Big Box Bulletin
A review of occupier and investment activity in the UK big shed market.
In H1 2024, the take-up of big-box*, grade-A space totalled 10.9 million sq ft. It is encouraging that H1 2024's figure is 30% higher than H1 2023, reflecting improving market sentiment and whilst below the five-year H1 average, the comparison is skewed due to the exceptional demand seen during the global pandemic. The Midlands, especially prime locations within the 'Golden Triangle', remain a hub of activity, accounting for 68% of H1's leasing activity.
Additional positive signs are evident as grade-A supply in H1 2024 totalled 47.4 million sq ft across 207 units, down from 48.1 million sq ft three months prior (209 units). Of all available units, 35% are completed speculative units, with the remainder being secondhand and only a few new units under construction. The current supply leans heavily towards smaller units (100,000 - 399,999 sq ft), which make up 91% of available inventory by number of units, making larger requirements challenging to satisfy.
