The first half of this year has seen positive news for the industrial sector of the North West commercial property market. The Manchester Evening News has reported that in the North West during the first half of this year warehouse deals totaled 1.246 million sq ft. These figures point to the belief, held by many that the industrial sector of the commercial property market in the region is on the rise.
According to CB Richard Ellis (CBRE) the demand for warehousing space in the North West was extremely high during the first six months of 2011. CBRE said warehouse space let in the North West during the first half of this year accounts for 12 per cent of all floor space let nationwide in the period.
Mike Walker, senior director of industrial agency at CBRE North West, said: ‘Trends within the north west logistics market have tended to replicate the overall national picture. The encouraging signs are the continuing take-up of new units, such as DHL taking 360,000 sq ft in Liverpool, and the two remaining 200,000 sq ft units at CBRE Investors’ Revolution scheme in Chorley going to Conair and Golden Acre Foods…Another encouraging trend is the emergence of the design and build market, as evidenced by Waitrose agreeing a 440,000 sq ft deal at Matrix Park in Chorley…We envisage that, because of the encouraging take-up of existing new space and the consequent lack of supply of modern existing space, the design and build market will continue to improve in the second half of the year.’
This is great news for the North West economy, as growth in the industrial property market, will trigger growth in the commercial property market, which will then offer a boost for the construction industry.
It will certainly be interesting to see whether or not, as a result of this news, a number of industrial property developments go ahead in the North West during the coming months .
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