Knight Frank data indicates there is a critical shortage of space immediately available above 50,000 sq ft, roughly equating to 8 months supply increasing to 10 months (including buildings under construction).
Existing availability is weighted toward the West Midlands region, where take up has lagged behind the East over the past 12 months. Occupiers with an M1 focus will have a particular struggle next year with only 7.85m sq ft (8 months) supply existing & currently being delivered in 2021
With the lack of immediately available space, insatiable occupier and investor demand, the case for speculative development across the region is strong. This is particularly noticeable above 100,000 sq ft across the Midlands as a whole, and extremely apparent above 250,000 sq ft in the East Midlands.
Availability by region:
Annual take up compared to availability by size & region:
Transactions & Availability Heat Map:
Knight Frank Comment
With only a third of take up being on a build to suit basis this year, the mantra build it and they will come is just as adept as ever.