In contrast to most of the past 20 years, RoUK industrial rental growth has almost matched the South East over the past couple of quarters. But that is unlikely to last. The boost to demand for big sheds in the Golden Triangle thanks to the surge in online shopping has partially reversed and there has been a strong supply response. Moreover, industrial assets in regions outside the South East are more vulnerable to what is likely to be a growing issue with depreciation and obsolescence.
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