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OnPoint
UK Industrial Property Trends TodayIssue 5 | March 2014
UK Industrial Property Trends Today• Totalindustrialfloorspacetake-uprose28%in2013comparedwith
2012.Thisyearweexpectdemandtomatchorexceedthe2013levelastheUKeconomygathersmomentum.
• Availablesupplycontinuedtofall.Attheendof2013totalindustrialavailabilitywas17%lowercomparedwith12monthsearlier.
• AsatFebruary2014therewasaround2.1millionsqftofindustrialfloorspacespeculativelyunderconstructionnationally.Weexpectspeculativedevelopmenttopick-upthisyear,althoughstilltoremainrelativelysubduedwhencomparedwiththepre-recessionpeak.
• Thereisashortageofprimeinvestmentstockavailableinthemarket,sothisyearweexpectsecondarystocktobecomemorefavourabletoinvestorsand,asaresult,thearbitragebetween primeandsecondaryyieldstonarrow.
2 | OnPointUKIndustrialPropertyTrendsToday–March2014
take-upinunitsfrom1,000sqftupwardstotalled95.4millionsqftin2013,28%upon2012.Thepercentageincreaseintake-upin2013wasgreatestforbigboxunitsof100,000sqftandover,whichincreasedby46%,whereasthetake-upofsmallandmedium-sizedunitsbetween1,000sqftto99,999sqft,increasedby21%.
EveryregioninGBregisteredanincreaseintake-upin2013comparedwith2012apartfromtheNorthEast,whichposteda16%decrease.Walesrecordedthelargestincreaseintake-uplastyear,registeringanincreaseof82%in2013comparedwith2012.
Occupier demand - the national picture TheUKeconomygatheredmomentumthroughoutthecourseof2013growingby1.9%,itsstrongestratesince2007.Howevereconomicoutputisstill1.3%belowitspre-recessionpeak(Q12008).Theeconomyisexpectedtogatherpacethroughoutthecourseofthisyear.TheHMTreasury’slatestaverageofnewforecasts(February2014)showsUKGDPgrowthof2.7%over2014,whichishigherthanthelong-termtrend.
Improvingmarketsentimentandapick-upineconomicactivitylastyearsawtotaldemandforindustrialfloorspaceimprove.Totalindustrial
Introductionand overview
ThisreportprovidesacomprehensivesnapshotoftheUKindustrialpropertymarket,coveringallmainlandregionsandallsizesofpropertyfrom1,000sqftupwards.Inparticular,itreportsonoccupierdemandover2013andavailablesupplyattheendoftheyear,plusinvestmentactivityandpricing.
Whilewegiveacompletepictureofthemarket,themainfocusofthereportisonunitsbelow100,000sqft,typicallyfoundonmulti-occupiedindustrialestates.Byconcentratingonthissegment,thisstudycomplementsourotherregularUKindustrialresearchpublicationonthebigboxmarket,whichfocusesonlargelogisticsunitsof100,000sqftandover.
Thereportprovidesseparateoverviewsforeachregion,butintermsoftheoverallnationalpicturethekey take-aways are:
• Industrialtake-uptotalled95.4millionsqftin2013,28%upon2012.Take-upinunitsfrom1,000to99,999sqfttotalled65.7millionsqft,21%upon2012.
• AttheendofDecember2013,thetotalavailablesupplyofindustrialfloorspacestoodat272.6millionsqft,17%lowerthan12monthsprevious.Availabilityinunitsfrom1,000to99,999sqft
(199.0millionsqft)fellby17%,whereastheavailabilityinunitsof100,000sqftupwardsfellby15%.
• AttheendofDecember2013,only7%ofavailablespaceinunitsfrom1,000to99,999sqftwasinneworrefurbishedunits.
• Headlineprimerentalvaluesremainedlargelyunchangedoverthecourseof2013.Withashortageofprimestockandimprovingmarketconditions,incentivesmovedinlastyear.
• SpeculativedevelopmentunderconstructionatFebruary2014stoodataround2.1millionsqftacrossGB.
• Some£4.4billionwasinvestedintheUKindustrialinvestmentmarketin2013.AtthestartofMarchprimeyieldsformulti-letestateswerearound5.75%intheSouthEastand6.25-6.50%inthemajorregionalmarkets.
TheregionsinthisreportaretheGovernmentOfficeRegionsapartfromtheSouthEastandEastofEngland,whichwebreakdownbetweentheSouthEastandEastAnglia.Thetake-upandsupplydataweresourcedinitiallyfromCoStarbutsubsequentlyadaptedtofitourregionsandadjustedbyourin-housemarketintelligence.
Welcome to Issue 5 of UK Industrial Property Trends Today
OnPointUKIndustrialPropertyTrendsToday–March2014| 3
Weexpectthatalargeproportionoftheavailablefloorspacenationallyconsistsofpoorerqualitybuildingswhichmanyoccupierswouldconsiderfunctionallyobsolete.Nationally,attheendofDecember2013,only7%oftotalavailabilityinunitsfrom1,000to99,999sqftcomprisedneworrefurbishedstock.
Speculative development under construction, February 2014
South East
Greater London
West Midlands
North West
Scotland
Total: c. 2.1 million sq ft
East Midlands
Wales
Yorkshire &Humberside
South West
2%1%
8%
8%
23%20%
5%3%
30%
Source: JLL
Speculative developmentAsatFebruary2014,therewasaround2.1millionsqftofindustrialfloorspaceunderconstructionspeculativelyin28schemesnationally.ThisishigherthanrecordedatFebruary2013(743,000sqft)butdownonthepeakrecordedinmid-2007(15.5millionsqft). Withtwoexceptionsnonewspeculativespaceinvolvingunitsof100,000sqftandoverhasstartednationallysincetheendof2008.Thischangedin2013,duringwhichfivenewunitsstartedspeculativelyonsitetotalling920,000sqft.
Take-upincreasedacrossallsizebandsin2013comparedwith2012,withthelargestincreaseseeninunitsof100,000sqftandover.Witheconomicfundamentalsexpectedtoimprovethisyearandmarketsentimentstrongweexpectoccupierdemandtomatchorexceedthelevelpostedlastyear.
Take-up of industrial floorspace 2009 to 2013
0
20
40
60
80
100
120
20132012201120102009
1,000 - 99,999 sq ft 100,000 + sq ft
Floor
spac
e (mi
llion s
q ft)
Source:JLL/CoStar Availability AttheendofDecember2013,thetotalsupplyofimmediatelyavailableindustrialfloorspaceacrossGBstoodat272.6millionsqft,ofwhichclosetothree-quarters(73%)wasinunitsbelow100,000sqft.TotalavailabilityattheendofDecember2013was17%lowerthan12monthsprevious.
