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EMEA Retail map – rent & yields | H2 2021

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Our latest EMEA Retail map shows rents have been stabilising over the last six months.

Our latest H2 2021 Retail map shows rents have been stabilising over the last six months. All three forms of retail real estate monitored showed a marked improvement on H1 2021, in terms of the number of markets reporting stable rental conditions at year-end 2021:

  • Mainstream high-street locations (MHS) stable rents moved from 49% (H1 2021) to 80% (H2 2021)
  • Traditional Shopping Centres (TSCs) moved from 61% (H1 2021) to 80% (H2 2021), and
  • Luxury High Streets (LUX HS) moved from 59% to 67%.

However, despite H2’s reprieve, further declines in rents are expected to materialise over 2022. The (continued) lack of market activity and a shift to turnover rents will see market rates and values change, with almost universal pressure on non-core assets and luxury high-street locations. The number of markets expected to see rental declines are as follows:

  • MHS locations to expand to 48% from 17% by end 2022
  • LUX HS locations to expand to 32% from 23% by end 2022, and
  • TSCs to expand to 41% from 14%

Luxury high street locations continue to provide the most stable rental conditions for landlords. Download our Retail pricing map below.


EMEA Retail map – rent & yields | H2 2021

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Related Experts
United Kingdom

Damian Harrington

Head of Research

London - West End

Damian Harrington is a Director and Head of Research for both Global Capital Markets and EMEA at Colliers. He has over 20 years of experience in the real estate industry living and working from various locations across EMEA including London, Dubai, Prague, Helsinki and Amsterdam. Damian is responsible for producing research for internal and external clients. His expertise helps to provide clients with global capital market trends and analysis, and connects them with strategic and actionable insights, such as the changing nature of global capital and the impact on global capital flows. Damian has produced numerous research papers and generated analysis of markets across all asset types - from residential to offices, retail to logistics and hotels to niche sectors such as life sciences, air cargo and data centres. Damian is a member of the EMEA location strategy team and a key member of Colliers ESG focus group.  He speaks regularly at internal global conferences, external industry events hosted by GRI, ULI and other key industry bodies, plus key annual events such as MIPIM and EXPO REAL.

Damian holds a Masters degree in European Property Development and Planning from University College London, a BPI Bachelor of Planning from the University of Amsterdam and a BA (Hons) in Town and Country Planning from Manchester University. He is also a qualified surveyor, holding an MRICS with the Royal Institute of Chartered Surveyors.

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Istvan Toth


EMEA Headquarters

I've been in the real estate industry since 2005 and joined Colliers as a data scientist in their EMEA research team in 2018. In my career I have worked across the various property sectors and I have viewed at the markets from both the occupational and investment perspective. Having obtained a widespread understanding of the European property markets, I am currently focusing on making sure to transform raw RE market data into meaningful and forward thinking analyses and reports.

"Data powers everything that we do."

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Lewis Rapley

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Paul Souber

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Paul Souber is a highly experienced London retail property expert, and has a particular specialism in the luxury sector.

He advises major London landlords – including The Crown Estate, Grosvenor, The Church Commissioners and Shaftesbury Plc – on how their retail holdings in the capital can be enhanced through leasing and placemaking.

His consultancy also involves advising various leading brands on their property strategy and sourcing the stores which best serve their strategic needs.

During a career in which he has advised on the leasing of more than 1.5m sq. ft. of shopping space, Paul has worked with clients including Yves St Laurent, Roksanda Ilincic, Gina Shoes, Balenciaga, Oliver Bonas, Boux Avenue, Sweaty Betty and Headmasters.

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Etienne van Unen

Partner | Director Food & Beverage | Co Head EMEA Retail


I am a specialist in the world where Food & Beverage and Retail cross paths. Partly due to my role as Head EMEA Retail, I am internationally and nationally oriented in all trends and developments and I am able to translate these into real estate issues.

I have been with the Colliers family since 2013. I laid the foundation for the Retail department. In 2018 I was asked to do the same for the new Food & Beverage department. With this I have shown to be innovative and innovative and to have entrepreneurship at heart.

Since 2018 I have also been a member of the Advisory Board of the Global Restaurant Investment Forum (GRIF). Together with my role as Head EMEA Retail, the combination of these two platforms is a unique tool to serve our customers well with creative "out of the box" solutions and to always be at the forefront of innovative concepts.

Number 1 award Maxis Muiden Dutch Council of Real Estate
Number 1 broker Retail 2012 PropertyNL 88.000 sqm2
Number 1 broker Retail 2013 PropertyNL 84.000 sqm2
2015 Colliers Innovator Referral Award

2018 Co Founder "The Food Department", Shopping Center Magna Plaza Amsterdam

Also worked at: Gommers Consultants, CBRE (Shopping Center Management), Kompaan Vastgoed, WPM, Corio/Klepierre.

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