Research

Multi-let and mid box report

The multi-let and mid box occupier market has boomed over the past two years.

June 16, 2022
Contributors:
  • Tim Clement
  • Jon Sleeman
  • Oliver Jones

Welcome to our new report on the multi-let and mid box industrial market, which focuses on industrial estates and new buildings from 5,000 sq to 99,999 sq ft.

The multi-let and mid box occupier market has seen strong demand over the past two years which has resulted in:

  • Vacancy rates tumbling to sub 5% in many major markets
  • Rental growth surging with rents hitting new highs - prime headline rents for units between 10,000 sq ft and 20,000 sq ft increased by an average of 16% across the UK in 2021 with a further uplift of 6% in Q1 2022
  • Industrial land values skyrocketed over the past 12 months

Despite downside risks at the forefront of people’s minds, with weaker economic growth and increases in inflation, we believe the strong occupier market fundamentals will make the multi-let and mid box market relatively resilient to these headwinds.

We are still forecasting rental value growth of around 5% per annum for standard industrial across the UK over the five years 2022-2026, and we still expect the sector to outperform in terms of the total returns it delivers over this period. 

To discover more about the multi-let and mid box market, download our latest report.

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