29/09/2009 - Shop rents slump 10% in Edinburgh
Shop rents have slumped by 10% in Edinburgh's Princes Street as disruption caused by tram works adds to recessionary pressures, according to estate agents Cushman and Wakefield.
Says spokesman Stuart Moncur: "The works are making it difficult for people to move around, and this is having a negative impact on the performance of many retailers.
"The building work is unfortunately giving a poor impression to potential tenants, and many retailers are stating that they would rather wait and see how the city centre will function once the tram works are complete.
"Even those visiting the city centre who are interested now are reluctant to make any kind of long-term commitment."
He compares Princes Street's £210 per square foot with Glasgow's Buchanan Street, down just 3% to £260 per square foot.
Copyright © Press Association 2009
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