Demand for retail property space fell to its lowest level since 2011 according to new figures from property qualifications body Royal Institution of Chartered Surveyors (RICS).
According to the Q4 2017 RICS UK Commercial Property Market Survey demand for retail property fell for the third consecutive quarter, down 22%.
Retail was the only area of the property market to see an increase in the availability of leasable space.
RICS also predicted that rent in the retail portion of the market were expected to come under “further downward pressure”, especially in secondary locations.
Simon Rubinsohn, RICS chief economist, said: “The weakish tone to the Q4 survey results for the retail sector sits comfortably alongside the generally disappointing trading statements emanating from the high street in the run-up to Christmas.
“The counterpart to this is the ongoing strength in demand for well-located warehouses to support the inexorable rise of the online consumer.”