JLL UK big box logistics market update – October 2023
JLL UK big box logistics summary
- Nicolas Lau
Quarter 3 saw some more positive news on the UK economy in terms of GDP growth, inflation and interest rates. Data revisions by the Office for National Statistics mean that the UK economy is now estimated to have grown by 1.8% between the start of the Covid pandemic to Q2 2023, whereas previously it was believed to have contracted by 0.2%. CPI inflation also came in lower than expected in August (at 6.7% pa) which was one reason why the Bank of England’s Monetary Policy Committee held Bank Rate stable at 5.25% in September, following 14 consecutive meetings where rates were increased.