June 2020
Market Snapshot – Commercial Property for Sale Hull
- The market has a total retail space of about 19 million square feet, which is about 19 square foot per capita, slightly above the national average
- Over the last few years, Hull ‘s retail market has done reasonably well in spite of the headwinds impacting the retail sector in general
- The port city of Kingston upon Hull is the market’s primary retail centre, while several large towns support its retail offer including Scunthorpe and Grimsby
Key Indicators
Leasing – Commercial Real Estate for Rent Hull
- Occupancy levels for the retail market in Hull are holding up reasonably well in spite of the multitude of headwinds impacting the sector as a whole
- However, behind the relatively optimistic image of supply and demand, a growing imbalance across sectors and locations of the retail industry can be seen
- Looking ahead, in line with the national trend, demand for retail space at Hull is expected to be relatively subdued over the coming years
Vacancy Rate
Rent Analysis – Commercial Property for Rent Near Me Hull
- As with other retail markets in the UK, a series of store closures and CVAs has placed pressure on rents as landlords are struggling to fill empty units against a backdrop of declining footfall and store sales
- Retail parks and shopping centres in recent years have reported faster rental growth than the high street amid elevated vacancies
- The highest rents are generated in Kingston on Hull, operated by shops in St Stephen’s Shopping Center and on King Edward Lane
- East Riding Yorkshire and North Lincolnshire have on average the lowest rents
Market Rent Growth (YOY)
Sales Analysis – Commercial Real Estate Hull
- Retail investment volumes in Hull have dropped in recent years, reflecting current economic conditions and growing threat of internet shopping
- Majority of the recent transactions were low-value sales involving local buyers
- As seen, all over the UK in recent years, supermarkets have shown to be a strong retail subsector
- Car dealerships and roadside retail have recorded an increase in demand as well
Sales Overview Past 12 Months
Sales Comparables
Commercial Property for Sale Near Me Hull
Source: CoStar
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