According to the CB Hillier Parker Distribution Warehouses publication, although the economic outlook contributed to the fall, the most significant factor was the lack of demand from the food sector, where the big retailers have now completed the re-organisation of their distribution networks.
It identifies the most significant feature of the market in 2002 as the level of activity in the second hand market, which represented nearly a third of total take-up, well above the level in previous years. The emergence of an active second hand market is a positive factor for the liquidity of the sector and will be particularly welcomed by logistics contractors, giving them access to space on more flexible terms and enabling them to match their property liabilities with contract commitments.
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