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Big-box warehouse supply across the Midlands has begun to fall after a peak around the turn of the year, according to data from CoStar, a provider of online real estate marketplaces, information and analytics for property markets.
Availability has fallen by around 5m sq. ft. in recent months as stronger occupier demand has met a moderating construction pipeline. Despite the decline, availability remains historically high at around 30m sq. ft.
Grant Lonsdale, senior director of market analytics at CoStar Europe, said: “Many occupiers are now moving earlier to secure space. This is particularly evident in established distribution locations with strong motorway access, driving around 6m sq. ft, of take‑up across the Midlands in the opening months of this year.”
Construction activity has also slowed markedly. Around 70% of the region’s big-box space under construction is pre-let, which is limiting new availability in the coming months.
CoStar data puts the pipeline at 9.3m sq. ft., describing it as 40% smaller than two years ago and about half of its 2022 peak.
Lonsdale said tightening market conditions are likely to stabilise incentives and rental levels after a period of subdued activity. He added that while rental growth may remain selective and scheme-specific, the balance of power may be shifting modestly back toward landlords, particularly owners of high-quality warehouses.
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