UK take-up of industrial property fell 15 per cent in the second quarter, according to DTZ’s Research UK Property Times Industrial market report. However, take-up in the West Midlands increased 15 per cent.
Simon Lloyd, director in industrial agency, said: “Take-up in the West Midlands has outperformed the UK average which is a reflection of the superb location, which offers first class access to an area with significant population density.”
The average deal size in the region fell to 120,000 sq ft with the biggest deal of the quarter being the 230,00 sq ft letting to Gap UK at ProLogis Park in Stafford.
DTZ reckon that any future increase in national availability will be driven by the return of second-hand stock as companies like Jaguar Land Rover consolidate and close plants.
Overall volume of available space of buildings over 50,000 sq ft fell nationally in Q2 due to sustained high levels of grade A take-up and a reduced rate of return of grade B and C stock.
Grade A space accounted for half of all transactions, with the outlook for prime headline rents set to remain stable.