We're Running out of Industrial Space; the North East Has Seen the Supply of Large Industrial Buildings and the Space to Build More Falling in Recent Years. Property Experts from the Region Look at How Long the Trend Is Likely to Continue and Find Some Cause for Hope

The Journal (Newcastle, England), July 4, 2012 | Go to article overview

We're Running out of Industrial Space; the North East Has Seen the Supply of Large Industrial Buildings and the Space to Build More Falling in Recent Years. Property Experts from the Region Look at How Long the Trend Is Likely to Continue and Find Some Cause for Hope


LEADING industrial property agents in the region have expressed their concerns for some time that the region will face supply shortfalls of larger industrial units because of the lack of both strategic sites and land and as a consequence of the development pipeline slowing down during the economic recession.

It could be that the return to the market of secondhand space arising from either company failures or closures may assist the supply chain in the short term, but is not a long-term solution.

Demand for new space has been fuelled by increased production at Nissan, expansion of the green energy and offshore power sectors, company relocations from older plants to custom-built schemes and inward investment to the region.

GVA has undertaken research into both availability and take-up over the past 12 months which confirms take-up figures of 1.43m sq ft of new or good-quality secondary space over 50,000sq ft. Correspondingly, current supply following recent deals stands at 1.15m sq ft, demonstrating the limited supply chain and the need for new build projects to be advanced at pace. The region may well hit the buffers before the situation can be addressed in terms of offer to inward investment.

The scale of some of the newer projects is highlighted by Clipper taking 434,000sq ft at Wynyard, BAE relocating to a new 340,000sq ft building at Washington, Rolls Royce proposed relocation to the adjoining site and Vantec Europe announcing a new pounds 22.5m warehouse at Turbine Business Park alongside the existing Nissan plant at Washington.

Elsewhere, Akzo Nobel are to relocate to a new pounds 100m state-of-the-art plant at Ashwood Business Park, Ashington, and further south, the proposed Hitachi train plant at Amazon Park, Newton Aycliffe, will further reduce the amount and choice of strategic serviced industrial land across the region. …

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We're Running out of Industrial Space; the North East Has Seen the Supply of Large Industrial Buildings and the Space to Build More Falling in Recent Years. Property Experts from the Region Look at How Long the Trend Is Likely to Continue and Find Some Cause for Hope
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