Friday, April 11 15:50:41
Rents on Dublin's Grafton Street have increased approximately 10pc in the first quarter of 2014, according to the latest Dublin retail market report from Jones Lang LaSalle (JLL).
The Q1 2014 review from JLL reports increased activity in the retail sector and says that occupier demand remains focused on prime Dublin high streets, with availability on Grafton Street tightening to a vacancy rate of 2.2pc (two vacant units). The Henry Street vacancy rate is reported at 6.5pc, with two vacant units.
Hannah Dwyer, Head of Research at JLL said that "sentiment in the retail sector has improved in the last six months, with an increase in demand in both occupier and investment markets."
Limited occupier choice on Grafton Street has led to increased competition for retail units, she added.
"Rents vary significantly by unit, even within the same scheme and depend on the level of fit out, fit-out quality, covenant strength and unit location," Dwyer added.
"Prime rents on Grafton Street have increased by approximately 10pc this quarter to E350 to E460 per square foot."
"The outlook for 2014 is a lot more stable than it has been for the last few years. Prime units are likely to remain the focus of demand, and as a result will continue to show greatest stability and recovery. Tightening supply on prime high streets and prime schemes is likely to cause further rental growth in the next 12 months."