Northwest warehouse rents rising

By Liza Helps Property Editor Logistics Matters

RECORD HEADLINE new-build rents continue to be achieved with prime Big Box rents now at £10.00 per ft2 with quoting rentals at £10.75 per ft2. Across the multi-let industrial (MLI) sector rents up to £18 per ft2 have now been achieved on a 5,5000 ft2 letting in Trafford Park.

Occupational take up in units over 90,000 ft2 totalled 1.28 million ft2 across eight transactions with expectations for improved take-up in H2 2024.

B8RE’s Will Kenyon said: “While the figures for occupational demand have only shown a marginal increase in H1, we predict the year-end figures will see a further improvement. There is more than one million sq. ft. of space currently under offer, including several large – 300,000 sq. ft. and over – requirements live in the market.”

Year-end take up figures predicted to be broadly in line with pre-Covid years, 2019/2020 (circa 3 – 4 million ft2).

One of the biggest deals of the year saw Stockholm-listed hygiene and health product company, Essity take Bolton 280 on Wingates Industrial Estate on a 10 year lease.