Prime industrial rents responded to the strong market in 2020 and have risen by 15.6% on average across the Glenny region since the start of the pandemic. The main increase has been in the East London market, where rents moved above £20.00 per sq ft for the first time to £23.50 per sq ft, an increase of 27.0% over the year. All other markets have seen double digit growth in prime rents since the pandemic, with North London & Herts registering a 23.5% rise and South East London & Kent and Essex markets moving up by 21.2% and 20.6% respectively.
Prime industrial rents have remained stable over the past six months following a sustained period of growth dating back to 2012. Over the period, prime rents have increased by 52.9% on average, or the equivalent of 5.5% per annum.
The strongest growing markets have been in East London, where prime rents in Canning Town have increased by 7.3% per annum on average and North London & Herts, where rents in Tottenham/Edmonton are up by 8.7% per annum.