next spring.
The BRC and LDC vacancy monitor has reported that in the third quarter of 2022, the vacancy rate in the UK decreased.
The decline is 0.1 percentage points better than Q2 and 0.6 percentage points better than the same period last year; it is also the fourth consecutive quarter of falling vacancy rates.
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Shopping centre vacancies fell to 18.8%, down from 18.9% in Q2, and high street vacancies decreased to 13.9% in Q3, which was an improvement on 14.0% in Q2.
Vacancies in retail parks fell to 9.7% in Q3, a 0.5 percentage point improvement from the second quarter.
Retail parks remain the retail location with the lowest vacancy rate. London, South East and East of England had the lowest vacancy rates. The highest rates were in the North East, followed by Wales and the West Midlands.
“Some locations are benefitting from a pickup in tourism and a gradual return to offices, but levels of footfall are still below those of 2019,” BRC chief executive, Helen Dickinson said.
“This gave some businesses the confidence to start investing, opening new stores around the country, especially in retail parks.
“But the North-South divide is again laid bare in these figures. While the North has seen some of the biggest improvements in openings over the last year, they still have some of the highest vacancy rates in the country, with one in five shops closed in the North East.
“The costs of operating in many towns and cities remains high and demand will be tested by the fragile economy and falling consumer confidence in the lead up to Christmas.”
