Prime Adelaide retail area, Rundle Mall, has seen rent for their top spaces increase by 26 percent compared to September 2007 figures.

CBRE Senior Research Analyst, Kate Gray said consistent demand had resulted in super prime net indicative rents reaching US$3,200 a square meter starting September 2010."Rents for Prime retail space on the mall have almost doubled in the same period, recording a net indicative rent of US$2,715 a square meter," Gray said.

Vacancy rates in the mall grew from 3.1 percent in September 2009 to 3.8 percent in September 2010. CBRE Retail Services Negotiator, Julia Pottenger said the 3.8 percent vacancy rate meant six vacant shops, two of which are under offer or leased and two are due to be redeveloped next year.

"Most of the recorded vacancies are located in the Prime tenancies, thus it is likely that rental growth in this sector will slow in the coming year," she said.

Gray added that when the growth in rentals was compared with vacancy levels there was a positive correlation saying that "This situation is against the normal inverse relationship between rents and vacancy that should exist. We expect will slow over the coming 12 months."

The CB Richard Ellis In Retail ViewPoint report confirms that tenancy mix in the mall leans towards fashion and personal retail. "The Woolworths redevelopment was completed in September 2010 and has added to three additional clothing tenancies to the mall, thesehave been occupied by Peter Alexander, Tree of Life and Bras 'N Things." Pottenger said.