Tangible Evidence That Economic Recovery Is Firmly under Way; Arguably, the Hardest Hit in the Market Has Been the Development of Industrial and Distribution Properties. That Is until Now, as Alex Carr, Director of Industrial and Logistics at Leading National Commercial Property Consultants Lambert Smith Hampton (LSH), Explains

The Birmingham Post (England), July 11, 2013 | Go to article overview

Tangible Evidence That Economic Recovery Is Firmly under Way; Arguably, the Hardest Hit in the Market Has Been the Development of Industrial and Distribution Properties. That Is until Now, as Alex Carr, Director of Industrial and Logistics at Leading National Commercial Property Consultants Lambert Smith Hampton (LSH), Explains


Byline: Alex Carr

That moment we had all been waiting for arrived in May. Many agents had debated long and hard whether it actually existed anymore or if it was just a figment of our collective imagination.

How would we know when it had returned? What form would it take? What sign would the property gods give us? The answer came in the form of an announcement by Coleshill-based investment and development company IM Properties. In a major sign of 'confidence' in the economic recovery, the company became the region's first developer in five years to speculatively build large scale industrial warehousing.

The industry-leading move will see the company construct two logistics units totaling 334,500 sq ft at its award-winning Birch Coppice Business Park off the M42 in North Warwickshire - already home to occupants including Ocado, UPS, Volkswagen Group, Euro Car Parts and Roadways Container Logistics.

Construction work is set to begin this month (July) and complete in January 2014. There has been no speculative construction of distribution units over 100,000 sq ft since 2008. This was the major sign of a return of confidence the industrial and logistics market had been waiting for but there are many other indications that the situation is improving, as outlined in the latest LSH West Midlands Industrial & Logistics Market Review.

To encourage further speculative schemes, the Government will also exempt all newly built commercial property completed between 1 October 2013 and 30 September 2016 from empty property rates for the first 18 months. This is a move widely welcomed by developers.

There has been a positive level of take-up from third party logistics operators (3PLs), automotive and aerospace sectors, parcel operators and retailers.

With continued occupier demand for grade A industrial space, developers are facing increased pressure to consider speculative development as remaining space rapidly declines. Meanwhile, landlords of key existing buildings in the region are holding out for strong headline rents and longer leases. Incentives have also hardened with some landlords now unwilling to offer in excess of six months' rent free on a five-year lease.

There is a notable difference between the north and south of the West Midlands region with higher rents, take-up, and investment to the south, along with lower yields and availability rates. …

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Tangible Evidence That Economic Recovery Is Firmly under Way; Arguably, the Hardest Hit in the Market Has Been the Development of Industrial and Distribution Properties. That Is until Now, as Alex Carr, Director of Industrial and Logistics at Leading National Commercial Property Consultants Lambert Smith Hampton (LSH), Explains
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