Next generation of industrial property
This is going to have a material impact on future development of industrial properties across the country, says a recent Jones Lang LaSalle (JLL) report on a sustainable future for industrial property.
Tenants are likely to increasingly demand specific sustainability metrics are met under new lease agreements, says the report.
That dynamic is already playing out in the development and acquisition space. There is a strong market for larger sites with older buildings primed for demolition and redevelopment to modern standards.
This is particularly common, given that a substantial proportion of industrial stock is second grade and no longer fit-for-purpose in a modern context.
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