This is why we’re trying to encourage every town or city centre with empty unit rates above the (too high anyway) national average, to get a tackling vacancy-focused ‘place partnership’ on the case.
The biggest is that we know it works because very different places a decade apart have deployed it and taken big chunks out of their vacancy rate. Others between have done too and more are on the journey.
But there are many other reasons…
Your residents and existing businesses don’t like lots of empties and they are an off-put for would-be new occupiers and investors;
The commercial property market as it operates on the high street has its own flaws and so may not be the whole answer to reducing vacancy…
There’s a long list of reasons why landlords might not be as proactive in searching for a letting;
Based on our data from the 46 locations we’re supporting on reducing empty unit numbers and improving the mix of uses, more than half of all visibly vacant units have no agent instructed;
There are limits to the financial incentives for commercial agents which in turn may limit the time they have to find new occupiers;
With the use class guidance as it is, even if the landlord / agent finds a new tenant it might not be one the ‘place’ gets enthused about and may not add to the mix;
Important a role as they have, retail, hospitality and services may not now fill all your empties so you’ll need explore ‘alternative’ / additional uses which can require connections, resources, powers & more that only a wider stakeholder group can offer;
From a policy perspective, getting empty units occupied is good for growth, creates jobs, reduces asb, boosts pride in place & more;
And our approach is the perfect companion if you’re considering deploying the new High Street Rental Auction powers.
We’re very much hoping that the upcoming government High Streets Strategy will:
“Ask (and resource) every local authority to report on vacancy numbers twice a year, and work with agents, landlords, businesses, community, cultural organisations, chamber and BID where there is one plus others identified locally, to help overcome barriers to getting empty units let…”
Until then we’d love to hear from more places who’d like to learn how our approach can help you halve your headline vacancy rate in 18 months. You may even do it quicker…
