Demand for West Yorkshire industrial property on the rise

Demand for industrial property in West Yorkshire is on the rise, encouraging developers to consider speculative builds.

According to property firm Knight Frank, occupier demand is expected to strengthen due to the improving economy. Both Stoford and Kier have put forward planning proposals for industrial units, with other development sites expected to come forward soon.

Nicholas Prescott, from Knight Franks’ industrial team in Leeds, said: “Supply constraints, coupled with improving occupier demand, are expected to lead to further increases in rental levels. As occupiers start to compete for the prime buildings and development opportunities we foresee headline rents and freehold prices rising to new market highs.”

“One of the largest developments in the region is taking place to the eastern side of Leeds City Centre, where the council is supporting Muse and Wilton Developments, with the development of three units, totalling 160,000 sq ft.”

This demand follows a year of large deals in the area, with companies such as Samuel Grant and Speed Hire agreeing deals in 2014. Active requirements have already been seen from Geopost, JLP, Matthew Clarke and ABP in 2015.

Mr Prescott commented: “Driven by the lack of available modern premises, take up for pre-lets and design and build remained at a high level in H2, in particular for units sized 30,000 to 50,000 sq ft.”

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