AttheendofDecember2013,availabilityinvolvingunitsfrom1,000to99,999sqftwas17%lowerthanattheendofDecember2012,whereasavailabilityinvolvingunitsof100,000sqftandoverwas15%lower.
Comparedwithrecentlevelsoftake-up(five-yearannualaverage2009-2013)totalavailabilityattheendofDecember2013equatedtolessthanthreeyearsofdemand.Availabilityinunitsfrom1,000to99,999sqftalsorepresentedlessthanthreeyearsofdemand.
Supply of industrial floorspace* by region, December 2013
East Anglia
East Midlands
Greater London
North East
North West
Scotland
South East
South West
Wales
West Midlands
Yorkshire & Humberside
3%8%
9%14%
6%
5%
13%
12%
4%6%
20%
Total: 272.6 million sq ft
Source:JLL/CoStar*Allavailablespaceinunitsof1,000sqftandover.
Regionally,thelargestfallinavailabilityin2013wasinGreaterLondon,wheretotalavailabilityfellby38%.EveryregioninGBrecordedafallinavailabilityattheendofDecember2013comparedtotheendofDecember2012.ThesmallestfallinavailabilitywasrecordedintheNorthWestwheretotalavailabilityfellby7%overthesameperiod.
Outlook
• Weexpectimprovingeconomicconditionstotranslateintocontinuingindustrialpropertydemandwithtake-upin2014likelytomatchorexceedthelevelpostedin2013.
• Weexpectsupplytocontinueonadownwardtrend.Ouragentsarereportingagoodlevelofenquiries,andspeculativedevelopment,whilepickingup,remainsmodestoverall.
• Weexpectspeculativedevelopmenttopickupoverthecourseof2014,withanumberofnew‘bigbox’unitsandsmallermulti-letschemesalreadyunderway.
• JLL’slatestforecastsindicatearelativelymodestincreaseinrentsoverthenextfouryears(2014–2017)althoughweexpectgrowthtobestrongerinandaroundLondon.
• Withashortageofprimeinvestmentstockinthemarketweexpectinvestorstolookmorefavourablyatsecondaryassets.Asaresult,weexpectthearbitragebetweenprimeandsecondaryyieldstonarrowthisyear.
4 | OnPointUKIndustrialPropertyTrendsToday–March2014
Occupier demandIndustrialtake-upinGreaterLondontotalled4.7millionsqftin2013,4%upon2012.Take-upinvolvingunitsfrom1,000sqftto99,999sqfttotalled4.0millionsqft,2%upon2012.Take-upinvolvingunitsof100,000sqftandoverincreasedby14%lastyear.
Unitsbetween20,000and49,999sqftsawthelargestincreaseintake-up,withfloorspacetransactedinthissizeband33%higherin2013comparedwith2012.
Take-up of industrial floorspace 2009 to 2013
0
1
2
3
4
5
6
7
8
9
20132012201120102009
1,000 - 99,999 sq ft 100,000 + sq ft
Floor
spac
e (mi
llion s
q ft)
Source:JLL/CoStar
Availability AttheendofDecember2013,therewassome10.8millionsqftofindustrialfloorspaceavailableacrossGreaterLondon,38%lowerthanattheendofDecember2012.AvailabilityinGreaterLondonaccountedfor4%oftheGBtotal.
Theavailablesupplyinunitsbelow100,000sqft,whichtotalled9.2millionsqft,was38%lowerthanattheendofDecember2012.Around11%oftheavailablefloorspaceinthissizebandcomprisedneworrefurbishedfloorspace,comparedwithaGBaverageof7%.
AttheendofDecember2013,availabilityinunitsof1,000to99,999sqftrepresentedlessthantwoyearsofsupplycomparedwiththeannualaveragetake-uprateoverthepastfiveyears(2009–2013).
Supply (≥1,000 sq ft) at end of December 2013
1,000 – 4,999
5,000 – 9,999
10,000 – 19,999
20,000 – 49,999
50,000 – 99,999
100,000 +
10%15%
17%
20%27%
11%
Source:JLL/CoStar
Speculative developmentAtFebruary2014therewasaround472,000sqftofindustrialfloorspacespeculativelyunderconstructioninGreaterLondon.Allunitsunderconstructionaresmallerthan100,000sqft.
Prime industrial rents (£ per sq ft)PrimeheadlinerentsincreasedinParkRoyal,StratfordandBromley-byBowoverthe12-monthperiodtoDecember2013andedgedupinHeathrowforoffairsidestock.Elsewhererentsremainedstablebutthereisincreasingpressureonrentsandincentivesasavailablesupplycontinuestodiminish.
Location December 2012 December 2013Heathrow(Airside) 25.00 25.00Heathrow(OffAirside) 14.00-15.00 15.00WiderHeathrowArea 12.50-13.00 12.50-13.00ParkRoyal 13.00 13.50-13.75Stratford 9.50 10.00Bromley-by-Bow 9.50 10.00Croydon 8.00 8.00
Assumesminimumof10,000sqft.
Greater London
“TheGreaterLondonindustrialmarketcontinuestostrengthenasevidencedin2013,bystrongdemand,translatingintogreatertake-upacrossthesizespectrum,comparedwith2012.Availabilityhasalsodramaticallyfallen,puttingpressureonsupply.Asaresult,rentsarestartingtohardenandincentivesarereducingparticularlyinthe‘hotspots’ofParkRoyal,Heathrow,Chessington,CroydonandCanningTown.Rightlyso,confidencecontinuestogrowamongstthedevelopers,fundsandpropertycompanies.Whilstsomeearlyspeculativedevelopmentshavefoundthegoingtoughafterreachingcompletiontheseschemeshavenow,ingeneral,foundtraction.Themarketbarometerindicatesthatthereismoreplannedspeculativedevelopmenttocomeoverthecomingmonths.”
Gus Haslam, Director (London)+44 (0)20 7087 5301 [email protected]
Greater London agency comment
OnPointUKIndustrialPropertyTrendsToday–March2014| 5
South East
Occupier demandIndustrialtake-upintheSouthEasttotalledaround15.6millionsqftin2013,19%upon2012.Take-upinvolvingunitsfrom1,000sqftto99,999sqfttotalled12.6millionsqft,15%upon2012,whiletake-upinvolvingunitsof100,000sqftandovertotalled2.9millionsqft,45%upon2012.
