The CBRE Retail team knows retail property. Our teams cover retail agency, out of town, shopping centres, lease consultancy and capital markets as well as corporate occupier services, research and consultancy. Based in the west end of London we have an extensive team covering central London retail as well as offices across the rest of the UK specialising in local retail knowledge.
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The Government launched its 'Technical Consultation on Planning' in July 2014, seeking views on raising the EIA screening thresholds for the industrial estates and 'urban development projects'. The consultation ran until September 2014 and the Government published its response on 6 January 2014.
The response confirms that the thresholds will be raised as originally proposed, with the addition of a supplementary threshold related to residential development of over 150 units; while the threshold for non-residential urban development projects will also now be raised.
The House of Commons’ Communities and Local Government Committee held an inquiry into the operation of the National Planning Policy Framework (NPPF) during 2014. It published its report on 16 December 2014.
The report identifies a number of significant issues with the operation of the NPPF, but points to the need for adjustment, rather than a complete overhaul, of the document. It concludes that the Government would be ill-advised to consider tearing up the document and starting again, but recommends a number of specific changes.
This report sets out CBRE’s view on property market prospects for 2015.
After a strong year in which total returns to property averaged nearly 20%, 2015 promises to herald the start of a gentle return to more sustainable growth rates across most sectors. CBRE forecasts total returns to property of just under 13% in 2015.
General election uncertainty is thought by many to be a significant factor for 2015 in the minds of property market decision makers – an issue CBRE Research will explore further in the coming months.
We predict more significant rental growth for most sectors in 2015 than in 2014; and we think there is potential for further falls in yields given the relative attractiveness of property investment and the weight of money entering the UK market.
Prime Londonmarkets will continue to grow in 2015, but confidence and investor interest is now returning to prime regional markets; and we also expect secondary markets to fare better than in recent years – in all cases characterised by a lack of a good quality new supply.
Prospects for retailproperties remain among the most uncertain, with few sure signs just yet that stable growth is returning to consumer spending, and cost pressures and distractions across the sector, particularly in grocery retailing – though again, prime retail destinations will remain a safe bet.
Industrialproperty has performed very well and a dearth of supply means we predict that this will continue to look like an attractive sector;
Price growth in the housingmarket looks likely to ease somewhat in 2015 – we predict price growth of around 6% in 2015; we think transaction levels have peaked for the time being.