Western Corridor Industrial & Logistics – Autumn 2023

Western Corridor Industrial and Logistics market update provides data and insight on the industrial markets in West London, Heathrow and Thames Valley

November 15, 2023
  • Sarah Downes
  • Jon Sleeman
  • Oliver Jones

Welcome to our Autumn 2023 update on the Western Corridor Industrial and Logistics market, which covers the key geographies of West London, Heathrow and the Thames Valley. 

During 2021 and 2022 the Western Corridor posted record high take-up, record low vacancy rates and saw a surge in rents. Unsurprisingly, given economic headwinds, market conditions have shifted somewhat this year. However, the data in this report coupled with the insights of our agents still point to resilient markets in which, whilst take-up has fallen, available supply remains low compared with the five and 10-year pre-Covid averages. Although investment activity is lower, the area remains a top focus for developers and investors, largely because they see the strong fundamentals underpinning these markets, including the opportunity for further rental growth on the back of constrained supply. 

Many factors will shape the outlook for these markets in the immediate and longer term including economic growth, population growth and change, consumer spending patterns, the demand for housing and the competition for land that it creates and planning policy. However, one of the biggest drivers of change across both occupational and investment markets is the country’s transition to a net zero carbon economy. In this transition, developers/investors will supply more sustainable buildings via new developments and refurbishments and occupiers will demand properties that reduce carbon and deliver wider ESG benefits, including superior working environments for their staff. 

Key takeaways
  • Take-up in the first nine months of 2023 totalled around 2.4m sq ft across the Western Corridor

  • Supply across the Western Corridor remains tight

  • Speculative development across the Western Corridor has fallen sharply

  • Prime headline rents across the Western Corridor still rose in the 12 months to September 2023

  • The Western Corridor remains a key focus for investors.

For full data, insights and a guide on current market conditions, download the report below

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