Thelargestincreaserecordedintake-upinvolvingunitsfrom1,000sqftto99,999sqftwasinthe20,000to49,999sqftsizeband.Floorspacetransactedinthiscategoryincreasedby39%comparedwith2012.
Take-up of industrial floorspace 2009 to 2013
0
2
4
6
8
10
12
14
16
18
20
20132012201120102009
1,000 - 99,999 sq ft 100,000 + sq ft
Floor
spac
e (mi
llion s
q ft)
Source:JLL/CoStar
Availability AttheendofDecember2013,therewassome39.1millionsqftofindustrialfloorspaceavailableacrosstheSouthEastmarket,19%lowerthanattheendofDecember2012.AvailabilityintheSouthEastaccountedfor14%oftheGBtotal.
Theavailablesupplyinunitsbelow100,000sqft,whichtotalled33.2millionsqft,was19%lowerthanattheendofDecember2012.Around9%oftheavailablefloorspaceinthissizebandcomprisedneworrefurbishedfloorspace,comparedwithaGBaverageof7%.
AttheendofDecember2013,availabilityinunitsof1,000to99,999sqftrepresentedaroundtwoandahalfyearsofsupplycomparedwiththeannualaveragetake-uprateoverthepastfiveyears(2009–2013).
Supply (≥1,000 sq ft) at end of December 2013
1,000 – 4,999
5,000 – 9,999
10,000 – 19,999
20,000 – 49,999
50,000 – 99,999
100,000 +
13%15%
15%
18%26%
13%
Source:JLL/CoStar
Speculative developmentAsatFebruary2014therewerefiveschemesspeculativelyunderconstructiontotallingaround630,000sqftintheSouthEast.Thisincludestwounitsspeculativelyunderconstructionwhicheachtotalover100,000sqft.
Prime industrial rents (£ per sq ft)PrimeheadlinerentsfellslightlyinGuildford,butremainedstableelsewhere.
Location December 2012 December 2013Slough 12.00 12.00Basildon 6.50 6.50WestThurrock 7.50 7.50Dartford 7.50 7.50HighWycombe 8.50 8.50Guildford 10.00 9.75
Assumesminimumof10,000sqft.
“Take-upthroughoutthesizerangeshasincreased,butofcontinuedconcernisthelackofreplacementstockbeingbroughtforwardthroughthedevelopmentprocess.Ofgreatencouragementisthecurrentstartsonsiteswithanincreasingnumberofspeculativeschemesplannedfrommid-yearonwardswhichwilladdress,inpart,thedecreasinglevelofGradeAstockintheregion.”
Andy Harding, Director (London)+44 (0) 20 7087 5310 [email protected]
South East agency comment
6 | OnPointUKIndustrialPropertyTrendsToday–March2014
Occupier demandAround2.7millionsqftofindustrialfloorspacewastakenupinEastAngliain2013,3%upon2012.Take-upinvolvingunitsfrom1,000sqftto99,999sqfttotalled2.1millionsqft,16%upon2012,whereastake-upinvolvingunitsof100,000sqftandoverwas26%downon2012.
Thelargestincreaseintake-upinvolvingunitsfrom1,000sqftto99,999sqftwasinunitsfrom10,000to19,999sqft,wherefloorspacetransactedin2013was90%upon2012.
Take-up of industrial floorspace 2009 to 2013
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
20132012201120102009
1,000 - 99,999 sq ft 100,000 + sq ft
Floor
spac
e (mi
llion s
q ft)
Source:JLL/CoStar
AvailabilityAttheendofDecember2013,therewassome7.2millionsqftofindustrialfloorspaceavailableacrosstheEastAngliamarket,18%downontheendofDecember2012.AvailabilityinEastAngliaaccountedfor2.6%oftheGBtotal.
Theavailablesupplyinunitsbelow100,000sqft,whichtotalled5.5millionsqft,was19%lowerthanattheendofDecember2012.Around9%oftheavailablefloorspaceinthissizebandcomprisedneworrefurbishedfloorspace,comparedwithaGBaverageof7%.
AttheendofDecember2013,availabilityinunitsof1,000to99,999sqftrepresentedaroundtwoandahalfyearsofsupplycomparedwiththeannualaveragetake-uprateoverthepastfiveyears(2009–2013).
Supply (≥1,000 sq ft) at end of December 2013
1,000 – 4,999
5,000 – 9,999
10,000 – 19,999
20,000 – 49,999
50,000 – 99,999
100,000 +
12%23%
14%
17%
19%
15%
Source:JLL/CoStar
Speculative developmentTherewasnofloorspacespeculativelyunderconstructioninEastAngliaatFebruary2014.
Prime industrial rents (£ per sq ft)PrimeheadlinerentsremainedstableinEastAngliaoverthe12-monthperiodtoDecember2013.
Location December 2012 December 2013Peterborough 4.25 4.25Huntingdon 4.50 4.50Norwich 4.00 4.00Ipswich 4.75 4.75
Assumesminimumof10,000sqft.
East Anglia
“SupplyremainsverytightacrosstheregionwithadistinctlackofGradeAstock.Therearesignsthatsomespeculativedevelopmentislikelytostarttotakeplace,butthisisonaverylimitedscale.Rentsstillremainstaticacrosstheboard,butwiththecontinuinglackofsupply,thismaychangeduring2014.
Landlordsarestillfocusedonincomeasopposedtoholdingoutforfullrents,whichagainmaychangeduringthecourseof2014.Appetiteforsecondhandspaceremainsverypricedriven,andcreatesatwo-tiermarket.”
James Swallow, Director (London)+44 (0) 20 7087 5312 [email protected]
East Anglia agency comment
OnPointUKIndustrialPropertyTrendsToday–March2014| 7
South West
Occupier demandWith6.0millionsqftofindustrialfloorspacetakenupintheSouthWestin2013,overalltake-upacrosstheregionwas8%higherthanin2012.Take-upinvolvingunitsfrom1,000sqftto99,999sqfttotalled3.9millionsqft,15%upon2012.However,take-upinvolvingunitsof100,000sqftandoverwas3%downon2012.
Thetake-upofsmallunitsfrom5,000to9,999sqftincreasedby29%on2012,thesharpestriseforallsizebandsbetween1,000sqftand99,999sqft.
