May 2020
Market Snapshot – Commercial Property for Sale Hertfordshire
- Hertfordshire’s large and relatively affluent population of2 million people makes it an important retail market and contains about 23 million square feet of retail space
- Its primary retail centre is Watford, while other significant shopping towns include Hemel Hempstead, Stevenage and Hatfield
- Commercial property for sale in Hertfordshire, particularly retail sales have outperformed the national average
- However, the market has not been immune to shop closures due to the shift in consumer spending from traditional bricks and mortar to online
Key Indicators
Leasing – Commercial Real Estate for Rent Hertfordshire
- As like most retail markets in the UK, this market experienced sluggish levels of demand in 2019
- However, Hertfordshire’s relatively strong demographic and employment trends have supported retail demand elsewhere, too, with population and employment growth in the county outpacing the national average
- Retail sales growth has also outperformed
Vacancy Rate
Rent Analysis – Commercial Property for Rent Near Me Hertfordshire
- Retail rent growth across Hertfordshire has outperformed the UK average in recent years
- Employment and population growth have grown faster than the national average
- The market has experienced healthy retail sales growth and fewer store closures
- Watford is where the highest rents in Hertfordshire are paid
- North Hertfordshire and Broxbourne have the cheapest rents on average
Market Rent Growth (YOY)
Sales Analysis – Commercial Real Estate Hertfordshire
- Retail investment volumes in Hertfordshire have fallen away steadily since 2015
- However, the number of transactions has increased
- Over the past few years, an average of more than 90 deals occurred per annum
- In early 2019, as seen in other parts of the UK, trading continued to decrease
- In late 2019, trading picked up again helped by the general election result
Sales Overview Past 12 Months
Sales Comparables
Source: CoStar
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