Investment volumes in the North West industrial market last year were 26% down on 2015 with £505m transacted, according to research by B8 Real Estate.
A pause in investment activity following the Brexit vote saw just £91m of deals recorded in the third quarter last year; however, the market bounced back in the fourth quarter.
In line with national sentiment there was a flight to quality, according to the agency, with two Amazon-let sheds being acquired at yields of 4.45% and 5.05%.
On the occupancy side, take-up in the region totalled 5.09m sq ft across 25 transactions last year, an increase of 19.8% compared with 4.25m sq ft in 2015.
Strong demand has seen prime rental levels firmly established at £6/sq ft for speculative big-box sheds and £7/sq ft-£7.50/sq ft for prime speculative multi-let schemes.
Of the 19 new speculative buildings of more than 90,000 sq ft built in the North West last year, 11 were now let, B8 added.
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