Big box lockdown deals top 1.4m sq ft
The logistics and warehouse sector across Bidwells’ region has continued to surge with Bidwells agreeing more more than 1.4m sq ft of deals in the six weeks of lockdown.
The logistics and warehouse sector across Bidwells’ region has continued to surge with the firm agreeing more more than 1.4m sq ft of deals in the six weeks of lockdown.
Many new requirements are short-term space, undoubtedly linked to COVID-19, but many more are from occupiers wishing to commit long-term as they prepare for a post COVID-19 world where online shopping further replaces the high street.
The end of March online sales as a proportion of all retailing reached a record high of 22.3% (Office for National Statistics) and the latest IMRG Capgemini Online Retail Index found online sales soared by 23.8% year-on-year in April, which was a 10-year high.
Bidwells six week market highlights
- More than 766,000 sq ft of warehouse space completed on
- A further 650,000 sq ft placed under offer
- Significant numbers of new enquires across our markets, especially in the eastern region
- Activity led by parcel carriers, clothing retailers, supermarkets and grocery retailers establishing new supply chain networks
Patrick Stanton, Head of Bidwells’ Logistics & Industrial Team said:
This period only highlights the strength of the region and Bidwells' coverage within it, but the challenge remains the supply versus demand imbalance. However, with more speculatively developed schemes in the pipeline - such as Gateway 226 & 385, Peterborough - we are confident the short and long-term market dynamics remain incredibly strong for future investment.