Warehouse REIT has posted strong Q3 results, with leasing activity pulling in an average of 22% above previous contracted rents.
Over the quarter the multi-let industrial investor signed 15 new lettings, at 33.2% ahead of the previous contracted rent and 8.4% ahead of March’s ERV.
Some 16 renewals were signed at 38.2% ahead of previous contracted rent, and 9.8% above ERV. The average was pulled down by six rent reviews at 13.7% above previous contracted rent, and 1.4% above ERV.
Over the nine months to December 2023, the REIT has let 1.4m sq ft at an average of 27% ahead of previous rents.
Simon Hope, co-managing director of the REIT’s investment adviser, Tilstone Partners, said: “This pace of activity demonstrates that the market for affordable, well-located, multi-let industrial space is holding up well. Deals have been agreed well ahead of prior rents and the portfolio is successfully appealing to more higher-value occupiers from a wide variety of sectors. The Warehouse REIT portfolio was 11.7% reversionary at half year and this good performance demonstrates great progress capturing that upside.”
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