Office space snapped up in Midlands
Take-up of industrial space in the Midlands increased 15 per cent in the last three months, according to property adviser DTZ. Grade A space accounted for half of all transactions in its second quarter.
However, the average deal size fell to 120,000 sq ft, with the biggest deal of the quarter being the 230,000 sq ft letting to Gap UK at ProLogis Park in Stafford.
The West Midlands surpassed the UK average of availability as take up typically fell 15 per cent.
DTZ said any future increase in availability volumes is likely to be driven by the return of second-hand stock, as companies like Jaguar Land Rover consolidate and close plants.
Simon Lloyd, director in Industrial Agency at DTZ, said: “Take-up in the West Midlands has outperformed the UK average which is a reflection of the superb location, which offers first class access to an area with significant population density.”
