Take-up of industrial and logistics units in Norfolk, Cambridge, Suffolk and the M1 South (Milton Keynes and Northampton) increased in H1 2024 compared with the same period in 2023, according to the latest data from Bidwells.
In H1 2024, take-up in Cambridge reached 159,000 sq ft – equivalent to almost 80% of the total lettings achieved in 2023 as a whole. Half of the floorspace taken was taken by occupiers in the science and technology sectors.
In Norfolk and Suffolk, take-up in H1 2024 hit 321,400 sq ft – ahead of the full-year figure for 2023 – and for M1 South the H1 2024 take-up figure of 1.9m sq ft was 20% ahead of the 2023 total.
In Oxford, half year take-up reached 388,000 sq ft driven by leasing activity from industrial businesses and those working in the science and technology sectors.
Availability rates at the end of H1 were 3.0% in Cambridge, 3.8% Oxford, 4.2% Norfolk and Suffolk, and 5.6% for the M1 South area.
Mark Callender, research partner at Bidwells, said: “Our latest set of data on the Arc market shows that while logistics is still not at its pandemic peak, the market is more robust than in 2023. Fundamentally, the market forces that sparked investment into logistics during Covid-19 are still strong and long lasting.
“Beyond the logistics sector, the Arc’s ability to attract top companies across a range of high growth sectors underpins rental growth, but space shortages present challenges for businesses serving the local communities.”
