Commercial property firm CBRE revealed the data as part of its Prime Rents and Yields Monitor. It found that prices for central London shops spiked by nine per cent in Q4 2015 alone the fastest increase since 1988.Almost a third of retail locations in the area experienced rental increases during the period, as the report highlighted a growing demand for units in London?s most sought-after luxury retail destinations?. Meanwhile, prime retail rents across the rest of the UK found that increases were at just 0.8 per cent in Q4. CBRE also said that office and industrial sectors encountered increased rents of 6.5 per cent and 6.8 per cent for the year, respectively. However, while fees are increasing, Springboard found that footfall shrivelled? by four per cent in December 2015 and and at a faster rate rate than compared to the three-month average?. Phil Cann, head of UK Retail, CBRE, said: The Christmas period has been a mixed bag for retailers, with retail sales rising slightly on December last year, despite a marked retreat in footfall from UK high streets. ?Nevertheless, Central London continues to boast some of the most sought-after retail spaces in the world, a fact brought to light by the quite remarkable jump in rents toward the end of 2015. ?Luxury retailers are chasing very limited available stock, sending rents soaring as they pay to place themselves at the heart of London?s luxury marketplace.?
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