Take-up of UK logistics space is ramping up significantly accordong to data from CBRE.
The agent says in Q1 2022 there has been a 100% increase on same period last year.
Putting a figure of 10.43mln ft2 on take up, CBRE said that compared with 5.21mln ft2 in Q1 2021.
A total of 41 deals have completed this quarter, a 64% increase compared to Q1 2021, which saw 25 deals complete.
At a sector level, third-party logistics dominated take-up, accounting for 27%. Over the last two years, pure online retail has notably captured the largest proportion of take-up due to the long-term shifts in shopping patterns, reaching almost 40% of total take-up for 2021.
However, pure online retailers accounted for just 4.8% of take-up this quarter, demonstrating a more even spread across sectors including manufacturing, construction, food and other retail.
Tasos Vezyridis, head of UK and EMEA industrial & logistics and retail research, said: ‘Supply is continuing to respond to demand and in Q1 we have seen record levels of speculative space under construction. However, around a third of this had already been taken by the end of the quarter and as a result, the UK vacancy rate continues to fall.’