Take-up of industrial floorspace 2009 to 2013
0
1
2
3
4
5
6
7
8
20132012201120102009
1,000 - 99,999 sq ft 100,000 + sq ft
Floor
spac
e (mi
llion s
q ft)
Source:JLL/CoStar
AvailabilityAttheendofDecember2013,therewassome17.0millionsqftofindustrialfloorspaceavailableacrosstheSouthWestregion,17%lowerthanattheendofDecember2013.AvailabilityintheSouthWestaccountedfor6.3%oftheGBtotal.
Theavailablesupplyinunitsbelow100,000sqft,whichamounted12.9millionsqft,was17%downontheendofDecember2012.Around10%oftheavailablefloorspaceinthissizebandcomprisedneworrefurbishedfloorspace,comparedwithaGBaverageof7%.
AttheendofDecember2013,availabilityinunitsof1,000to99,999sqftrepresentedaroundthreeyearsofsupplycomparedwiththeannualaveragetake-uprateoverthepastfiveyears(2009–2013).
Supply (≥1,000 sq ft) at end of December 2013
1,000 – 4,999
5,000 – 9,999
10,000 – 19,999
20,000 – 49,999
50,000 – 99,999
100,000 +
14%24%
12%
16%
20%
14%
Source:JLL/CoStar
Speculative developmentAtFebruary2014therewasoneschemespeculativelyunderconstructionintheSouthWesttotallingaround15,000sqft.
Prime industrial rents (£ per sq ft)Primeheadlinerentsremainedunchangedoverthe12-monthperiodtoDecember2013intheSouthWest.
Location December 2012 December 2013Bristol 7.25 7.25Exeter 6.50 6.50Plymouth 5.25 5.25Swindon 5.50 5.50
Assumesminimumof10,000sqft.
“Withimprovingbusinessconfidence,thelackofspeculativedevelopmentanddecliningstockofgoodqualitysecondhandbuildingshaveseenrentsandincentivepackageshardeningwithcompetitionforthegoodqualitystock.
Asweareunlikelytoseeanylargescalespeculativedevelopmentoverthenext12monthsoccupiersarestartingtoturntothedesignandbuildmarkettoprovideabespokesolutionintheabsenceofstandingbuildingstosatisfytheirrequirement.”
Paul Baker, Director (Bristol)+44 (0)117 930 5780 [email protected]
South West agency comment
8 | OnPointUKIndustrialPropertyTrendsToday–March2014
“Withthesupplyofnew/modernavailableunitscontinuingtofallanddemandremainingrobust,thereisnowmorepressureonoccupierstoconsiderabuildtosuitsolution.
Atpresent,occupiersareoftenunawareofthelackofexistinggoodqualitystockandareill-preparedtogodownthenewbuildroute.Asaresult,thesiteswhichcanofferthemostrapidnewbuildsolutionsareattractingmostoftheinterest.Inaddition,wherespeculativedevelopmenthasstartedthereisevidencethatsomeofthesebuildingsarebeingletquickly.”
Carl Durrant, Director (Birmingham)+44 (0)121 214 9950 [email protected]
West Midlands agency comment
Occupier demandIndustrialtake-upintheWestMidlandstotalledaround14.2millionsqftin2013,29%upon2012.Take-upinvolvingunitsfrom1,000sqftto99,999sqfttotalled9.1millionsqft,13%upon2012.Take-upinvolvingunitsof100,000sqftandovertotalled5.2millionsqftin2013,72%upon2012.
Thelargestincreaseinvolvingunitsfrom1,000sqftto99,999sqftwasinunitsfrom20,000to49,999sqft,wherefloorspacetransactedin2013was38%upon2012.
Take-up of industrial floorspace 2009 to 2013
0
2
4
6
8
10
12
14
16
18
20132012201120102009
1,000 - 99,999 sq ft 100,000 + sq ft
Floor
spac
e (mi
llion s
q ft)
Source:JLL/CoStar
AvailabilityAttheendofDecember2013,therewassome35.0millionsqftofindustrialfloorspaceavailableacrosstheWestMidlandsmarket,17%lowerthanattheendofDecember2012.AvailabilityintheWestMidlandsaccountedfor13%oftheGBtotal.
Theavailablesupplyinunitsbelow100,000sqft,whichtotalled26.3millionsqft,was13%lowerthanattheendofDecember2012.Around5%oftheavailablefloorspaceinthissizebandcomprisedneworrefurbishedfloorspace,comparedwithaGBaverageof7%.
AttheendofDecember2013,availabilityinunitsof1,000to99,999sqftrepresentedlessthanthreeyearsofsupplycomparedwiththeannualaveragetake-uprateoverthepastfiveyears(2009–2013).
Supply (≥1,000 sq ft) at end of December 2013
1,000 – 4,999
5,000 – 9,999
10,000 – 19,999
20,000 – 49,999
50,000 – 99,999
100,000 +
11%
25%12%
16%
23%
13%
Source:JLL/CoStar
Speculative developmentAtFebruary2014therewasaround415,000sqftofindustrialfloorspacespeculativelyunderconstructionintheWestMidlandsinthreeschemes.
Prime industrial rents (£ per sq ft)Overthe12-monthperiodtoDecember2013primeheadlinerentsstartedtoedgeupinBirmingham,BlackCountryandSolihull.
Location December 2012 December 2013Birmingham 5.75 5.75-6.00BlackCountry 5.00–5.25 5.00-5.50Solihull 6.25 6.50-6.75Coventry 5.75 5.75-5.95Stoke-upon-Trent 5.00 5.00
Assumesminimumof10,000sqft.
West Midlands
OnPointUKIndustrialPropertyTrendsToday–March2014| 9
“Despiteadeclineintake-upin2012,thelatestreporthighlightsasignificantturnaroundandacontinuedperiodofstrongactivityintheEastMidlandsmarketwith11.1msqftofspacetransactedin2013.The‘GoldenTriangle’continuestobethefocusofdemandandactiverequirements,howeverwheresupplyexistsoutsideofthiscorearea,thereisalsoreasonableactivity,particularlyforGradeAspace.Stocklevelshavecontinuedtoreduceandwithverylittlespeculativedevelopment,thisisexpectedtocontinuewithaconsiderableshortageofGradeAspaceover100,000sqft.2013experiencedanothergoodyearofactivityinthedesignandbuildmarketand,inparticular,MarkhamValeatJ.29a,M1,wherefurthernewbuildsareon-siteandwillbedeliveredduring2014.Withagoodlandsupplythroughouttheregionandanimprovinglevelofgoodqualityrequirements,furtherpre-letdesignandbuildswillbedeliveredin2014.“
James Keeton, Associate Director (Nottingham)+44 (0)115 908 2141 [email protected]
East Midlands agency comment
East Midlands
Occupier demandIndustrialtake-upintheEastMidlandstotalledaround11.1millionsqftin2013,52%higherthanrecordedin2012.Take-upinvolvingunitsfrom1,000sqftto99,999sqfttotalled5.8millionsqft,14%upon2012,whiletake-upinvolvingunitsof100,000sqftandovertotalled5.4millionsqftin2013,overdoublethelevelrecordedin2012. Thelargestincreaseintake-upinvolvingunitsfrom1,000sqftto99,999sqftwasinunitsfrom10,000to19,999sqft,wherefloorspacetransactedin2013was24%upon2012.
