Commercial research

"Second-hand stock has increased 55% compared to a year ago"

"Continued absence of larger sheds, particularly above 500,000 sq ft"

"Pockets of undersupplied size bands, but the bulk of space sits in the 100,000–300,000 sq ft band"

"Supply falls by 6% resulting in undersupply in some sub-markets"

"Fall in vacancy has been supported by increased deal activity, particularly for larger units"

"Build-to-suit transactions return to the market"

"Vacancy rate falls to 5.71%, the lowest level since Q1 2023"

"Addition of one unit alone rises supply 179% quarter-on-quarter"

"Occupiers taking stock"

"Build-to-suit transactions have fallen to their lowest level since 2013; however, promising BTS requirements alongside ongoing discussions point to an uptick in take-up in the rest of 2025"