Office and retail real estate developer Hammerson has revealed that occupancy across its portfolio remained steady in recent months, despite turbulence on the high street.
In its latest trading statement, the firm revealed occupancy held firm at 97.1 per cent during the quarter ending on November 8, down just 0.1 per cent on the previous three months and above the target of 97 per cent. A total of 81 new leases were agreed over the period, worth £4.4bn per year.
“The economic environment has weakened and consumer confidence has fallen in both the UK and France,” said chief executive David Atkins. “Nevertheless, we continue to deliver on our strategic objectives of maximising income growth and creating value from our high quality portfolio.”
Mr Atkins also noted that the “polarisation” in the UK consumer markets had benefited its shopping centres and out-of-town retail parks, which he said are continuing to attract big-name chains. However, footfall and sales were both down between July and November, reflecting the impact of the riots in August.
Last week, rival Capital Shopping Centres announced that occupancy rates at its sites were unchanged at 97 per cent in the third quarter and described its performance as “robust”.
