Yorkshire's big shed property market is at its strongest since before boom turned to bust in 2007.
The county saw deals totalling 3.96m sq ft in the year to June 2014. Deals included Great Bear signing up for 413,000 sq ft in Sheffield, Marks & Spencer signing for 626,000 sq ft also in Sheffield, and Wren Kitchen taking 801,350 sq ft at Barton-upon-Humber.
The spate of deals means a 48% plunge in the supply of logistics floorspace. Just 2.14m sq ft of good quality big box units remains.
Senior director of Industrial Agency at CBRE Leeds, Mike Baugh, said: “The sudden shift into a low supply environment has triggered signs of speculative development in the region, however this activity is focused on units below 100,000 sq ft in the Leeds area.
"This new build activity is likely to attract a good level of interest, as occupiers struggle to identify quality options in the current market. It will be interesting to see who is first to look at speculative development in excess of 100,000 sq ft, but rumours in the market suggest that this isn’t far off.”