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Demand for U.K. warehouses surged to a record in the third quarter, driven by the boom in online shopping that accelerated during the pandemic.
Warehouse owners leased out 13.3 million square feet (1.2 million square meters) in the three months through September, more than double the year-earlier level, according to a report from broker CBRE Group Inc. Retailers that operate exclusively online accounted for a third of demand.
“The past six months’ take-up exceeds the annual total for eight of the past 10 years,” Jonathan Compton, senior director for U.K. industrial and logistics intelligence at CBRE, said in a statement. “Concerns around Covid-19 and Brexit have not suppressed demand, and consumers in the U.K.