Lack of new industrial sites in East Mids - report
The supply of new industrial space in the region is shrinking at a faster rate than in any other region of the UK, according to the latest analysis by King Sturge.
King Sturge’s Nottingham-based associate, James Keeton, says the six-month report indicates available space across Great Britain fell during the first half of 2010 for the first time in five years.
He said: “The nationwide availability of space only edged downwards by 0.6 per cent, from last December to the end of June, but we still believe it represents a tipping point in the current supply cycle.
“The figures for the East Midlands really do catch the eye. Availability in the east of the region fell by 8.6 per cent, taking the available space total down to 1.8 million sq m (19.3 million sq ft)."
Keeton says the data for the availability of buildings of more than 10,000 sq m (107,000 sq ft) is equally noteworthy with the East Midlands total tumbling by almost 21 per cent to just 820,000 sq m (8.8 million sq ft)
“In one sense, the report’s findings are good news because it shows there is still significant demand for industrial and distribution space in this region.
“Of note this year, we have sold 300,000 sq ft at Holmewood at the start of the year and more recently 65,000 at junction 23 of the M1 along with the letting of 51,000 sq ft at the Sladen Estates scheme The Nursery. Other deals of note within the market include the letting through of the 90,000 sq ft former Carter & Carter building on Pride Park and Denby 242."
But Keeton is not pessimistic about prospects for the region’s shed sector though, believing that tentative signs of improvement seen in the second half of last year have gained momentum during the first nine months of 2010.
