It now looks as though the low point in the current cycle occurred in December 1999, and since then vacancies have risen by 13.7%. But the agents point out that voids are still lower than in April 1997 and there is still a shortage of new-built space.
David Brooks, National Industrial Partner at King Sturge said: 'As at April this year, newly constructed space accounted for only 6.9% of the total floorspace available in Great Britain. This position has remained relatively constant over the past three years and compares very favourably with the end of the last building boom in the early 1990s when 23% of all space available was newly constructed.'
Industrial rental values in the UK rose on average by 4% over the twelve months to May this year, the strongest rental growth being in London where rents increased by 6.3%.
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