U.K. logistics take-up for 2021 totals more than 42msf as vacancy rate remains critically low
The take-up of U.K. logistics space totaled 42.37 million square feet in 2021, representing a slight decrease of 1.43 percent compared to 2020, which saw take-up reach a record 42.97 million square feet, according to CBRE.
However, while take-up volumes decreased in 2021, the number of deals completed reached a record high. A total of 148 deals completed in 2021, compared to 134 deals in 2020, representing an increase of 10.4 percent. The pipeline for 2022 looks healthy, with 32 buildings under offer, extending to 9.65 million square feet.
The M1 corridor was the most attractive location for U.K. logistics, with take-up in the South East and East Midlands representing 47.5 percent of total take-up in the United Kingdom last year. This was followed by Yorkshire & North East, West Midlands, North West and South West accounting for 21.9 percent, 15.2 percent, 12.1 percent and 3.3 percent respectively.
At a sector level, online retail and third-party logistics c