Construction in the Warehouse Sector - Uk 2009-2013

Countries covered: United Kingdom "On the 2nd February 2009, AMA Research will publish the 1st Edition of the report “Construction in the Warehouse Sector - UK 2009-2013”. The report should be of particular interest to developers, occupiers, logistics companies and construction professionals and provides a comprehensive review of the warehouse property sector. Key areas in the report: An overall review of the UK warehouse sector with forecasts for development over the next few years. A review of warehouse occupiers by end sector and assess how the retail sector is continuing to drive demand, particularly for large warehouses over 10,000 sq. m. Detailed assessment of warehouse construction output, together with estimated forecasts for development up to 2013 Review of the key issues of demand, availability, take-up rates, rents and speculative construction for the regional warehouse markets in Greater London, South East & East, South West & Wales, East & West Midlands etc. Areas of particular interest:- Review of the warehouse development pipeline across the UK and details of key schemes currently under construction and those expected to complete during 2009. Changing patterns of distribution within the UK warehousing market Review of growing importance of regional locations or ‘hubs’ to many occupiers - impact on demand for warehouse space in less congested areas. Impact of the Energy Performance of Buildings Directive (EPBD) for commercial property, which came into effect from April 2008, and EU Working Time Directive issued in 2005. Growing popularity of online shopping and its impact on the structure of the warehouse market. Review of leading contractors operating in the warehouse sector and impact of the ‘credit crunch’ on expected development of warehousing. Key Contractors profiled:- Bowmer & Kirkland Buckingham Construction The Clugston Group Fitzpatrick Henry Boot Plc McLaren Construction Norwest Holst John Sisk & Son Taylor Woodrow Construction Key areas of coverage in the report include:- THE WAREHOUSE MARKET IN THE UK Value and size of the Warehouse Market in the UK - trends since 2003, mix between Speculative and Design and Build 2003-08. Warehouse Occupiers by End Sector - food, non-food, logistics, manufacturing shares. Detailed analysis of the Retail Warehousing Sector - recent trends and future prospects. Warehousing Market - demand, availability, take-up rates, rents and speculative development - key market influences, major clients. Regional Warehouse Markets - Greater London, South East & East, South West & Wales, East & West Midlands and North East & Scotland. Property availability by region in 2008. Distribution of Freight in the UK by Road, Rail, Water and Air and the impact of the EU Working Time Directive on the structure of the warehouse market. CONSTRUCTION MARKET FOR WAREHOUSES Value of Total Construction New Work Output in the United Kingdom - split by sector and Outlook for the Construction Industry in 2009 and Beyond. Contractors Output in the Warehouse Market - value from 2002-08 and forecasts to 2013. Warehousing - New Development Pipeline - developments since 2002. Warehousing - Regional Development Pipeline - space under construction, recent trends and future prospects. Warehousing - Speculative Development - space under construction 2005-08, split by region. KEY ISSUES AFFECTING THE WAREHOUSING SECTOR The Economy and the Impact of the ‘Credit Crunch’. Economic Indicators - Manufacturing Output, Consumer Spending & Inflation. Legislative Drivers - Energy Performance of Buildings Directive; Empty Rates Relief; EU Working Time Directive - impact on warehousing sector. E Commerce and Warehousing. Future prospects up to 2013 - market forecasts and overview of key influencing factors. CONSTRUCTION MARKET SUPPLY IN THE WAREHOUSE SECTOR Structure of the UK Contracting Industry - major players. Consolidation in the Construction Industry and the Impact of the ‘Credit Crunch’. Overview of leading Construction Contractors in the Warehouse Market.

Additional Information

Growth in the warehousing and distribution sector has been significant in recent years, underpinned by strong growth in capital spending in the retail and distribution sector, with a number of retailers investing in additional floor space to improve sales and productivity. With some 150 million sq. m. of warehouse stock, the UK is one of the largest logistics markets in Europe. Of this, around 22% of space is in London and the South East and about the same proportion in the Midlands regions.

Demand for warehouse premises has remained high up to 2007, particularly for large, strategic warehouses, as companies sought to consolidate their supply chains.This development was strongly tied to continued expansion in retailing activity, and, in particular, the growing popularity of bulk retailing and online retailing. Speculative development continues to account for the majority share of all warehousing development with around 65%, compared with design and build and this trend has grown over the past 3 years, as the chart (left) shows.

Available warehousing floor-space stood at over 21m sq. m. in late-2008, with a gradual increase in availability over the past couple of years. Speculative development completions were stronger in 2007 than in any other year in the past decade. However, 2008 has seen speculative build levels declining due to the abolition of empty rates relief and the reduction of available speculative finance, with many banks now only providing funding if the developer has pre-let part of the scheme.

The deteriorating economic outlook, slowing consumer markets and declining business confidence across Europe has impacted on the warehousing sector as 2008 progressed. As a result, the supply pipeline is likely to become more restricted in future as finance becomes more difficult to obtain.

Given the effects of the ‘credit crunch’ on the wider economy, the impact on warehouse property markets and on new development, in particular, will become more apparent going forward in the amount of new construction activity. The recent decline in retail construction which almost inevitably will continue throughout 2009 will also affect the warehousing sector.Private warehouse construction output could have declined by as much as 20-25% in 2008 to reach around £1.8bn (from £2.4bn in 2007), with further falls of around 10-12% expected in 2009, with no significant growth in warehouse construction anticipated before 2011.

The economic downturn is re-shaping the warehousing market in the UK as the manufacturing, retail and logistics sectors seek to move to low cost locations, creating rental growth in many regional cities. Manufacturers are likely to continue moving their operations to lower cost locations in the foreseeable future, thus ensuring a steadily growing demand for logistics property.

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