Take-up of industrial floorspace 2009 to 2013
0
2
4
6
8
10
12
14
16
20132012201120102009
1,000 - 99,999 sq ft 100,000 + sq ft
Floor
spac
e (mi
llion s
q ft)
Source:JLL/CoStar
AvailabilityAttheendofDecember2013,therewassome22.9millionsqftofindustrialfloorspaceavailableacrosstheEastMidlandsmarket,16%lowerthanattheendofDecember2012.AvailabilityintheEastMidlandsaccountedfor8.4%oftheGBtotal.
Theavailablesupplyinunitsbelow100,000sqfttotalled15.5millionsqft,16%lowerthanattheendofDecember2012.Around6%oftheavailablefloorspaceinthissizebandcomprisedneworrefurbishedfloorspace,comparedwithaGBaverageof7%.
AttheendofDecember2013,availabilityinunitsbetween1,000and99,999sqftrepresentedaroundtwoandahalfyearsofsupply
comparedwiththeannualaveragetake-uprateoverthepastfiveyears(2009–2013).
Supply (≥1,000 sq ft) at end of December 2013
1,000 – 4,999
5,000 – 9,999
10,000 – 19,999
20,000 – 49,999
50,000 – 99,999
100,000 +
8%
32%9%
14%
23%14%
Source:JLL/CoStar
Speculative developmentTherewasoneunitspeculativelyunderconstructionintheEastMidlandsatFebruary2014whichtotalled110,000sqft.
Prime industrial rents (£ per sq ft)Primeheadlinerentsremainedstableoverthe12-monthperiodtoDecember2013.
Location December 2012 December 2013Northampton 5.50 5.50Leicester 5.25 5.25Derby 5.25 5.25Nottingham 5.50 5.50
Assumesminimumof10,000sqft.
10 | OnPointUKIndustrialPropertyTrendsToday–March2014
Occupier DemandIndustrialtake-upintheNorthWesttotalledaround11.5millionsqftin2013,13%upon2012.Take-upinvolvingunitsfrom1,000sqftto99,999sqfttotalled8.0millionsqft,17%upon2012.Take-upinvolvingunitsof100,000sqftandovertotalled3.5millionsqftin2013,4%upon2012.
Thelargestincreaserecordedintake-upinvolvingunitsfrom1,000sqftto99,999sqftwasinunitsfrom10,000to19,999sqft,wherefloorspacetakenupin2013roseby47%comparedwith2012.
Take-up of industrial floorspace 2009 to 2013
0
2
4
6
8
10
12
14
16
18
20
20132012201120102009
1,000 - 99,999 sq ft 100,000 + sq ft
Floor
spac
e (mi
llion s
q ft)
Source:JLL/CoStar
AvailabilityAttheendofDecember2013,therewassome54.0millionsqftofindustrialfloorspaceavailableacrosstheNorthWestmarket,6.7%lowerthanattheendofDecember2012.AvailabilityintheNorthWestaccountedfor19.8%oftheGBtotal.
Theavailablesupplyinunitsbelow100,000sqfttotalled34.7millionsqft,14%lowerthanattheendofDecember2012.Around7%oftheavailablefloorspaceinthissizebandcomprisedneworrefurbishedfloorspace,matchingtheGBaverage.
AttheendofDecember2013,availabilityinunitsof1,000to99,999sqftrepresentedlessthanfouryearsofsupplycomparedwiththeannualaveragetake-uprateoverthepastfiveyears(2009–2013).
Supply (≥1,000 sq ft) at end of December 2013
1,000 – 4,999
5,000 – 9,999
10,000 – 19,999
20,000 – 49,999
50,000 – 99,999
100,000 +
9%
36%10%
13%
19%13%
Source:JLL/CoStar
Speculative developmentAtFebruary2014therewasapproximately177,000sqftofindustrialfloorspacespeculativelyunderconstructionintheNorthWestinthreeschemes.Allunitsunderconstructionweresmallerthan100,000sqftinsize.
Prime industrial rents (£ per sq ft)PrimeheadlinerentsincreasedinWarringtonoverthe12-monthperiodtoDecember2013butelsewhereremainedunchanged.
Location December 2012 December 2013South Manchester 5.75 5.75TraffordPark 6.00 6.00Warrington 5.75 6.25Liverpool 4.50 4.50
Assumesminimumof10,000sqft.
North West
“TheNorthWestpictureissimilartothatacrosstherestofthecountry,withadearthofgoodqualityexistingbuildingsinprimelocationsacrossallsizeparameters.Asaconsequence,occupiersarehavingtomakecompromisestoidentifyabuildingthatworksforthemorsatisfytheirrequirementsbyDesignandBuildsolutions,withtheresultanttimedelays.
Withrenewedinterestfromcertainfunds,wedoanticipatesomelimitedspeculativedevelopmentintheregionduringtheyear.Thisisnotjustlimitedtolarge‘bigboxes’–atthesmallerendofthemarket,thosedeveloperswhohavebuiltoutspaceoverthelast12to18monthshavebeenrewardedwithhighrentallevelsandfreeholdprices.Notwithstanding,tenantswhoarewillingtoacquiresecondarymulti-letspacecanstillfindlandlordswillingtoofferflexibledealsatattractiverents.”
Daniel Burn, Director (Manchester) +44 (0)161 238 6226 [email protected]
North West agency comment
OnPointUKIndustrialPropertyTrendsToday–March2014| 11
Yorkshire &Humberside
Occupier demandIndustrialtake-upacrossYorkshire&Humbersidetotalledaround12.2millionsqftin2013,69%upon2012.Take-upinvolvingunitsfrom1,000sqftto99,999sqfttotalled7.4millionsqft,38%upon2012.Take-upinvolvingunitsof100,000sqftandovertotalled4.8millionsqft,overdoublethelevelrecordedin2012. Thelargestincreaserecordedintake-upinvolvingunitsfrom1,000sqftto99,999sqftwasinunitsfrom50,000to99,999sqft,wherefloorspacetransactedin2013was66%upon2012.
