Vacant Commercial Properties On The Rise
Friday, July 31, 2009
Property industry marks increase in the rate of empty shops.
By Jenifer Courtney
The volume of vacant retail space on UK high streets has almost trebled in the past 12 months, according to new figures from the Local Data Company.
Recessionary pressure on town centres has led to a rise of around eight per cent in the number of shops left empty in cities such as Margate, Leeds and Wolverhampton.
In response, the British Property Foundation (BPF) has called for rates charged on vacant business space leasing to be scrapped.
"Ministers must take note of how bad the property sector has been hit by the recession, and also look specifically at how much worse things have got since they began charging empty rates last year," said Liz Peace, chief executive of the BPF.
"The problem is many shops won't come back because there isn't the demand and the internet caters for many things previously bought on the high street."
Planning and development schemes aimed at re-using business space for other commercial purposes may help reduce the rising rate of empty properties, she added.
As a result of the recession, larger industrial regions have felt the greatest impact of redundancies than other parts of the UK.
Source: ask-re The Property People LLP
