The definitive guide to the UK’s multi-let industrial property market
Market overview
The 2024 lettings market continues to be hard fought, as numerous economic and political curveballs create challenges for occupiers. Dealmaking also continues to be drawn out while tenants that have been away from negotiations for some years adjust to the new rental tone. Multi-let rental growth has slowed since 2021/22 but estimates suggest an annualised 2024 growth rate in the mid-single digits – similar to 2023 and easily outpacing the other major property sectors. All risk metrics suggest relative scarcity of space and the development pipeline is minimal. Vacancy rates continue to be relatively flat for regions outside of the South East and are expected to stop rising this year in London. The industrial investment market is one of the strongest segments of commercial property and the 2024 investment volume is set to finish just ahead of 2023. Liquidity has continued to improve over 2024 with more participants across the risk spectrum, from prime to value-add assets.
Multi-Let DATASET
Record low UK multi-let default rate, 2023
Expected UK multi-let 2024 void rate peak
Forecast UK multi-let average annual rental growth rate, 2024-28
Forecast UK multi-let average annual total return, 2024-28
CONTRIBUTORS
Multi-let is Gerald Eve’s unique and market-leading syndicated study that quantifies and provides detailed industry reference insight into what would be an otherwise opaque sector. The results are built from the bottom up, using individual tenancy information on units between 500 sq ft and 50,000 sq ft in size.
The information spans 15 years, covering many tens of thousands of individual assets over that time.
Many thanks to the leading UK multi-let industrial property investors who contribute their data to make this important study possible.
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