A clear view of the market
Take-up of UK big box*, Grade A space increased on an annual basis in 2025, reaching 22.6 million sq ft, up 5.6% on 2024 levels, highlighting improving occupier confidence. While take-up softened in Q4 2025, totalling 2.7 million sq ft, 47.8% lower than Q4 2024 and the weakest quarterly performance of the year, activity for the whole year was at the highest level since 2022. The East Midlands remained the most active region, accounting for 31% of total take up. In Q4 2025, 3PL’s accounted for the highest share of space (58%) from significant lettings to JD Logistics, Roper Rhodes, and DP World.
In Q4 2025, availability edged up 2% to 56.4 million sq ft, reflecting a modest increase over the previous quarter. This was accompanied by a slight rise in the number of units on the market, which increased from 231 to 234, indicating a broadly stable supply position. Analysis of available stock shows that the supply pipeline remains weighted towards smaller units in the 100,000–399,999 sq ft range, which account for approximately 72% of all available units.
Big-box investment activity in 2025 was 15% lower than the previous year totalling £1.65 billion and 42% lower than the 5-year average. Positively though, in Q4 2025 transactions totalled £562 million representing a 32% increase on the previous quarter. While this uplift indicates an improvement in momentum, volumes were still 41% lower than Q4 2024.
At the end of the year prime headline rents held steady, building on the gains secured earlier in the year. With average increases of around 4% already recorded across the North West, Scotland and the South West in the first half of the year, the market continues to exhibit a high degree of stable resilience.
