ON A building site about 32 km east of London, workers are busy putting up the largest warehouse in Europe. Just leased to Amazon.com, it cannot go up fast enough. Read more at The Business Times.
The United Kingdom has led the e-commerce boom in Europe, and warehouse builders and operators have reaped the benefit. Landlord Segro has seen its shares soar over the past five years. It is now worth about £11.5 billion , making it the country's most valuable listed property firm. The market has also attracted global giants including Blackstone Group and Prologis, which runs a logistics park next door to the Tritax site in Dartford.
Driven by this Internet shopping spree, the demand for warehouses climbed to a record 1.19 million sq m in the three months till June, with online retailers taking up nearly half of that space, CBRE said. Amazon alone accounted for 36 per cent of the market in so-called big-box facilities in the first half of this year, Savills said.
"Whether it's for PPE, virus-testing kits or everyday essentials, some supply chains were found wanting during the pandemic, and we are seeing a renewed focus on this by governments and businesses alike," Segro chief executive officer David Sleath said. The result will be more production in the UK and more inventory held locally to prevent disruptions.
While Internet spending will probably come down slightly from its lockdown highs as brick and mortar shops reopen, it is still expected to remain at about 28 per cent of total retail sales, said Len Rosso, head of industrial and logistics at Colliers International Group.
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