Big Box Bulletin
A review of occupier and investment activity in the UK big shed market.
In Q1 2024, take-up of big-box (100,000 sq ft+) grade A units totalled 4.7 million sq ft, a 16% decrease year-on-year (YoY) and 33% lower than the 5-year (Q1) average. During the quarter, the Midlands remained prominent, particularly locations within the "Golden Triangle," which accounted for 59% of activity. The elevation of grade A availability appears to be moderating as by Q1 2024, grade A availability stood at 47.9 million sq ft, representing only a 1% increase on the year-end 2023 figure. The moderation has been helped by a slight decline in second-hand stock returning to the market, falling from just over 16.8 million sq ft at the end of 2023 to 16.6 million sq ft by the end of March 2024. However, the proportion of smaller and mega shed supply remains skewed to smaller units (100,000 - 399,999 sq ft) which represent 91% of all units.
