Rents on Edinburgh’s George Street have risen by as much as 25% in the past year, according to Savills.
Findings show rents have reached £150 per sq ft for prime zone A spaces on the shopping thoroughfare, compared with £120 per sq ft at the same point last year.
The latest occupier signing for space is fashion retailer Me+Em, which has brought the vacancy rate on the street to just 5%, down from 15% at the height of the Covid-19 pandemic.
Researchers at Savills said there are four stores available on the street, all of which are “receiving good interest or are under offer”. The figure has improved on 2020, when there were around 11 empty stores.
Around a dozen occupiers have opened spaces on George Street in the past 18 months. Savills said while some of those were relocations from elsewhere in the city centre, half were new brands to the Scotland capital.
Savills also noted increased demand for food and beverage locations, with cocktail bar The Alchemist taking up premises formerly occupied by Laura Ashley.
Occupier openings have also included Black Sheep Coffee; Joseph Cheaney; Jimmy Fairly; Monsoon; Aubin & Wills; Jigsaw; White Stuff; Astrid & Miyu; Sweaty Betty; Abercrombie & Fitch; and Cambridge Satchel Co.
Isla Monteith, director in the retail team at Savills Scotland, said: “With a number of other units further west on the street now under offer to F&B operators, this signals a return of national F&B brands to the city centre.
“Until recently, the F&B market in Edinburgh has been dominated by local independents who have focused on edge of prime and affluent suburban areas of the city. Looking ahead, the planned pedestrianisation of the street is also encouraging this blend of F&B and retail further, so we will no doubt see this trend continue.
“Elsewhere in the city we are also now seeing the regeneration of Princes Street. While this is a slow process, the large-scale redevelopment of many of the more sizeable blocks is now under way. The St James Quarter is also performing very well and this is helping to encourage brands to consider Edinburgh, whether in St James itself, or locations such as George Street.”
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