Since the start of 2016 through to the end of last year, 8.5m sq ft of space has been either closed or put at risk of closure due to company administrations, according to EG data.
However, landlords have managed to fill 58% of that space with new occupiers filling 5m sq ft in 241 separate deals since the start of last year.
These numbers will serve as some encouragement for the industry as retail administrations increase again in 2018.
EG expects a further 7m sq ft to close as a result of company failures in 2018. Town centres will be hardest hit in terms of empty space from administration with almost three-quarters of all vacated space being in town.
When looking at what sectors have been driving re-letting activity, fashion occupiers such as Primark and Next are most active (83 transactions), targeting the larger units (on average 40,000 sq ft) left vacant by the demise of BHS.
Regionally, the South East has managed to fill the largest slug of space left empty by administrations. It has filled around 1.2 m sq ft, while on a percentage basis, the East of England performed best, with 73% of vacant space now being refilled – 278,688 sq ft.
To send feedback e-mail james.child@eg.co.uk or tweet @jamesChildEG or @estatesgazette