Take-up of industrial floorspace 2009 to 2013
0
2
4
6
8
10
12
14
20132012201120102009
1,000 - 99,999 sq ft 100,000 + sq ft
Floor
spac
e (mi
llion s
q ft)
Source:JLL/CoStar
AvailabilityAttheendofDecember2013,therewassome32.3millionsqftofindustrialfloorspaceavailableacrosstheYorkshireandHumbersidemarket,17%downontheendofDecember2013.AvailabilityinYorkshireandHumbersideaccountedfor11.8%oftheGBtotal.
Theavailablesupplyinunitsbelow100,000sqfttotalled22.4millionsqft,15%lowerthanattheendofDecember2012.Around8%oftheavailablefloorspaceinthissizebandcomprisedneworrefurbishedfloorspace,comparedwithaGBaverageof7%.
AttheendofDecember2013,availabilityinunitsof1,000to99,999sqftrepresentedaroundthreeyearsofsupplycomparedwiththeannualaveragetake-uprateoverthepastfiveyears(2009–2013).
Supply (≥1,000 sq ft) at end of December 2013
1,000 – 4,999
5,000 – 9,999
10,000 – 19,999
20,000 – 49,999
50,000 – 99,999
100,000 +
9%
31%9%
14%
23%14%
Source:JLL/CoStar
Speculative developmentAtFebruary2013therewasaround38,000sqftofindustrialfloorspacespeculativelyunderconstructioninoneschemeinYorkshire&Humberside.
Prime industrial rents (£ per sq ft)Primeheadlinerentsremainedunchangedoverthe12-monthperiodtoDecember2013.
Location December 2012 December 2013Leeds 5.75 5.75Doncaster 4.50 4.50Hull 4.25 4.25Wakefield 5.00 5.00
Assumesminimumof10,000sqft.
“DemandhasbeenanimprovingpicturesinceQ42013andcontinuestoberobustthroughouttheYorkshireregionforunitsunder100,000sqft.Negotiationsaremovinginthelandlord’sfavourwithincentivepackagesbeginningtohardenandheadlinerentsstartingtoseeupwardsmovement,particularlywhereproductismodern.Theregionisfacinganacuteshortageofgoodqualitystockandeventhoughweareseeingselectiveinstancesofspeculativedevelopment,itwillnotsatisfydemand.Buildtosuitwillbecomemoreprevalentoverthenext12-24months.
Thebigshedmarketremainsactive,althoughdemandislargelyretail-ledandfocusedonkeysitesorbuildingsmostlyinestablishedlocationsaroundWakefieldorDoncaster.Themanufacturingsectorisstartingtogeneratemoredemand,althoughthismostlyremainssub100,000sqft.”
Richard Harris, Director (Leeds)+44 (0)113 235 5249 [email protected]
Yorkshire & Humberside agency comment
12 | OnPointUKIndustrialPropertyTrendsToday–March2014
Occupier demandIndustrialtake-upintheNorthEasttotalledaround3.9millionsqftin2013,16%downon2012.Take-upinvolvingunitsfrom1,000sqftto99,999sqfttotalled3.2millionsqft,12%upon2012,whereastake-upinvolvingunitsof100,000sqftandovertotalledaround740,000sqft,59%downon2012.TheNorthEastwastheonlyregiontorecordanoveralldeclineintake-upin2013comparedwith2012.
Thelargestincreaserecordedintake-upinvolvingunitsfrom1,000sqftto99,999sqftwasinunitsfrom50,000to99,999sqft,wherefloorspacetransactedin2013was29%upon2012.
Take-up of industrial floorspace 2009 to 2013
0
1
2
3
4
5
6
20132012201120102009
1,000 - 99,999 sq ft 100,000 + sq ft
Floor
spac
e (mi
llion s
q ft)
Source:JLL/CoStar
AvailabilityAttheendofDecember2013,therewassome15.0millionsqftofindustrialfloorspaceavailableacrosstheNorthEastmarket,11%lowerthanattheendofDecember2012.AvailabilityintheNorthEastaccountedfor5.5%oftheGBtotal.
Theavailablesupplyinunitsbelow100,000sqfttotalled11.3millionsqft,11%lowerthanattheendofDecember2012.Around7%oftheavailablefloorspaceinthissizebandcomprisedneworrefurbishedfloorspacematchingtheGBaverage.
AttheendofDecember2013,availabilityinunitsof1,000to99,999sqftrepresentedaroundthreeandahalfyearsofsupplycomparedwiththeannualaveragetake-uprateoverthepastfiveyears(2009–2013). Supply (≥1,000 sq ft) at end of December 2013
1,000 – 4,999
5,000 – 9,999
10,000 – 19,999
20,000 – 49,999
50,000 – 99,999
100,000 +
10%
25% 9%
14%
24%
18%
Source:JLL/CoStar
Speculative developmentAsatFebruary2014therewasnoindustrialfloorspacespeculativelyunderconstructionintheNorthEast.
Prime industrial rents (£ per sq ft)Primeheadlinerentsremainedunchangedoverthe12-monthperiodtoDecember2013.
Location December 2012 December 2013Newcastle 5.00 5.00TeamValley 5.50 5.50Stockton-upon-Tees 4.00 4.00Washington 4.50 4.50Sunderland 4.25 4.25
Assumesminimumof10,000sqft.
North East
“Demandforindustrialandwarehousespacecontinuestobedrivenbythemanufacturingsector,generatinganumberofB2andB8requirementsinkeylocationsclosetothemanufacturingbase.Asspaceistakenup,theserequirementswillneedtogofurtherafieldtobesatisfied,thushavingapositiveeffectonthewiderNorthEastregion.ThewaveofspeculativedevelopmentripplingoutoftheSouthEastandMidlandsisyettoreachtheregion.Therefore,thestockofgoodqualityspaceisextremelylimited,especiallyinsomesizebrackets.Weanticipateasmallnumberofspeculativeschemeswillbeginin2014,withadditionalmomentumbeinggainedthroughincreaseddemandtowardstheendoftheyearandinto2015.”
Richard Harris, Director (Leeds)+44 (0)113 235 5249 [email protected]
North East agency comment
OnPointUKIndustrialPropertyTrendsToday–March2014| 13
Scotland
Occupier demandIndustrialtake-upinScotlandtotalledaround9.0millionsqftin2013,46%upon2012.Take-upinvolvingunitsfrom1,000sqftto99,999sqfttotalled6.8millionsqft,65%upon2012,andtake-upinvolvingunitsof100,000sqftandovertotalled2.2millionsqftin2013,9%upon2012.
