Newmark has published its Multi-let Winter Bulletin, revealing strengthening occupier activity in the United Kingdom’s multi-let industrial (MLI) market across London, the Midlands and Scotland as delayed leasing decisions from 2022–2024 begin to unwind. The bulletin’s findings point to early signs of stabilization in third quarter 2025, following a period of low take-up that ran at almost half its pandemic peak.
The bulletin shows that although overall U.K. MLI rental growth has slowed in 2025, it is still running higher than in U.K. Retail and Offices. For the last two years, growth for MLI has been highest outside the South East, following London and the South East’s exceptional uplift during 2021–2022 that stretched rent differentials between prime and secondary stock, as well as across geographies. Newmark’s high frequency 2025 indicator
