Spec development on the increase

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The level of new speculatively built logistics space available in units over 100,000 sq ft has continued to increase in 2007 according to King Sturge’s latest floor space report.

At the end of the first quarter of this year some 21,520,000 sq ft was available in 86 newly completed warehouses and units under construction on a speculative basis. This represents a 49 per cent increase on the same period a year ago and a 32 per cent increase on six months ago.

In the size band 100,000 sq ft to 268,989.24 sq ft the number of units available/under construction increased significantly from the same period a year earlier, from 32 to 57 and in terms of floor space represented an increase of 65 per cent.

The 269,000 sq ft to 537,989.24 sq ft size band has also seen a notable increase from one year ago. The number of units available/under construction increased from 14 to 23, representing an extra 3,063,834.68 sq ft of floor space, an increase of 60 per cent.

Of the available space outlined above, developer ProLogis held the largest share at 20 per cent of floor space; Gladman was next with a 13 per cent share, Gazeley and Rosemound were the other major developers in the market, holding a 10 per cent and four per cent share respectively.

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