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The company’s 2009 Property Predictions shows that UK retail rents could go down by as much as six percent on average while central London will be worst hit with falls of up to 6.5%. King Sturge also predicts further drops in 2010 and 2011, with rents shrinking by 4.7% and 2.1% respectively. This represents a “shift in balance of power from landlord to tenant,” the property consultant comments.
Overall, the company draws a mixed picture for retail in 2009 with sales down one percent in volume and the possibility of seeing more businesses going under. The report reads, “A number of retailers will inevitably succumb to administration. However the scale of the fall-out is likely to be far less severe than is being signalled in the media.”
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