Vacant retail premises in the UK are taking longer to let as continued uncertainty surrounding Brexit combines with the turbulent retail trading conditions, according to Radius Data Exchange data.
Only 1.89% of empty shops are now let within the first three months of being marketed, more than three times as long as before the EU referendum. On average, shops take 340 days to relet.
Landlords with units above 10,000 sq ft are struggling the most, with more than 90% remaining on the market for more than 12 months.
Smaller units are less of a headache, with almost one in three under 1,000 sq ft let inside one year.
Since the EU vote, properties in London have transacted marginally quicker than in other regions, although all have seen a marked slowdown.
The conversion of redundant space is on the rise, with change of uses from A1 to other use types increasing year-on-year.
In the face of high rents and excessive business rates, many retailers are looking to reduce their physical high street presence. While some are opting for a reduction of stores, most are seeking to downsize across the board, with some combining this with cross-sector concession collaboration.
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