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Property sales and leasing company CBRE has announced that 16 million square feet of warehouse space was under offer in the first quarter of 2021, which is double that of the end of 2020. High demand has been fuelled partly by the increase in online shopping, which is forecast to continue after the COVID-19 pandemic is over.
The number of new warehouses that are ready to be occupied is down due to a shortage of available sites. However, Tritax, a logistics investor and developer, notes that this will change, as there are many warehouse development projects that have progressed through the planning and consent stages, and construction will soon start.
An example of its projects is the development of two warehouses totalling 186,000 square foot and 134,000 square foot respectively, which have completed the planning stage and will shortly be built on 111 acres of land at Symmetry Park in Rugby. The park is capable of accommodating two million square foot of warehouse space.
Tritax expects that demand for warehouses will continue to be strong during 2021 and 2022. The company is already the UK’s largest controller and operator of logistics space, boasting a total of 40 million square foot of warehouse space.
An increase in new warehouses being constructed will also lead to a rise in demand for the services of a warehouse equipment manufacturer, which can provide trolleys, shelving, packing tables and other equipment that new warehouses require to efficiently and speedily process orders.
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