As part of the RICS Commercial Conference in Edinburgh, expert panellists critically examined current market conditions for the commercial property sector in Scotland and what can be done to sustain retail businesses in relation to changing economic trends.
Steven Tolson, Chair RICS Scotland Regeneration Forum, said: "With around 1 in 10 retail premises currently standing vacant it is imperative that we assess the impacts of rent, empty property rates and processes to assist individual retailers in getting empty units back in use. It is also important to address the need for more flexible leasing terms and reduce barriers for potential tenants. This has been partly addressed through RICS Scotland and the development of their Small Business Retail Lease, however, more can be done to aid the process.
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"The RICS Small Business Retail Lease is supported by the Scottish Retail Consortium (SRC) and Scottish Property Federation (SPF), has been adapted for Scotland by Ian MacNiven, Maclay Murray & Spens LLP. It has been devised to simplify the often complex and time-consuming processes associated with commercial property leases. The new, freely available contract will enable quicker occupation of retail premises by small and medium sized enterprises (SME), helping to support the independent retail sector and stimulate the Scottish high street."
Steven Tolson, Chair RICS Scotland Regeneration Forum, added: "The commercial property sector still faces challenges as trends in retail behaviour steer larger companies away from traditional town centre shopping. However, this brings with it opportunity for independent retailers.
"By simplifying the leasing process for landlords and small business tenants, we hope to support small businesses in Scotland and provide a much needed boost to the high street in a time of decline."
The RICS Commercial Conference included speakers from Scottish Retail Consortium, Stirling University and Dundee City Council, with the key note speech provided by Derek McKay MSP, Minister for local Government & Planning.
(GK)
