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There is 1.27 years of supply, signalling improving balance in the market
Despite a modest increase in overall availability, the South West and Wales mid-box market remains tight where occupier demand is most focused. With less than a year’s supply between 40,000 and 80,000 sq ft, genuine choice remains limited and well-located, high-quality buildings should continue to command strong interest.
Jack Davies, Director, Bristol Industrial
Savills jointly leased Aztec 38, which comprised a new and speculatively built, best-in-class warehouse facility in North Bristol.
Take-up
For prime mid-box units in the South West and Wales, transactional activity in 2026 YTD totalled 615,000 sq ft across 14 transactions, down 2% year-on-year. Across the size bands, units between 20,000–40,000 sq ft accounted for 31.8% of take-up, 40,000–60,000 sq ft accounted for 41.6%, 60,000–80,000 sq ft accounted for 10.8%, and 80,000–100,000 sq ft accounted for 15.8%
Occupier Sector Take-up
Parcel operators accounted for 19% of 2026 YTD activity, followed by third-party logistics occupiers at 16%. Manufacturing and grocery retailers accounted for 12% and 11%, respectively. Food production represented 6%, while automotive and wholesale occupiers each accounted for 5%. The remainder was distributed across a diverse mix of other occupier groups.
Supply
The current availability stands at 1.13 million sq ft across 25 units. This has increased by 11% quarter-on-quarter and is up by 2% year-on-year. The majority of available space is for units between 20,000–40,000 sq ft.
By size band, available supply totals 423,013 sq ft for units between 20,000–40,000 sq ft, 318,150 sq ft between 40,000–60,000 sq ft, 132,287 sq ft between 60,000–80,000 sq ft and 258,292 sq ft for units between 80,000–100,000 sq ft.
Speculative Pipeline
There is 499,288 sq ft currently under construction across 12 units. Of this, 214,352 sq ft comprises units between 20,000–40,000 sq ft, 144,218 sq ft between 40,000–60,000 sq ft and 140,718 sq ft between 60,000–80,000 sq ft. There are no units under construction between 80,000–100,000 sq ft.
In 2026 YTD, there were 194,702 sq ft of speculative announcements and 476,703 sq ft of speculative completions. With 304,586 sq ft expected to complete in Q4 2026.
Years of Supply
Across the South West and Wales, there is 1.27 years of supply based on the three-year average annual take-up. By size band, there is 1.39 years of supply in the 20,000–40,000 sq ft range, 0.84 years in the 40,000–60,000 sq ft range, 0.88 years in the 60,000–80,000 sq ft range and 4.39 years in the 80,000–100,000 sq ft range.
Quoting Rents
Prime quoting rents across the South West and Wales range from £10.00 to £16.00 psf, with Bristol remaining stable.
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