Everyone is still MIPIM mad (check out the latest at our dedicated blog) so to bring you all back down to earth here's a nice shed story.
CBRE released its Yorkshire logistics market report today. The headline says the market is showing signs of improvement with strong enquiry levels in the first two months of this year.
A couple of lines down that's soured slightly by the news that its all down to landlords offering "greater flexibility" as CBRE calls it or, in other words, bending over backwards on rent, lease lengths and incentives. Incentives are as high as 2.5years on a 10 year lease and 3.5 years on a 15 year lease.
Further on still and there's the news that a major characteristic of the marketplace is the presence of lots of 400, 000 sq ft buildings in Yorkshire. Put together these total nearly 4.2m sq ft. To put that in perspective take-up of modern, new-build 100, 000 sq ft plus space in Yorkshire and the North East was 1.7m sq ft last year, so they're sure going to need some giant occupiers for those sheds. A further 1.3m sq ft sits in the wings.
Thankfully, the only industrial space under construction in the region is Marks & Spencer's 4m sq ft beast at Prologis Park in Bradford. With retail still in the doldrums it might be some time before another one of these comes along.
Picture of giant gnome courtesy of Jennzebel from Flick. http://www.flickr.com/photos/jennzebel/ / CC BY 2.0
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