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Say Jones Lang LaSalle in latest industrial market research
London, 11th October 2012 – New industrial market research from Jones Lang LaSalle shows robust occupier take-up across the West London and Thames Valley market area.
A total of 2.6 million sq ft was taken up in H1 2012, 43% above the average over the past 10 years. This followed an exceptionally strong 2011 when the Western Corridor posted its highest level of take-up since Jones Lang LaSalle’s records began in 1995.
The availability of good quality Grade A industrial and warehouse floorspace fell by 31% in the year to mid-2012 to stand at 1.0 million sq ft, its lowest level in 13 years. At the end of June 2012, only 8% of total availability was in Grade A floorspace.
Prime rents were mostly stable across the market over the year to mid-2012, but nudged up near the Heathrow Cargo Terminal and incentives generally diminished.
The report also considers the potential implications of the government’s on-going review of its aviation strategy on Heathrow and other airports, and hence on industrial and warehouse property markets.
Jon Sleeman, Research Director - Industrial and Logistics at Jones Lang LaSalle commented: “The research evidence presented in this study suggests that the market balance in the Western Corridor is moving slowly in favour of landlords and away from occupiers, as highlighted, in particular, by the very low level of good quality available stock. We expect this market to lead the recovery in rents in the industrial sector and to see more speculative development over the next 12 months.”
Please click here to download a copy of the report
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