This year’s total amount of completed speculative warehouse space could surpass 2016’s previous record of circa 9 million sq ft, according to Colliers’ bi-annual Spec Map.
Colliers found that there was some 8.7 million sq ft of spec warehousing under construction by the end of January.
This figure is measured across 39 distribution warehouses above 100,000 sq ft.
Len Rosso, head of industrial & logistics at Colliers, said: “While uncertainty around Brexit continues, in the Industrial & Logistics sector we are witnessing almost record levels of take-up as occupiers compete to future-proof their supply chains.”
T|he research also found that UK prime rents for multi-lets have increased by 6.6 per cent year on year, led by growth in the London (+10 per cent), West Midlands (+9 per cent) and South East (+8 per cent) markets. The current rental average in these locations is £9.68 psf, with the highest rent being achieved in Park Royal at £20 psf.
Rents for Grade A units over 100,000 sq ft in the UK are up by an average of 3.7 per cent year on year, with London, the South East and East Midlands enjoying the highest rental increases of 8-, 6- and 5 per cent respectively.