Thelargestincreaserecordedintake-upinvolvingunitsfrom1,000sqftto99,999sqftwasinunitsfrom50,000to99,999sqftwherefloorspacetransactedin2013wasovertwoandahalftimeshigherthan the level recorded in 2012.
Theleveloftake-uppostedin2013wasthehighestannuallevelrecordedoverthepastfiveyears(2009-2013).
Take-up of industrial floorspace 2009 to 2013
0
1
2
3
4
5
6
7
8
9
10
20132012201120102009
1,000 - 99,999 sq ft 100,000 + sq ft
Floor
spac
e (mi
llion s
q ft)
Source:JLL/CoStar
AvailabilityAttheendofDecember2013,therewassome24.6millionsqftofindustrialfloorspaceavailableacrossScotland,16%lowerthanattheendofDecember2012.AvailabilityinScotlandaccountedfor9%oftheGBtotal.
Theavailablesupplyinunitsbelow100,000sqfttotalled18.8millionsqft,14%lowerthanattheendofDecember2012.Around4%oftheavailablefloorspaceinthissizebandcomprisedneworrefurbishedfloorspace,comparedwithaGBaverageof7%.
AttheendofDecember2013,availabilityinunitsof1,000to99,999sqftrepresentedaroundthreeandahalfyearsofsupplycomparedwiththeannualaveragetake-uprateoverthepastfiveyears(2009–2013).
Supply (≥1,000 sq ft) at end of December 2013
1,000 – 4,999
5,000 – 9,999
10,000 – 19,999
20,000 – 49,999
50,000 – 99,999
100,000 +
9%
24% 10%
16%
21%
20%
Source:JLL/CoStar
Speculative developmentAtFebruary2013therewasaround162,000sqftofindustrialspacespeculativelyunderconstructioninsixschemesinScotland.Allunitsunderconstructionweresmallerthan100,000sqft.
Prime industrial rents (£ per sq ft)PrimeheadlinerentsedgedupinGlasgowandAberdeenoverthe12-monthperiodtoDecember2013butremainedunchangedelsewhere.
Location December 2012 December 2013Edinburgh(SouthGyle) 7.00 7.00RestofEdinburgh 6.00-6.50 6.00-6.50Glasgow 6.00 6.50Aberdeen 8.50 8.75
Assumesminimumof10,000sqft.
“In2013EdinburghannouncedthefirstspeculativedevelopmentinoverfiveyearsatWestEdinburghBusinessPark,SouthGyle.Therehavebeensomelandsalesandasmallnumberofpre-letrequirementscirculatingduetoalackoflargerstock.TherehasbeenmoresustaineddemandanddwindlingstockinkeystrategiclocationssuchasSighthill,SouthGyle,NewbridgeandotherareassuchasRosythandDunfermline,allclosetotheM8,M9,ForthRoadBridgeandtheforthcomingQueensferryCrossing.Aberdeencontinuestohavestrongdemandcombinedwithalackofexistingstock,withsomedevelopersspeculativelydevelopingunitsandhandlinglargerBTSrequirementsfortheoilandgas,andsubseasector.Thewestcoastindustrialpropertymarketwitnessedsignificantsignsofimprovementin2013,withstrongerdemandacrossthewholespectrumofbuildingsandsizerange,increasedlevelsoftransactionsandimprovementinoccupierconfidence.Primehotspotsremainmotorwaycorridors,suchasCambuslangandEurocentral.Secondarylocations,suchasEastKilbrideandCumbernauld,haveseenhigherlevelsofenquiriesthroughouttheyear.Mirroringhistorictrends,themajorityofdemandisforunitsbelow10,000sqft.”
Kirsty Palmer, Associate Director (Edinburgh) +44 (0)131 243 2222 [email protected] McCracken, Associate Director (Glasgow)+44 (0) 141 567 6635 [email protected]
Scotland agency comment
14 | OnPointUKIndustrialPropertyTrendsToday–March2014
“Muchimprovedmarketconditionsin2013providereasonablegroundsforoptimismintheWelshindustrialmarket,althoughitisclearthattherecoveryisfocuseduponnewandmodernfloorspace.In2013,industrialtake-uproseby82%onthepreviousyear,withaconsequentfallintotalfloorspaceavailabilitytolevelsapproachingthosepre-downturn.Anumberoffactorshavecontributedtothisimprovedpicture,mostnotablyrisingconfidence,butalsoevidenceofre-shoringinthemanufacturingsector,overflowdemandfromtheMidlandsandthechangingnatureofdistribution.”
Chris Sutton, Head of Cardiff Office (Cardiff) +44 (0)29 2072 6014 [email protected]
Wales agency comment
Occupier demandTotalindustrialtake-upinWaleswasaround4.4millionsqftin2013,82%upon2012.Take-upinvolvingunitsfrom1,000sqftto99,999sqfttotalled2.9millionsqft,39%upon2012.Demandforlargeunitsrosemoresharply,withtake-upinvolvingunitsof100,000sqftandoverupfourfoldon2012.
Thelargestincreaserecordedintake-upinvolvingunitsfrom1,000sqftto99,999sqftwasinunitsfrom20,000to49,999sqft,wherefloorspacetransactedin2013wasalmostdoublethelevelrecordedin 2012.
Take-up of industrial floorspace 2009 to 2013
0
1
2
3
4
5
6
20132012201120102009
1,000 - 99,999 sq ft 100,000 + sq ft
Floor
spac
e (mi
llion s
q ft)
Source:JLL/CoStar
AvailabilityAttheendofDecember2013,therewassome14.7millionsqftofindustrialfloorspaceavailableacrossWales,27%downontheendofDecember2012.AvailabilityinWalesaccountedfor5.4%oftheGBtotal.
Theavailablesupplyinunitsbelow100,000sqfttotalled9.3millionsqft,27%lowerthantheendofDecember2012.Around9%oftheavailablefloorspaceinthissizebandcomprisedneworrefurbishedfloorspace,comparedwithaGBaverageof7%.
AttheendofDecember2013,availabilityinunitsof1,000to99,999sqftrepresentedaroundthreeyearsofsupplycomparedwiththeannualaveragetake-uprateoverthepastfiveyears(2009–2013).
