H1 2024 North West Industrial and Logistics Market Report

We are pleased to announce our bi-annual market report focussing on the North West industrial and logistics market.

H1 2024 highlights include:

• Approximately £538M of North West industrial investments were transacted in H1 2024, 7% below the 5-year H1 average (£579M).
• Demand was strongest for prime assets and those with short term ‘value add’ opportunities, and weakest for secondary, tertiary and or ‘dry income’ opportunities.
• Supply remained restricted throughout H1 2024 with little distress and investors preferring to hold assets with the continued expectation of pricing improving in the future.
• Pricing overall remained depressed with the gap between prime and secondary widening.
• Overall H1 2024 started well but quickly slowed. Looking ahead to H2 we are starting to see signs of renewed optimism on the back of increased trading and strong occupational fundamentals.
• H1 2024 Big Box take up totalled 1.28M sq ft (8 transactions). Slightly up from the 1.23M sq ft recorded in H2 2023 (5 transactions).
• Take up for H2 is expected to improve with over 1M sq ft in solicitor’s hands, with a noticeable increase of occupier enquiries for >300K sq ft.
• Prime Big Box rents are currently £10.00 per sq ft, with quoting rents now at 10.75 per sq ft.
• New build MLI / Mid Box take-up reduced slightly in H1, however there are 14 units in solicitor’s hands totalling c.227k sq ft.
• Record headline new build MLI / Mid Box rentals continue to be achieved, with £18.00 per sq ft reached in Trafford Park (5,556 sq ft).

To read more on these trends and hear from our exports, follow the link below: