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Our View

Prime industrial rents remained stable over the six months to the end of Q3 2023, consolidating on the growth seen since the start of the pandemic (Q1 2020). Over this period of time, average prime rents across the Glenny region have risen by 56%, with the most significant growth being recorded in East London at Canning Town and North London & Herts in Tottenham/Edmonton, where values have risen to £32.50 psf (75.7%) and £28.50 psf (67.6%) respectively. Locations outside of the M25 have also benefitted, with prime rents in Thurrock and Chelmsford moving to £16.50 psf (65.8%) and £15.00 psf (53.8%) respectively.

Industrial Market Rents
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Industrial Rents and Capital Values

The growth in prime industrial rents slowed, rising by just 3.8% on average over the 12 months to the end of September 2023 and down from the 8,8% growth recorded at the same time last year. The majority of locations still registering growth were in the Outer M25 regions, where prime rents grew by 5.7%. This compared to 2.8% across the Inner M25 locations.

The main growth locations in the Outer M25 were Harlow (11.1%), Braintree (8.3%), Basildon (7.7%) and Chelmsford (7.1%), whilst Enfield (11.1%) saw the strongest growth across the Inner M25 markets, due largely to the scarcity of supply.

Owner occupier capital values per sq ft slipped across most locations, falling on average by 6.2% over the past 12 months as an increase in interest rates and a tightening in bank credit took its toll on values. 

    

   

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John Bell

John Bell

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