Supply (≥1,000 sq ft) at end of December 2013
1,000 – 4,999
5,000 – 9,999
10,000 – 19,999
20,000 – 49,999
50,000 – 99,999
100,000 +
9%
37%
8%
11%
19%16%
Source:JLL/CoStar
Speculative developmentAsatFebruary2014therewerethreeschemesspeculativelyunderconstructioninWalestotalling72,000sqft.
Prime industrial rents (£ per sq ft)PrimeheadlinerentsedgedupinCardiff,Newport,SwanseaandtheWrexham/Deesideareaoverthe12-monthstoDecember2013.
Location December 2012 December 2013Cardiff 5.00 5.50Newport 4.25 4.50Swansea 4.00 4.25Wrexham/Deeside 3.00 3.50
Assumesminimumof10,000sqft.
Wales
OnPointUKIndustrialPropertyTrendsToday–March2014| 15
UK investmentmarket performance
Investor demand and supplyInvestmentintheUKindustrialpropertymarket,includingbothmulti-letestatesandsingle-letdistribution,totalled£4.4billion2013.Thiswas70%upon2012(£2.6billion)anditshighestlevelinthelastsevenyears(2007–2013).
Appetiteforindustrialpropertypickedupin2013withstrongdemandfrombothdomesticandinternationalbuyers.InvestmentinUKindustrialpropertywasatitssecondhighestlevelsinceourrecordsbeganin2004.2006wastheonlyyeartorecordahigherlevelofinvestmentinindustrialpropertyat£4.9billion.
Industrial investment volumes
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
201320122011201020092008
GBP
Millio
n
Source: JLL
Weexpectdemandformulti-letassetstoremainfocusedonprimeestatesinLondonandtheSouthEastthisyear.WithconfidenceinthemarketstrongandglobalmoneytargetingtheUK,themainconstraintonactivitywillbealackofavailablestockinthemarketasinvestorsremainreluctanttoselltheirprimeassets.
Industrial yieldsAtthebeginningofMarch2014primeyieldsformulti-letestatesintheSouthEastandregionallystoodat5.75%and6.25-6.50%respectively.Regionalyieldsmovedinbyaround75-100bpsovertheyeartoMarch.Investordemandwillremainfocusedonprimestock,butastheavailabilityofthisstockcontinuestofallinvestorswilllookatgoodqualitysecondaryassetsandthearbitragebetweenprimeandsecondaryyieldswillnarrow.
Industrial yields10
9
8
7
6
5
4
3
2
1
0
Dec 0
2
Dec 0
3
Dec 0
4
Dec 0
5
Dec 0
6
Dec 0
7
Dec 0
8
Dec 0
9
Dec 1
0
Dec 1
1
Dec 1
3
Dec 1
2
London Multi-Let
10 year Average London Multi-let Yield: 5.98%10 year Average Regional Multi-let Yield: 7.01%
10 year Average London Single-let Yield: 6.08%10 year Average Regional Single-let Yield: 6.85%
% pe
r ann
um
Regional Multi-Let London Single-Let Regional Single-Let
Source: JLL
IPD performanceTheUKindustrialmarketproducedatotalreturnof5.6%inQ42013,accordingtotheIPDQuarterlyIndex.DistributionwarehousesoutperformedstandardindustrialsinQ4withatotalreturnof5.8%comparedwith5.6%.
IntheyeartoQ42013theUKindustrialmarketproducedatotalreturnof11.8%.Standardindustrialspostedatotalreturnof11.2%comparedwith13.3%fordistributionwarehouses.
Allindustrialcapitalvaluesregisteredanincreaseof3.9%inQ42013.Bothstandardindustrialsanddistributionwarehousespostedanincreaseof3.9%.
Allindustrialrentalvaluesincreasedby0.6%inQ42013;bothstandardindustrialsanddistributionwarehousesregisteredanincreaseof0.5%.
AttheendofDecember2013theIPDMonthlyIndexshowedanindustrialvacancyratefortheUKof9.9%(ofincome)whichwasdownon12monthsearlier(11.9%)anddownfromarecentpeakof18.2%inAugust2009.
ForecastsCurrentmodel-basedforecastsfromJLLindicatethatindustrialpropertywilldeliveranaverageannualtotalreturnof8.4%overthefiveyears2014-2018withdistributionwarehousesoutperformingstandardindustrialsat9.4%and8.1%respectively.
Contacts
Occupational
Tenant Representation Investment
Development Lease Advisory Research
©COPYRIGHTJONESLANGLASALLE2014.ThispublicationisthesolepropertyofJonesLangLaSalleIP,Inc.andmustnotbecopied,reproducedortransmittedinanyformorbyanymeans,eitherinwholeorinpart,withoutthepriorwrittenconsentofJonesLangLaSalleIP,Inc.Theinformationcontainedinthispublicationhasbeenobtainedfromsourcesgenerallyregardedtobereliable.However,norepresentationismade,orwarrantygiven,inrespectoftheaccuracyofthisinformation.Wewouldliketobeinformedofanyinaccuraciessothatwemaycorrectthem.JonesLangLaSalledoesnotacceptanyliabilityinnegligenceorotherwiseforanylossordamagesufferedbyanypartyresultingfromrelianceonthispublication.
UKIndustrialPropertyTrendsToday–March2014
On Point reportsfromJLLincludequarterlyandannualhighlightsofrealestateactivity,performanceandspecialisedsurveysandforecaststhatuncoveremergingtrends.
www.jll.co.uk
Andy Harding DirectorNationalIndustrial&Logistics+44(0)[email protected]
Gus Haslam DirectorNationalIndustrial&Logistics+44(0)[email protected]
Richard Evans DirectorNationalIndustrial&Logistics+44(0)[email protected]
Cameron MitchellDirectorNationalIndustrial&Logistics+44(0)[email protected]
Michael Alderton DirectorNationalIndustrial&Logistics+44(0)[email protected]
Sam FairbairnAssociateDirectorNationalIndustrialInvestment+44(0)[email protected]
Chris NorthDirectorNationalInvestment+44(0)[email protected]
Michael HancockDirectorNationalIndustrial&Logistics+44(0)[email protected]
Jon SleemanDirectorUKResearch+44(0)[email protected]
Tessa EnglishSeniorResearchAnalystUKResearch+44(0)[email protected]
Carl Durrant DirectorNationalIndustrial&Logistics+44(0)[email protected]
Daniel Burn DirectorNationalIndustrial&Logistics+44(0)[email protected]
Paul Baker DirectorNationalIndustrial&Logistics+44(0)[email protected]
Richard HarrisDirectorNationalIndustrial&Logistics+44(0)[email protected]