Big box rents in Northwest reach new high

By Liza Helps Property Editor Logistics Matters

IN ITS latest report the consultancy noted that big box rents in the Northwest were rising. It said: ‘A new record rent of £11.50 per ft2 was achieved at year-end. Overall, quoting rents have increased to over £11.00 per ft2.”

Prime Big Box rents are between £9.50 and £10.00 per ft2 off take up totalling some 3.22 million ft2 – an 18% increase from 2023, though still someway short of peak 6 million ft2 peak that was recorded in 2021/22.

Of the total square footage acquired in 2024, 2.32 million ft2 (72%) was either speculative new-build or Grade A – double the previous year’s figures. One of the biggest deals saw the letting of Cain International’s 674,000 ft2 Link 674 building in Ellesmere Port to B&M Retail (tipped by Logistics Matters in October https://www.logisticsmatters.co.uk/BandM-Retail-secures-mega-shed)

In the Multi-let Industrial (MLI) market, demand remained very strong, with new-build take up totalling 812,000 ft2 marginally below the five-year average. A total of 70% of new-build MLI transactions were below 15,000 ft2 for another consecutive year..

Looking ahead Big Box units comprising 2.68 million ft2 are currently under construction across 11 schemes, mostly outside of the prime areas of Greater Manchester and central M6 corridor.