Drop in West Mids grade A deals, says report
There were no grade A industrial space transactions completed in the final quarter of 2010 in the West Midlands. According to DTZ Research’s UK Property Times industrial market report, activity in the period was dominated by third party distributors which accounted for half of all lettings.
Despite the lack of transactions in the final quarter of the year, overall take-up remained solid at 990,000 sq ft, reaching 6.9 million sq ft for the year. The region was also provided with a boost from Land Rover, which announced it was staying in the market.
Simon Lloyd, head of industrial and logistics at DTZ, said: “Limited take-up in the West Midlands was due to decreased availability resulting in less choice for potential occupiers. However, since the start of the year enquiry levels have picked up and we are anticipating greater levels of take-up in the region this year.”
Across the UK, grade A industrial space continued to fall in the last quarter of 2010, said DTZ. The report suggested that the drop was driven largely by demand from occupiers consolidating their operations.
