UK logistics take-up in the first quarter of 2018 was the highest since 2016 at 11.5m sq ft, according to Gerald Eve.
Take-up outperformed the five-year quarterly average by 5.1%, boosted by the highest average unit sizes let in the past three years.
However, take-up is more than 2m sq ft lower than at the peaks of 2015 and 2016. Void periods have drifted back to more than 11 months on speculatively developed space from a low of 6.9 months in Q3 2016.
Looking forward, the north of England is becoming increasingly active with the most speculative development of any region in the UK. But with demand continuing to outstrip supply, London is expected to have the highest average rental growth over the next five years at 3.1% pa.
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