Rents declined by more than 20 per cent in Edinburgh, by 12.5 per cent in Glasgow, by 8.3 per cent in Leeds, by six per cent in Manchester and by 1.6 per cent in London year-on-year.
Alexandra Tornow, head of European industrial research at Jones Lang LaSalle, said: “On the whole, we anticipate prime distribution headline rents to stabilise during 2010. Due to improving credit conditions and occupier demand, development activity will gradually return to the market as well.
“The general ability of developers to deliver design-build assets on a relatively short timetable offers a competitive pipeline supply in most regions. Despite shrinking vacancy in large modern units, this will prevent significant rental growth but is expected to reduce average incentive levels over the next 12 months.”
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