1、REPORTCBRE RESEARCHJUNE 2024UK Retail Parks Market View 2024Intelligent Investment2CBRE RESEARCH 2024 CBRE,INC.Intelligent InvestmentRetail Parks Market View|UKThe macroeconomic backdrop continues to improve,and consumer confidence is following suit.After two consecutive years of decline,retail sale

2、s volumes are forecast to grow in 2024.Retail Parks remain popular amongst occupiers,and the sub-sectors vacancy rate has narrowed in the last year.With tight supply and demand dynamics,rental growth is being achieved in key locations.The breadth of occupier demand also continues to grow.Occupiers t

3、hat had previously only considered in-town locations,are now on the expansion trail for out-of-town locations.New international market entrants are also targeting the sub-sector.Investment into the sub-sector continues to be dampened by elevated debt costs.However,the assets that have been launched

4、in the first half of the year have benefited from a relatively captive audience,driving competitive tension and pricing.Key takeaways3CBRE RESEARCH 2024 CBRE,INC.Intelligent InvestmentRetail Parks Market View|UKSource:GfKFIGURE 1:UK Consumer Confidence IndexIn the 12 months to May 2024 inflation ros

5、e by 2.0%,falling from 2.3%in the month before.This is the first time the metric has hit the Bank of England target rate since July 2021.The combination of slowing inflation,weak economic growth,and a softening labour market points to the first Bank of England base rate cut being made in summer.Howe

6、ver,the pace and scale of cuts made are likely to be relatively modest,falling 50bps to 4.75%by the end of the year.Mirroring the improving macroeconomic picture,consumer confidence continues to rise.At-17,the latest GfK results edged further forward,10 points ahead of the same time last year.Moreov