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DUBLIN, 30th June 2014, The retail market continues to perform steadily, with increased interest and activity so far in 2014.
Improving consumer sentiment and retail sales activity has positively impacted some retailer’s performance, which is helping to improve perceptions and outlook across the whole sector. There is slightly more depth for prime units and schemes, with continued demand for Dublin city centre high street and prime shopping centre locations.
Henry Street was more active than Grafton Street this quarter, with limited available space on Grafton Street to let.
Lisa McGrane, Director Retail Agency added that: “overall market sentiment has become increasingly positive in the last 6 months, with a sense that we are moving away from rock bottom. Enquiry levels are improving with a renewed emphasis from overseas interest, particularly the UK market and Europe, with active occupiers such as White Stuff Clothing, Hugo Boss, Inditex Group, And Another Story, Anthology, Mango and Cos”.
There are now just 5 vacant units on Dublin city centre high streets, and demand from occupiers continues to be focused on these prime locations. The overall city centre vacancy rate is 3.2% and continues to tighten.
Hannah Dwyer, Head of Research at JLL said that “Although supply has tightened, rents remain unchanged. However, if demand continues to be focused on prime space, it is likely that the limited availability in key locations will cause rental increases in the short-term. What we have started to see in response to competition for space is a tightening in incentives, with shortening rent-frees (now 6-12months) and break options pushed out until later the lease.”
Head of Research
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