Warehouse demand still strong despite virus
Construction in the logistics sector has been affected by the coronavirus as many have had to close down and are now relying on materials that could quickly run out.
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Will Cooper, Head of Development Project Management in the Building & Project Consultancy team at Savills, explains that work is continuing cautiously. ‘If we assume that the lockdown will not continue for long, some projects could be delayed by about six to eight weeks,’ he says.
As of 2nd of April 42% of confirmed speculative development construction sites have been put on pause while developers try to understand how Covid-19 will impact them.
Will Laing, Logistics Analyst, Commercial Research, at Savills, adds that of the 5 million sq. f. of warehouse space being speculatively developed, 1.4 million sq ft will roll into in to Q4 2020 and beyond...
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