Russia and the United Kingdom, at 2,000 per sq m per annum, command the highest prime shopping centre rents in Europe according to new research released today at MAPIC by Jones Lang LaSalle.
A Prime Shopping Centre Rents in Europe* map, produced in co-operation with many of the largest shopping center owners and managers in Europe, gives an overview of prime shopping center rental levels together with short term growth prospects for 17 European countries.
Nicola Birkett, Associate Director in Jones Lang LaSalle's European Retail Capital Markets team, said: "Due to the limited availability of prime retail space in many shopping centers across Europe, the outlook over the next six months for prime rents in most European markets is stable despite the inevitable slowing of demand from occupiers. However, downward pressure remains on rents in a handful of markets including Hungary, Romania and Spain."
Nicola Birkett added: "Rental comparison between prime shopping centers, and indeed between countries, is something investors will take into account when assessing investment opportunities. In general, the dynamic face of retailing and continuing demand from new retailers for prime shopping centers, together with active management opportunities to maximise income growth should continue to go some way in shielding the best schemes from the challenging occupier conditions."
Source: JLL
