Yorkshire small box warehouse rents are expected to rise sharply to £5.95-6.25 a sq ft for new units.
Iain McPhail, partner with Knight Frank’s industrial property team in Leeds, said: “Occupier demand across the region remains steady with take-up of industrial and warehouse units of over 50,000sq ft across West Yorkshire totalling over 700,000sq ft in the first half of 2017 spanning six transactions.
“This represents more than double the level of take-up compared to the last six months of 2016.”
As with other regions, high-quality existing and new build industrial stock in the mid-size range remains in short supply.
“The lack of stock has contributed to an increase in design and build requirements, as companies struggle to identify existing units that can accommodate their exact needs. The development sites within the Leeds City Region Enterprise Zone in the Aire Valley such as Muse Developments’ Logic Leeds scheme are well-placed to accommodate this demand,” said McPhail.