Empty warehousing in port operations in Liverpool and Glasgow has pushed vacancy rates past 1m sq ft, Peel has announced in its accounts for the year to 31 March 2009.
Figures showed a 17% rise in empty space during the year, which caused an increase from 853,000 sq ft.
Trafford-based Peel reported that turnover dropped from £102m to £83m with pre-tax profit also falling from £65m to £48m.
Peel also said net asset value at the firm had dropped to £658m from the £1.1bn recorded the previous year.
The company made a loss of £22.6m with debt charges reaching £70.7m, compared with a £9.6m profit last time.
Isle of Man-based Tokenhouse ultimately owns the company.