| 1. |
INTRODUCTION |
5 |
| 2. |
EXECUTIVE SUMMARY AND FUTURE PROSPECTS |
6 |
| 3. |
THE WAREHOUSE MARKET IN THE UK |
10 |
| 3.1 | DEFINITIONS |
10 |
| 3.2 | THE WAREHOUSING SECTOR IN THE UK |
10 |
| 3.3 | WAREHOUSE OCCUPIERS BY END SECTOR |
11 |
| 3.3.1 | Retail Warehousing |
12 |
| 3.4 | WAREHOUSE AVAILABILITY |
14 |
| 3.5 | DEMAND & TAKE UP |
15 |
| 3.6 | RENTAL LEVELS |
17 |
| 3.7 | DISTRIBUTION OF FREIGHT |
18 |
| 3.7.1 | Road Freight |
19 |
| 3.7.2 | Rail Freight |
19 |
| 3.7.3 | Ports & Waterways |
20 |
| 3.7.4 | Air Freight |
21 |
| 3.8 | REGIONAL ANALYSIS OF THE WAREHOUSING SECTOR |
22 |
| 3.8.1 | Greater London |
23 |
| 3.8.2 | South East & East |
24 |
| 3.8.3 | South West & Wales |
24 |
| 3.8.4 | East & West Midlands |
25 |
| 3.8.5 | North East & Scotland |
25 |
| 3.9 | OUTLOOK FOR THE WAREHOUSE SECTOR IN 2009 AND BEYOND |
26 |
| 4. |
CONSTRUCTION MARKET FOR WAREHOUSES |
28 |
| 4.1 | CONSTRUCTION MARKET OVERVIEW |
28 |
| 4.1.1 | Value of Total Output – Construction New Work |
28 |
| 4.1.2 | Output in 2008 |
29 |
| 4.1.3 | Outlook for 2009 and Beyond |
30 |
| 4.2 | CONTRACTORS OUTPUT IN THE WAREHOUSING SECTOR |
32 |
| 4.3 | WAREHOUSING – NEW DEVELOPMENT PIPELINE |
34 |
| 4.3.1 | Speculative Development |
34 |
| 4.3.2 | Regional Pipeline |
35 |
| 5. |
KEY ISSUES AFFECTING THE WAREHOUSE SECTOR |
41 |
| 5.1 | THE ECONOMY AND IMPACT OF THE ‘CREDIT CRUNCH’ |
41 |
| 5.1.1 | Economic Indicators |
41 |
| 5.1.2 | Manufacturing Output |
41 |
| 5.1.3 | Consumer Spending and Inflation |
43 |
| 5.2 | LEGISLATIVE DRIVERS |
45 |
| 5.2.1 | Energy Performance of Buildings Directive |
45 |
| 5.2.2 | Empty Rates Relief |
46 |
| 5.2.3 | EU Working Time Directive (WTD) |
46 |
| 5.3 | E COMMERCE AND WAREHOUSING |
47 |
| 6. |
CONSTRUCTION MARKET SUPPLY IN THE WAREHOUSING SECTOR |
50 |
| 6.1 | STRUCTURE OF THE CONTRACTING INDUSTRY |
50 |
| 6.1.1 | Consolidation in the Construction Industry – Impact of the ‘Credit Crunch’ |
51 |
| 6.2 | LEADING CONTRACTORS IN THE INDUSTRIAL & WAREHOUSING SECTORS |
52 |
| 6.2.1 | Overview |
52 |
| 6.3 | KEY CONTRACTOR PROFILES |
53 |
| TABLES AND CHARTS |
| CHART 1 | WAREHOUSE COMPLETIONS BY TYPE (DESIGN & BUILD / SPECULATIVE - 2003-2008 (%) |
6 |
| CHART 2 | TAKE UP OF NEW WAREHOUSING BY SECTOR 2008 – FOOD, NON-FOOD, LOGISTICS, MANUFACTURING. |
11 |
| CHART 3 | RETAIL WAREHOUSE DEVELOPMENT PIPELINE (PROPOSED, PLANNING CONSENT 2002 – 2008 (MILLION SQ. M.) |
12 |
| CHART 4 | AVAILABLE WAREHOUSE FLOOR-SPACE IN THE UK AS AT JULY 2008 (M SQ. M.) |
14 |
| TABLE 5 | WAREHOUSE PROPERTY AVAILABILITY BY REGION AS AT JULY 2008 (MILLION SQ. M.) |
15 |
| CHART 6 | TAKE UP OF WAREHOUSE SPACE IN THE UK 2003 – 2008 (MILLION SQ. FT) |
16 |
| TABLE 7 | UK WAREHOUSE MARKET - RECENT MAJOR TAKE-UP TRANSACTIONS |
17 |
| CHART 8 | DOMESTIC FREIGHT TRANSPORT BY MODE 2008 (%) |
18 |
| TABLE 9 | UK WAREHOUSING MARKET – REGIONAL ANALYSIS – AVAILABILITY, SPACE TAKE-UP, SPACE UNDER CONSTRUCTION AND RENTAL VALUES |
23 |
| CHART 10 | VALUE OF CONSTRUCTION OUTPUT NEW WORK 2002-2013 (£ BILLION) |
28 |
| CHART 11 | NEW CONSTRUCTION WORK– OUTPUT Q2 2007 TO Q2 2008 – BY VALUE (£ BILLION AT CURRENT PRICES) |
30 |
| TABLE 12 | CONTRACTORS OUTPUT IN THE WAREHOUSING SECTOR 2002-2013 (£M) |
32 |
| CHART 13 | VALUE OF WAREHOUSING CONSTRUCTION OUTPUT 2002-2013 (£ BILLION) |
33 |
| CHART 14 | SPECULATIVE WAREHOUSE FLOOR-SPACE UNDER CONSTRUCTION 2005 – 2008 (SQ. M.) |
34 |
| CHART 15 | SPECULATIVE WAREHOUSE FLOOR-SPACE UNDER CONSTRUCTION BY REGION 2008 |
36 |
| TABLE 16 | PRINCIPAL SPECULATIVE WAREHOUSE SCHEMES UNDER CONSTRUCTION BY REGION, SIZE, DEVELOPER, STATUS AND ESTIMATED COMPLETION DATE IN 2008 |
38 |
| CHART 17 | MANUFACTURING OUTPUT – ALL INDUSTRIES SEPT 2007 SEPT 2008 (%) |
42 |
| CHART 18 | RETAIL & CONSUMER PRICE INDEX OCT 2007 – OCT 2008 (%) |
44 |
| CHART 19 | ONLINE RETAIL SPENDING IN THE UK 2002 – 2008 (£BILLION) |
47 |
| TABLE 20 | MAIN PRIVATE CONTRACTORS - BY NUMBER OF EMPLOYEES 2006 AND 2007 |
50 |
| TABLE 21 | LEADING CONTRACTORS SHARE OF INDUSTRIAL & WAREHOUSING CONSTRUCTION WORK IN 2007 (£M) |
53 |
