A city commercial property consultancy has reported record take-up figures for large industrial units.
Last year was the best for industrial properties of more than 100,000 sq ft, according to a new survey of the Midlands by Cushman & Wakefield.
Some 34 deals involving these properties took place, totalling 8.7million sq ft, a massive improvement on 2012, when there were 22 deals totalling 5.2million sq ft.
David Binks, industrial partner at Cushman & Wakefield in Birmingham, said: “Last year was the highest for take-up since the financial crisis of 2008. The big problem now is that we are limited by a lack of Grade A stock above 100,000 sq ft.”
At the same time as take-up has risen, so has demand. According to Cushman & Wakefield’s statistics for the year, the number of enquiries increased by ten per cent in 2013, compared with 2012.
Mr Binks said: “Good quality stock availability across all size brackets is now very limited. Many companies are struggling to find suitable accommodation and in an increasing number of circumstances those with requirements have realised that if they want space, they will have to look to the design and build market.
“The outlook for the industrial market in 2014 is encouraging. Those developers with sites ready to develop and those who have good quality buildings available should see positive interest in their sites and buildings.
“Those occupiers with requirements who are thinking of relocation or expansion should start their searches as early as possible to avoid disappointment.”