Industrial take-up in the West Midlands reached 4m sq ft in the first half of 2017, according to Savills, making it the strongest first half on record.
The agent’s latest Big Shed Briefing said take-up was 58% higher than the 2.6m sq ft seen in H1 last year, and 95% higher than the long-term average.
Savills said there is currently 3.5m sq ft of industrial space on the market in the region, of which 58% is classified as grade A and which includes 1.5m sq ft of speculative development.
Ranjit Gill, industrial director at Savills Birmingham, said: “With industrial take-up in the West Midlands already eclipsing the annual long-term average, it is clear there is strong occupier demand for the right product in the right location.
“The region has a development pipeline of approximately 740,000 sq ft under construction, however all of these units are less than 200,000 sq ft. As such, there is certainly an opportunity for owners of well-positioned sites to build larger units and cater for this demand.”
Big Shed Briefing: West Midlands stats >>
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