A 625,000 sq ft industrial property deal in Sheffield underpinned South Yorkshire’s impressive performance when it came to letting existing units in the second half of 2013.
- South Yorkshire outstripped the rest of the UK when it came to letting industrial property in the latter half of 2013
- A 625,000 sq ft deal in Sheffield is said to have underpinned impressive large unit take-up
- Solid demand from property investors, particularly those from overseas
A new report from Knight Frank has confirmed that South Yorkshire outstripped the rest of the UK with regard to letting existing industrial property in the second half of 2013.
The lease of 625,000 sq ft at Sheffield International Freight Terminal to Marks and Spencer, the biggest deal of its kind for the UK during this period, “underpinned” South Yorkshire’s impressive performance.
Knight Frank’s latest LOGIC report stated there was “unprecedented large unit take-up” in South Yorkshire, with take-up of industrial units above 50,000 sq ft totalling 1.13 million sq ft.
This is three times the total witnessed in the first half of the year as potential occupiers took interest in the region.
Rebecca Schofield, partner at Knight Frank’s Sheffield office, said: “The results for the second half of 2013 showed South Yorkshire performing well for take up of larger units, which was underpinned by the M&S letting.”
She added that due to the available supply of larger units compared to other regions in the UK, there is solid demand among property investors – particularly those from overseas – for multi-let industrial estates and well-let larger units.
The report noted that high demand was stemming from a number of industries, including parcel distribution, where occupiers accommodating the rapid growth in e-commerce are having a positive effect on the packaging sector.
It added that the continued expansion of the Advanced Manufacturing Park in Rotherham is resulting in encouraging knock-on effects for the region, attracting further investment and supply chain occupiers.