Retail rental market reached many milestones in 2022
Very good take-up due to large lettings in the first quarter of 2023
In 2022, many important learnings have emerged on the retail letting market that were triggered by the transformation processes in the wake of the Corona crisis: Retail take-up in city centre locations has now settled at a post-Covid level, prime rents are showing signs of stabilising again after two years in a downward spiral, and footfall has not only fully recovered since spring, but has even exceeded its previous year's levels, usually by a significant amount.
Even if it would be too far-reaching to conclude that the first quarter of 2023 has seen a trend reversal from smaller to large shop units, the letting momentum for large lettings on the nationwide retail market in city centre locations was unusually high at the start of the year. A high number of Galeria properties which are falling vacant, the continued existence of larger vacancies due to the effects of the Corona crisis, but also restructuring and relocation efforts on the part of renowned chain stores are only the most important factors here which ensured a noticeable market revival in the large-scale segment (page 2).