Prime Logistics – Q3 2019 Bulletin
Prime Logistics is an essential tool for any developer, investor or occupier interested in the market for logistics buildings over 50,000 sq ft in size across each of the UK’s 26 key distribution markets. Inside the bulletin, we take a balanced look at each segment of the market and provide you with a brief snapshot of our view of quarterly activity.
Strongest take-up since Q2 2018
Despite being the typically quieter summer period, the UK logistics property market delivered another strong set of results in Q3. Occupier demand was particularly strong, with the overall volume, buoyed by very large-scale commitments by automotive manufacturers and internet retailers.
Take-up of 13.6 million sq ft in Q3 marked a 7% quarterly increase and one of the strongest quarterly figures on our records. This is particularly encouraging given the current economic and political climate in the UK. However, the Q3 figure was inflated by Jaguar Land Rover’s 20 year pre-let at the 238 acre site at Appleby Magna, which received planning permission for 5 units totalling almost 3 million sq ft.
What is equally positive is that the quarterly take-up volume was above the 10-year average, even taking the JLR deal out of the figures. Other occupiers, including Amazon, Eddie Stobart and Urban Outfitters made large commitments to take space in Q3.