On-line shopping fuels new warehouse boom in the UK
A record amount of new warehouse is due to be built in Britain this year, as developers respond to rising demand for storage by on-line retailers. Knight Frank the property consultant found that 40 million sq.ft. of new warehouse space is due to be built this year double that built last year. British retail such as Arcadia and Debenhams, have collapsed the growing e-commerce boom has driven record demand for warehouse space across the UK, as the pandemic forces more retailers to shutter stores and operate online.
UK warehouse investment hits record high as shoppers shift online
The flow of money into the UK’s retail logistics sector hit a record high last year, as investors sought to ride a boom in e-commerce and shift cash from struggling office properties and shopping centres. Large warehouses and last-mile delivery facilities have been among the winners of the pandemic, which has forced more shoppers online and led to the stockpiling of various essential goods and medicines. The biggest single deal was private equity firm Blackstone’s £473m acquisition of a logistics platform from the world’s largest warehouse company, Prologis, in October. Amazon, whose vast marketplace has allowed it to ride the 2020 e-commerce wave, signed leases on a series of multimillion-square foot facilities around England last year.