The supply of industrial and logistic freehold properties in West London is at its lowest level for two decades, according to research from Colliers International.
The number of properties available for sale has dropped by 55% since the 2007 market peak, resulting in asking prices jumping to £150 per sq ft for refurbished stock and £185 per sq ft for prime new-build.
Within the past eight years, available freehold stock has decreased by 56% from 728,353 sq ft in 2007 to 322,000 sq ft today, with prime stock fell 66% during the same period, to less than 29,000 sq ft.
Patrick Rosso, Colliers International industrial and logistics director, said: “West London and the area surrounding Heathrow airport is experiencing rapidly increasing prices for freehold properties. There is virtually no new stock coming to the market and the majority of that now available is old – 1930s to 1980s buildings. The problem is that these properties are no longer fit for purpose for many occupiers, yet they are still achieving record prices.”
