Commercial Buildings Insurance Needs To Cover Vacant Possession

Figures recently released by the Local Data Company reveal that landlords with commercial buildings insurance need to be more aware that properties may require vacant cover given that London has reported a drop in its retail vacancy rate.

Figures recently released by the Local Data Company reveal that landlords with commercial buildings insurance may need to be more aware that properties may require vacant cover given that London has reported a further drop in its retail vacancy rate.

The LDC report also indicates a widening North-South divide in the amount of shops which now remain vacant.

The vacancy rate in London fell from 30 June 2012 to 10.1%, compared to 10.7%  a year ago.

It would seem that the highest level of vacancies are in the North-West of England, Wales and the Midlands. Nottingham came bottom with the worst-performing shopping centre having nearly a 31 % vacancy rate. There were no large centres in either the South East or in the capital London, which were listed.

The report indicates that on average nearly 15% of commercial property is vacant.

The research  was made up from a consideration of 506 towns and by visiting over 140,000 shops between January and June of this year.