Big demand for industrial land
While at one time the retail property sector was seen as the asset class of choice for many property investors, this sector of the market has fallen out of favour due to the well-publicised pressures associated with the high street and a large number of high profile business failures.
The Covid-19 pandemic has had a significant impact. Online sales now account for over 33.4 per cent of total spending.
The industrial sector has outperformed the retail and office sectors over the last 20 years and now represents the asset class of choice for many investors. There is currently a demand-verses-supply imbalance throughout the UK.
Turning to current lack of supply, this is particularly notable within Shropshire and more so within the Shrewsbury area. This is because Shrewsbury has historically played second place to Telford in terms of the availability of industrial property stock and the lack of speculative development to bring forward new industrial properties in the area.
What is clear, based upon the high number of requirements we are currently receiving at Berrys, is that additional employment and development land will be required to meet the future needs of businesses within Shropshire and the surrounding areas over the short to medium term.
Richard Lingen, Berrys
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