Wales industrial property take-up doubles
Take-up of industrial property above 50,000 sq ft in Wales reached more than 680,000 sq ft in the second quarter of 2024 – double the 340,000 sq ft recorded in the first three months, according to Knight Frank.
This brings the total take-up for the first half of 2024 to just over 1m sq ft – some 400,000 sq ft more than the same period in 2023.
Availability now stands at 5.2m sq ft, said Knight Frank, 16% of which is represented by the 850,000 sq ft Wilko portfolio at Magor, which is rumoured to be under offer again.
Take-up of industrial property above 50,000 sq ft in Wales reached more than 680,000 sq ft in the second quarter of 2024 – double the 340,000 sq ft recorded in the first three months, according to Knight Frank.
This brings the total take-up for the first half of 2024 to just over 1m sq ft – some 400,000 sq ft more than the same period in 2023.
Availability now stands at 5.2m sq ft, said Knight Frank, 16% of which is represented by the 850,000 sq ft Wilko portfolio at Magor, which is rumoured to be under offer again.
“Looking forward to Q3, the market for units larger than 50,000 sq ft still looks positive,” said Neil Francis, head of the logistics and industrial division at Knight Frank in Cardiff.
“At St Modwen Park in Newport the last two built-out units are under offer, with the 43,000 sq ft Unit 7 due to complete in July and Unit 10 expected to complete in October. Both will continue the trend of setting new headline rents.”
In addition, a new 52,582 sq ft RYB 1 unit at Rhyd y Blew in Ebbw Vale, where construction was completed in October, is now under offer to a local occupier.
Francis added: “The upturn in letting this quarter is encouraging but sadly much of the larger industrial stock released on to the market recently is in poorer condition in secondary locations.
“There are only two grade-A buildings in South Wales and one in North Wales currently available and they are all under offer, which again highlights the ongoing flight to quality by occupiers.”
See which agents are doing the most deals in Wales with EG’s On-Demand Rankings >>
