Take-up activity across business parks in the Midlands is soaring, according to research by GVA.
The Midlands was the best performing region in the UK, with activity across the first half of the year at almost double the five-year average.
These figures have been supported by strong lettings and sales activity at sites across the M42 corridor, including Ansty Park near Coventry, Waterfront at Merry Hill and Birmingham Business Park.
Adrian Griffith, associate in GVA's Midlands office, said: "The first half of this year has seen a market that is more buoyant than the whole of the past six years, with clear month-on-month improvements.
"We have seen a lot of enquiries over 10,000 sq ft, whereas over the recessionary period most enquiries were for space of sub-5,000 sq ft so the demand and the appetite has certainly returned to the market."
This rush of activity has pushed availability in the Midlands to below 10 per cent – the lowest levels of availability across the country, resulting in a particular squeeze on good quality, larger floorplates.
The continued increase in the level of take-up on UK business parks persisted across the period, with figures nationally totalling 2.3 million sq ft – 16 per cent above the five-year average of 2 million sq ft.