Online retail demand drives logistics boom in Yorkshire and North East
Yorkshire and the North East have led the way in logistics over the last three months according to new figures.
According to the latest logistics market research from global real estate advisor, CBRE, Yorkshire and the North East saw the largest share of UK logistics take-up in Q2 2021, achieving record-breaking take-up levels for their respective regions compared to previous quarters.
Yorkshire and the North East dominated at a regional level for Q2 2021 with both regions accounting for 66 per cent of total take-up collectively and comprising 12 deals over the quarter.
Online retailers took 55 per cent of the space taken in the regions, following the increase in online shopping caused by the pandemic.
Mike Baugh, senior director of UK industrial & logistics at CBRE Leeds, commented: “The performance of the Yorkshire & NE market in H1 2021 has been incredible, leaving the region with no existing Grade A stock over 100,000 sq ft.
“A number of significant deals have been concluded in Q2, highlighting the strong appetite for the region within the occupier market. We are looking forward to seeing further positive news for the region in Q3 and the rest of 2021”
Paul Farrow, head of UK industrial & logistics at CBRE, added: “The logistics sector continues to break boundaries with no slowdown in sight and given that there is 15.6m sq ft currently under-offer across 43 units, we anticipate that Q3 will follow suit.
“Occupiers are astute in securing available space as they are becoming increasingly aware of the lack of stock coming to market. Ultimately, the pressure release valve will be in the form of increased rental levels.”
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