■ With the news take-up has fallen and supply has increased it would be tempting to suggest that a nadir in the UK logistics market has been reached.

■ It should however be noted that as supply has fallen to such low levels that even small rises are, in percentage terms, highly volatile. Indeed, even as recently as January 2016 total supply stood at 33.4m sq ft.

■ Savills are also monitoring the amount of space currently under offer to occupiers, which combined with regular market churn will see take-up levels rise into the second half of the year.

■ Brexit remains the key unknown in the market and the ramifications for the logistics industry, along with the retail and manufacturing supply chain remain unclear. Could markets with higher than average labour supplies be the net beneficiaries as occupiers look to open new units? If so this could see increased demand in Northern regions less dependant on migrant labour.

■ Regardless of Brexit, growth in online retail continues and supply chains continue to adapt. This will continue to see transactional activity as companies reorganise and expand their operations.

^{Source: Retail Economics}