Retail occupier demand plummeted by 58% during Q4, according to RICS’ latest UK commercial property market survey.
Demand for office space declined by 9% during the same three months.
On the other hand, 21% of respondents saw an increase in occupier demand for industrial space, bringing all-sector tenant demand to -13%. The total was down from 9% recorded in the previous quarter.
Meanwhile investor enquiries also fell across retail, with RICS estimating it fell at the sharpest quarterly pace, in net balance terms, since 2008.
Vacant retail space rocketed by 46% during the quarter, at