Retail Insights Q4 2023 – Q1 2024 Buckinghamshire

In the Buckinghamshire Market, retail rents experienced a slight decline at a rate of -0.3% annually in the first quarter of 2024, remaining relatively stable over the past three years. With an additional 230,000 square feet delivered over the same period, marking a cumulative inventory expansion of 2.0%, there are currently 8,700 square feet under construction, representing a marginal increase in the existing inventory.

Vacancies in the market were generally consistent with the 10-year average as of the first quarter of 2024, showing little change over the past four quarters. Total employment saw a modest increase of approximately 1.6% over the past year, while over the past five years, employment has grown at an average annual rate of 1.3%, resulting in a cumulative addition of 17,000 jobs. In comparison, nationally, employment has grown at an average annual rate of about 0.9% over the same period.

Retail trade employment in the region has remained relatively stable over the past five years, with minimal change. During this period, retail jobs have recorded an average annual change of 0.4%, contrasting with a national average annual change of -0.7%.