Retail: restaurants surpass fashion for first time
According to JLL, a turning point has been reached in German retail in the 1st quarter: for the first time food outlets rented more space than textile retailers. Fashion retailers signed 68 leases for a total of 28,000 sqm, while the gastronomy/food sector signed 80 leases for a total of 31,000 sqm. Dirk Wichner, Head of Retail Leasing at JLL Germany, says that the Young Fashion division has lost half of its space volume in the last five years. However, take up in the overall market – with 263 leases totaling 118,000 sqm – was almost the same as in the previous quarter as well as in the first quarter 2018. JLL found declines in retail rents in 44 of the 185 cities it surveyed, some of these being minor, such as 2% declines in Essen and Bamberg. Leverkusen experienced the sharpest drop in prime rents (-26%). However, prime rents remained steady in the top 10 German markets.
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