Industrial take-up falls two thirds
Take-up of industrial space in the West Midlands fell by 36 per cent in the last three months. That’s according to a report by property adviser DTZ, which also said the reduction in take-up was a reflection of “the limited amount of available built stock”.
The take-up was largely driven by local companies taking secondary buildings or taking grade A buildings in other parts of the country, said DTZ’s latest Research UK Property Times Industrial Market Report. The studysaid the drop in take-up was caused by the uncertainly of occupiers who were “wary of committing to space”.
Take-up dropped by 36 per cent from the results of the second quarter.
In the third quarter, online grocer Ocado purchased 35 acres of land at Birch Coppice Business Park in Tamworth. The land will be used to build a 350,000 sq ft distribution centre.
Simon Lloyd, head of industrial and logistics at DTZ, said: “Whilst the reduction in take-up in the last quarter may be seen as disappointing, in reality, it is a reflection of the limited amount of available built stock available to tenants.”
