2016 hit a five year high in the take up of industrial floor space in the UK’s Western Corridor, according to new research by JLL. It found that 5.6 million sq ft of industrial floor space was taken up in the region last year – up nine per cent on 2015.
Around 7.2 million sq ft of floor space was available at the end of last year, an increase of four per cent on the previous year.
But, JLL said that despite a pick up in supply, by the end of last year, supply was 45 per cent lower than the most recent peak in 2010.
“A vast 5.6 million sq ft of industrial floor space was taken up in the Western Corridor in 2016, 9 per cent up on 2015 and the highest level of take-up over the last five years,” said Melinda Cross, director in JLL’s industrial & logistics team. “Just over 3 million sq ft was taken up in West London last year, 7 per cent up on the five-year average.
“Demand in 2016 was boosted by a high number of smaller transactions. Despite some concerns about the UK economy we remain positive about the markets strong fundamentals in the Western Corridor, additionally the third runway announcement was very positive news for the West London and Heathrow industrial and logistics market.”