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More Sheds Available As Recession Confirmed

LONDON-The availability of industrial space in England, Scotland and Wales continues to climb as manufacturing output drops for the second consecutive quarter. Yet agency King Sturge is putting a positive spin on the figures saying the industrial market does not appear out of balance.

By Steve Killick | Updated on August 07, 2001

Available industrial floorspace is now 13.7 per cent higher than at the end of 1999 according to a research document published today by King Sturge. The company’s Industrial Floorspace survey has recorded a jump of 7.7 per cent of unoccupied stock since last December and over 10 per cent up on the same time last year. There is currently 14.6 million sq ft of empty industrial property in England, Scotland and Wales.

Despite the apparently pessimistic nature of the figures David Brooks, national industrial partner at King Sturge, said, ‘The position has remained fairly constant over the past three years and compares very favourably with the end of the last building boom in the early 1990s when 23 per cent of all space available was newly constructed. As at April this year, newly constructed space accounted for under seven per cent of total space available in Great Britain.’

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