Take-up

For prime mid-box units in the South West and Wales, transactional activity in Q1 2026 totalled 295,000 sq ft across six transactions, up 59% year-on-year and 36% above the pre-pandemic average of 216,000 sq ft. Across the size bands, units between 20,000–40,000 sq ft accounted for 31% of take-up, 40,000–60,000 sq ft accounted for 36%, 60,000–80,000 sq ft accounted for 0%, and 80,000–100,000 sq ft accounted for 33%.

Occupier Sector Take-up

There is a diverse range of occupiers taking space, with third-party logistics (3PLs) accounting for 20% and the automotive sector accounting for 11%. This is closely followed by manufacturing companies accounting for 9%. The remainder is spread across a range of occupiers, including local governments.

Supply

The current availability stands at 786,000 sq ft across 19 units. This has decreased by 34% quarter-on-quarter and is down by 15% year-on-year. The majority of available space is for units between 20,000–40,000 sq ft.

By size band for units between 20,000–40,000 sq ft, available supply totals 393,000 sq ft, followed by units between 40,000–60,000 sq ft at 235,000 sq ft, 60,000–80,000 sq ft at 64,000 sq ft and 80,000–100,000 sq ft at 94,361 sq ft.

Speculative Pipeline

There is 831,000 sq ft currently under construction across 17 units, with 211,000 sq ft between 20,000–40,000 sq ft, 246,000 sq ft between 40,000–60,000 sq ft, 209,000 sq ft between 60,000–80,000 sq ft and 164,000 sq ft between 80,000–100,000 sq ft.

In Q1 2026, there were no speculative announcements and speculative completions. However, 526,000 sq ft is expected to be completed in Q2 2026.

Years of Supply

Across the South West and Wales, there is 0.88 years of supply based on the three-year average annual take-up. By size band, there is 1.30 years of supply in the 20,000–40,000 sq ft range, 0.62 years of supply in the 40,000–60,000 sq ft range, 0.43 years in the 60,000–80,000 sq ft range and 1.60 years of supply in the 80,000–100,000 sq ft range.

Quoting Rents

The prime quoting rents for the South West and Wales range from £10.00 psf to £16.00 psf, with quoting rents in Bristol increasing by 3%.

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