NW industrial take-up hits 2.36m sq ft in H1

The amount of logistics floorspace let from the start of January to the end of June was up 20% year-on-year, according to research by BOX4 Real Estate.

In total, 2.36m sq ft of industrial space was transacted over the first six months of 2026, with many deals that failed to complete in 2025 coming to fruition in the first half of this year, BOX4 said.

The year got off to a sluggish start but take-up increased significantly during Q2, when 1.82m sq ft of space was let.

Two deals accounted for almost 30% of the total space let in H1; Online Home Shop’s 327,500 sq ft letting of Oxenwood’s OXW327 in Trafford Park and AO.com’s 324,800 sq ft with ESR Europe in Alsager.

These deals ensured retail was the most active sector, taking 32.5% of all space dealt in H1. Distribution accounted for 29% and manufacturing 21%.

The bulk of deals were in the 50,000 sq ft to 100,000 sq ft bracket – 70% – which accounted for 44% of floorspace let. As for geography, Greater Manchester and Merseyside accounted for 83% of all H1 deals and 78% of take-up by volume. Greater Manchester remained the strongest performer by floorspace, delivering 962,772 sq ft, or 41% of the region’s take-up.

AVK SEG set a new headline rent for the North West of £12.50/sq ft in Haydock during the first quarter of the year while in Bolton, Arrow Capital set a new headline rent for the Greater Manchester market, pre-letting 107,500 sq ft to Heritage Trade Frames at £11.95/sq ft.

Occupiers have more choice now than at the end of 2025, according to BOX4, with availability rising by 1.5m sq ft from 14m sq ft to 15.5m sq ft at the end of H1. Sheds larger than 300,000 sq ft remain in short supply, though, with only nine buildings available or under construction across the North West.

Sam Royle, North West director at BOX4 Real Estate, said: “The North West market has found its stride in H1 2026. After a slow start to the year, Q2 saw a marked step-up in activity, with both regional occupiers and, for the first time in a while, larger corporates coming back to the market.

“Merseyside in particular has had an outstanding half, and the return of big box lettings in Trafford Park and Alsager tells you a lot about where occupier confidence now sits.”

He added: “What is most encouraging is the breadth of this recovery. We’re not just seeing 3PLs driving activity, retailers and manufacturers are competing hard for the best space too, and that’s pushing rents to fresh highs in some of our core submarkets. The next challenge is supply. Overall availability looks healthy, but genuine Grade A choice above 300,000 sq ft is still tight, and that’s where we expect the real competition to play out in H2.”

BOX4’s Inside the Box report covers the industrial occupational market for units larger than 50,000 sq ft.