Multi-let and Mid Box – Autumn 2023
Biggest driver of change across both occupational and investment markets is the UK’s transition to a net zero economy.
- Tim Clement
- Jon Sleeman
- Oliver Jones
Welcome to the latest edition of our multi-let and mid box industrial market report, which focuses on new industrial schemes and buildings between 5,000 sq ft and 99,999 sq ft. The report provides data on take-up, available supply, space under construction and rents and yields plus insights from our agents around GB.
In what has been a challenging year for the UK economy and real estate, the analysis in this report highlights that the multi-let and mid box markets have generally proved to be relatively resilient and robust. Based on data on new developments that we track, we show that although take-up has moderated this year compared with last, total available supply has also fallen and prime headline rents have continued to rise, as have industrial rents more widely according to MSCI.
In the investment market, the multi-let industrial sector came out top in a recent JLL Investor Survey when investors were asked which of 13 commercial property sectors they expected to provide the greatest opportunity over the next five years. In addition, the industrial sector is still anticipated to outperform offices, high street retail, shopping centres and all property average in terms of its total return outlook in the period 2023-2027, according to the latest IPF Consensus Forecasts.
There are, therefore, good reasons to be positive about the prospects for multi-let and mid box markets, even as the UK continues to face economic headwinds that will weigh on the companies that occupy these premises and which underpin their investment value across the markets.
Market report provides detailed information covering every region in Great Britain:
Greater London
South East
Eastern
South West
West Midlands
East Midlands
North West
Yorkshire & Humberside
North East
Wales
Scotland
To discover more about the multi-let and mid box industrial market, download our full report.
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