NW industrial take-up dips under 1m sq ft in Q3
Regency Glass’s 420,000 sq ft deal in Warrington made up nearly half of the 965,000 sq ft transacted in July, August, and September, according to a report by agency BOX4.
The quarterly take-up figure was 245,000 sq ft below the total recorded in Q2 and down from the 1.8m sq ft recorded in the same period last year.
As well as Regency Glass’s deal at Indurent’s Omega, other notable transactions included the 148,000 sq ft letting to Tesla in Trafford Park, which was first revealed by Place North West.
BOX4’s figures account for deals above 50,000 sq ft, which means the 54,000 sq ft letting to Yusen Logistics in Widnes makes the cut. There were six transactions above 50,000 sq ft during the quarter.
Sam Royle, director at BOX4, said: “The North West industrial and logistics market has had another strong quarter, with close to 1m sq ft of take-up across six deals. Year-to-date activity now stands at 2.77m sq ft across transactions, showing that demand across the region remains healthy and consistent.
Royle said that direct distribution and manufacturing firms were the busiest in terms of lettings and that Merseyside was the most active market.
“Around 13.5m sq ft is currently available, with just over 1.2m sq ft under construction,” Royle added.
“Overall, the figures point to a balanced but competitive market that continues to attract occupiers, investors and developers who recognise the North West as a key hub for industrial and logistics activity.”
Another study by Knight Frank suggests that a comparatively subdued Q3 could be followed by a bumper end to the year.
The consultancy alleges that deals totalling 2.6m sq ft are in the works, including three units exceeding 300,000 sq ft.
Knight Frank industrial partner Rob Tilley, said: “Despite a quieter summer, a number of prime deals transacted in the North West in Q3, providing a boost to the quarterly figures and pushing rents on.
“Activity continues to lag 2024 levels, however there are also several deals currently in solicitors hands that could positively impact Q4 performance.”
