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LONDON-The UK has the highest rents for retail warehouse space in Europe, followed by Ireland and Italy, according to ‘European Retail Warehousing,’ a new report from Healey & Baker, the European arm of Cushman & Wakefield. The report found prime retail warehouse rents in the UK have reached €403 per sq m per annum ($34 per sf per annum),

At this level, UK rents are well ahead of the second-placed country, Ireland, where prime rents stand at €260 per sq m ($21.94 per sf) per annum. Italy has the third most expensive space, at €248 per sq m ($21 per sf); Germany is fourth on €184 per sq m ($15.50 per sf) and France fifth on €183 per sq m ($15.40 per sf.)

Stewart Drummond, Head of Healey & Baker’s European Retail Warehousing team, said: ‘The concept of retail warehousing is being successfully exported across Europe from more mature markets such as the UK, France and Germany. Retailers are increasingly looking to cross borders in search of efficiency and market share, while consumers, with greater levels of personal affluence and car ownership, are demanding a greater choice of modern retail formats.’

The report forecasts that future development activity will be strongest in the relatively less developed markets of Southern, Central and Eastern Europe. The Czech Republic, Hungary, Poland, Spain, Portugal and Italy are all relatively under-supplied with retail warehouse space.

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