Retail Insights Q4 2023 – Q1 2024 Hertfordshire

The Hertfordshire Market's retail rents have lost an average of -0.5% annually over the last three years, but they have remained mostly stable during the last year. With 130,000 SF under development, this is the largest pipeline under construction in more than three years. 37,000 SF has been provided in the last three years, representing a cumulative 0.1% increase in inventory. As of 2024 Q1, the number of vacancies was roughly in line with the 10-year average and had not changed much over the previous four quarters. Over the previous year, there was a 1.5% growth in total employment. The employment rate has increased by 40,000 jobs overall, or an average annual growth rate of 1.1%, throughout the last five years. Employment has grown at a rate of roughly 0.9% per year on average nationwide over the last five years. Over the previous five years, employment in the retail trade has decreased at an average annual rate of -1.7%, whereas the national average yearly change has been -0.7%. This indicates a total loss of almost -10,000 retail employment during that period.