North East industrial take-up increases by 14%
26 February 2025 13:21
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Knight Frank’s latest Logic: North East report shows that transactions of industrial units of more than 50,000 sq ft reached a total of 1.4m sq ft in 2024, compared to 1.2m in 2023.
A shift in occupier type was also noted, with e-commerce, retail, and distributors accounting for 52% of occupiers in the region, an increase of 11% compared to 2023.
Over the year, 14 transactions completed of which 10 were leasehold and four freehold, a huge increase on the eight units that traded in 2023.
The report also notes that new and second-hand vacancy rates decreased in the last quarter of 2024, with take-up of 50,000+ sq ft units amounting to 303,500 sq ft across four properties.
