^{▲ Symmetry Park, Swindon, developed by DB Symmetry}

Supply

■ Supply constraints in the region have been slightly alleviated in 2017 after chronic low levels in 2016. Available supply totalled 1.4 million in 2017, which represented a 283% increase from year end 2016 when available supply only equated to 375,000 sq ft.

■ The supply in the South West is evenly distributed across the three smaller size bands, the largest unit on the market is Cribbs Causeway Distribution Centre where 384,768 sq ft is available.

■ The supply in the South West is of a good quality as 66% of the space available is classified as Grade A. There is one new unit available in the market which is Unit G2, Horizon 38, Bristol where iSec speculatively developed 115,500 sq ft.

^{Source: Savills Research}

Take-up

■ After a strong transactional activity, take-up returned to be broadly in line with the long-term average in 2017. Take-up reached 1.5 million sq ft across the South West in 2017, which represented a 65% fall from 2016 and a 13% decrease from the long term average.

■ The largest deal in the South West in 2017 was Amazon purchasing land at Central Park, Bristol, to construct their own 1.23 million sq ft facility. This was also the biggest deal across the wider UK market in 2017. The two other deals that took place were between 100,000- 200,000 sq ft.

■ There were no transactions that involved existing units in 2017, this can be initially attributed to the lack of available supply earlier in the year. There have only been two schemes which have experienced transactional activity in 2017 these were Central Park, Bristol, where the aforementioned Amazon deal occurred and DHL acquired 160,000 sq ft at the Delta Properties scheme. The other scheme was Goodman’s Gloucester Business Park, Gloucester, where TB Engineering acquired a 101,880 sq ft build-to-suit unit.

^{Source: Savills Research}

Development Pipeline

■ There is currently 332,500 sq ft being speculatively developed across two separate units. The largest unit is Unit 1 Symmetry Park, Swindon where DB Symmetry are developing 217,000 sq ft.

^{Source: Savills Research}