| Comment | Cause the arse has fallen out of retail unit rental values.
We've (thankfully, finally) passed the tipping point where landowners now see more value in building housing to rent out to people to live in, than to build or maintain shopping centres to rent to retailers.
It's the same fundamental reason why there is simultaneous movement on St Enoch Centre and Buchanan Galleries.
The landowners/landlords see the writing on the wall, and so are doing what they can with the structures they own. In some cases, this will necessitate full scale demolition and new construction.
I wouldn't be surprised to see this trend extend to retail parks and other mall-like settings around Glasgow in the next five to ten years or so. |
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