Shaftesbury has warned that despite a return to political stability after the December general election, consumer spending and business confidence are “likely to remain fragile” as the UK waits for clarity over Brexit.
However, the REIT said there were early signs of increasing activity in the institutional property investment markets.
Even so, private owners remain reluctant to sell assets around Shaftesbury’s estate as they offer both security and potential for income and value growth, the firm added in its trading update.
Shaftesbury reported that occupier demand remained stable across its portfolio and during the fourth quarter of 2019, with concluded lettings, lease renewals and rent reviews with a rental value of £8m.
Vacancy across the portfolio decreased by 0.1% to 3.6%.
Brian Bickell, chief executive of Shaftesbury, said: “Traditionally, the period leading up to and throughout Christmas and new year has always seen the highest footfall and busiest trading, and this year has been no exception.
“Early data indicates that generally our occupiers, particularly F&B businesses, have seen turnover growth over the period, in contrast to reports of static or declining revenue and footfall nationally.”
To send feedback, e-mail louise.dransfield@egi.co.uk or tweet @DransfieldL or @estatesgazette
