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Charlie Spicer of Savills provides his view on the commercial property market

wantspacegotspace.co.uk - Charlie Spicer of Savills provides his view on the commercial property marketIn the past twelve months the West Midlands industrial market recorded the best new build take-up figures since the downturn. In 2012, over 3 million sq ft (2.78 million sq m) of new build space was  let, significantly above the five year average of 1.9 million sq ft (1.76 million sq m) and above the longer term average, recorded since 1996, of 300,000 sq ft (27,870 sq m).  

Charlie Spicer, associate at Savills, comments: “Last year was a tremendous year in the West Midlands industrial market with several large pre-let deals. Birmingham saw the most activity in terms of the number of transactions and total floor space taken accounting for 25% of the West Midlands market.”

The most significant deal, which took place in Q4 last year, was the pallet manufacturing company TPN committing to 367,000 sq ft (34,094 sq m) of purpose built space at Prologis Park, Midpoint. Savills represented the landlord on this deal. The firm also completed lettings to Hobbycraft at First Point, Burton and Euro Car Parts at Tetron 141 Swadlincote in the last quarter of the year.

Other significant deals completed in 2012 include Jaguar Land Rover (JLR) taking an existing building at the Prologis owned scheme, The Fort, totalling 165,000 sq ft (1,486 sq m). JLR also committed to take a 750,000 sq ft (69,675 sq m) pre-let at i54, making it the biggest industrial building currently under construction in the West Midlands. The hope is that the successful completion of this deal will produce spin off requirements from JLR across the region.

Charlie adds: “Looking forward into 2013, we predict that take up in the industrial market will be lower than 2012, principally due to the substantially reduced stock levels at existing space, but were demand is seen it will be for built to suit industrial space.”

Posted by The Editor (wantspacegotspace) on 16th February 2013

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