2024-07-31-莱坊-Retail_Investment_Update_H1_2024_6页_4mb

报告摘要

Retail Investment H1 2024 Summary

Report Overview:
This document is Knight Frank's Retail Investment Update for the first half of 2024, covering market trends, key transactions, yield dynamics, and future outlook. The report highlights a mix of challenges and opportunities in the retail sector post-pandemic.

Market Dynamics:

Investment volumes decreased by 38% year-on-year to £2.23bn, driven by a shortage of quality stock rather than buyer demand.
Competition intensified for prime assets, with prices normalizing after a bumper year in 2023.
Retail vacancy rates improved slightly, but some subsectors face softening demand, particularly online disruptors and oversupplied areas.

Sub-sector Performance:

Warehousing: Prime yields stabilized at 7.00%, with strong demand for institutional investors.
Foodstores: Broad demand and high liquidity, but prices vary significantly by location; Northern assets showing signs of downward pressure.
Shopping Centres: High vacancy under 4% in certain markets, but yields hardening in prime locations. Sales activity down due to limited stock availability.
High Street: Retailers regaining traction, but vacancy rates slow down; banks increasing lending support for struggling operators.

Key Transactions in Q1/2024:

Major purchases included Tandem Centre (Colliers Wood, £150m), Meadowhall (Sheffield, £363m), and Union Square (Aberdeen, £111m).
Notable sales involved properties like The Beacon (Eastbourne, £60m) and Odeon Brighton (£8.5m).

Yields and Returns:

Prime retail yields forecast to tighten by year-end, with total returns expected at 8.0% for 2024.
Subsectors like retail warehouses outperformed with higher returns (up to 9.6%).
Investor activity driven by income returns, with localized price variances across regions.

Outlook & Recommendations:

Market conditions improving as supply remains constrained, potentially encouraging new investments in higher-yield assets.
Future projections: Strong potential for improved returns in warehousing and select shopping centres; caution advised in oversupplied areas.

Contact:
For tailored advice, reach out to Knight Frank's retail specialists.

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