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Article

Warehouse space take up at record levels in Q2 2020

Christopher WaltonBy Christopher Walton1st July 20202 Mins Read
LinkedIn Twitter Email Facebook

The UK logistics market has recorded the highest quarterly take-up figures on record for Q2 2020, achieving total take-up of 12.78 million sq ft compared to 7.83 million sq ft in Q2 2019, according to the latest data from global real estate advisor, CBRE.

Following a robust Q1, the total take-up for the first half of 2020 stands at 19.04m sq ft. This is 44.1% higher than H1 2019 and 4.8% higher than the previous record in H1 2018.

A total of 36 deals completed during Q2 2020, a 33% increase compared to Q2 2019 which saw 27 deals close. The average unit size was larger at 355,133 sq ft, compared to 278,658 sq ft in Q2 2019.

Over 90% of take-up in the quarter was shared equally between three UK regions. The East Midlands’ share of 31.8% was marginally above the South East at 31.5%. This showed a stronger performance from the South East following a quiet Q1. Yorkshire & the North East’s share was also healthy at 29.1%.

At a sector level, online retail continues to account for the largest proportion of take-up at 43.8%. A number of national occupiers are currently reshaping the nature of their warehouse representation and supply chain operations as a result of a shift in shopping habits brought about by the lockdown restrictions from Covid-19. Representation from the other sectors was shared evenly with third-party logistics accounting for 15.3%, general retail at 13.9%, food retail and the food industry at 13.2% and post & parcels at 9.2%.

Short term ‘Covid’ related deals for 12-month lease terms (or less) accounted for 22.2% by number of deals and 15.5% by floor space. Despite speculation that take-up would be heavily weighted towards the short-term Covid deals, this has not come to fruition.

Paul Farrow, executive director and head of UK industrial and logistics at CBRE, said: “The Logistics sector has gone from strength to strength through some testing times for the wider market and has just experienced the highest quarterly take-up figures on record. A large increase in online retail spending has been a key driver in the demand spike, and whilst warehouse availability is low and continuing to reduce heading into Q3, we expect the appetite for logistics space to continue to grow.” 

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Christopher Walton
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Chris succeeded the legendary Malory Davies in September 2019 as Editor of Logistics Manager and host of the Supply Chain Excellence Awards. Day-to-day Chris writes about all things supply chain; materials handling and industrial property and is curator of the annual LM Top 50 Service Providers. He has worked as a business journalist since 2002 and his career as a logistics journalist started in 2008. Before joining Logistics Manager, he was Editor-in-Chief for road transport titles at DVV Media International.

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