For the first time in over a decade industrial rents in the West Midlands have exceeded the £54 per sq m (£5 per sq ft) barrier, a figure last achieved in 1990.
Recent deals in the Solihull and Birmingham areas have seen rents soar. Tim Matthews of local agent James & Lister Lea, said: “The £5 per sq ft barrier has been well and truly smashed and we’ve finally reached new territory.”
According to J&LL, IM Properties has achieved a rent of £57 per sq m (£5.25 per sq ft) at its Junction 6 development. And the John Lewis Partnership has paid 65 per sq m (£6 per sq ft) at Axa Sun Life Properties’ Solar Park scheme in Solihull.
Matthews continued: “It is sobering to remember that it’s taken more than a decade to struggle back to the levels it reached in the late 1980s. Only now are we starting to see real growth in rental terms. There’s no sign of a downturn and still plenty of room for rental growth.”
EGi News 29/08/00
