Demand for industrial space soars in Yorkshire and North East as takeup hits record level
Takeup of industrial space in Yorkshire and the North East hit record levels in 2018, new data shows.
Last year saw businesses secure 9.48 million sq ft across 25 deals, which is the highest takeup figure ever recorded for the two regions.
That’s according to estate agents Savills, which said the market was driven by multiple large built to-suit (BTS) deals and a notable appetite for large units.
The 2018 figure surpassed the previous high water mark, 5.62 million sq ft in 2014, by more than 68%.
Compared with 2017, last year’s takeup is 562% higher – although Savills said 2017 was an ‘anomalous year’, as a number of deals rolled into 2018 and there was a pause as BTS developments came online.
Among the larger deals were Amazon’s swoop for nearly 2 million sq ft at Integra 61 in Durham and logistics business Clipper taking the 615,000 sq ft Sheffield 615 scheme.
Available supply is currently sitting at 3.75 million sq ft over 19 units, which is a 35% drop from 2017, Savills reported.