UK completed warehouse space is likely to reach a new high.
In 2019, UK completed warehouse space is likely to pass 9million square feet. This figure was reached three years ago, says Colliers International.
The figure could surpass 10 million square feet, according to the latest Industrial and Logistics Speculative Development report.
It is made up of around 5.4 million square feet which was delivered by the end of June 2019 and 5.5million square feet under construction, which is currently being tracked.
“To put these figures into context, the five-year annual average (2014-18) amount of speculative space completed stands at 5.5 million square feet and prior to that the market saw hardly any activity post-2008 global financial crisis.”
At the same time, its sector Autumn Barometer shows activity in Quarter 3 bounced back strongly, to almost 9 million square feet of take-up for units of up to 100,000 square feet – which is a rise of 26% in the past three months. That takes the total for 2019 so far to 21.9 million square feet. The expected total for the whole year is 26-29 million square feet and the report says long-term prospects in the sector remain positive.
Supply, which includes distribution of warehouses set for completion in Quarter 4, rose to around 36 million square feet – the highest Quarter 3 total since 2014.
Take a look at Consorto’s logistics listings.