Commercial property vacancy rates
As retail enters a period of accelerated change we need accurate data to make informed decisions and seize opportunities. In June 2020 we created in partnership with the Parish of St Helier, the St Helier commercial property vacancy report, to give an accurate picture of the town’s vacancy rates in comparison to the UK. In September 2021, Jersey Business developed two further reports, to collate the vacancy data in other previously unrecorded key retail areas. The two new reports are for les Quennevais and the covered shopping areas in St Helier that are not included in the main St Helier count.
- The St Helier data has been created by us using the latest Goad map available for Jersey (this is updated every three years) and one physical count per quarter. We use the same count criteria for commercial property as the British Retail Consortium (BRC) to enable an accurate comparison with their quarterly report.
- The les Quennevais count is limited to the secondary retail area mapped in the 2022 bridging island plan.
- This report will be available quarterly 6 weeks in arrears to coincide with the release of the British Retail Consortium’s data.
- The physical count includes all ground floor customer facing commercial property in the above-mentioned areas.
Why has the data been created?
- Vacancy data will enable bench-marking against the UK to use as an indicator of health and emerging trends
- Vacancy data can be used as a tool to encourage inward and on island investment.
- The collation of this data creates an up to date contact list for vacant properties for the first time in one place
- The visual nature of the data’s collation helps it to be understood easily and gives a clear picture of areas in decline or success
- Over time the data will provide insight into the mix of town use and sectoral contraction and expansion
How is the data collated?
- A physical walk of the town each quarter on a set day during the last month of that quarter to record accurate data on that day.
- No add hock changes are made to the count outside of the quarterly physical count.
- Businesses are categorised into sector by their SIC code.
- Commercial, non customer accessible properties are not included in the count i.e. offices with no customers entering.
- Second floor only business are not included in the count.
- Buildings outside of the accurate surveyor created GOAD map/or outlined secondary retail area are not included. The GOAD is redrawn currently every three years, and any changes will be incorporated into the count at that point.