The first quarter of 2026 (Q1) saw take up in Wales for industrial units over 50,000 sq ft reach 344,882 sq ft, according to the latest report from global property consultant Knight Frank.
The take up was around 50,000 sq ft higher than the same period last year, but down from the 675,000 sq ft achieved in the final quarter of 2025.
Neil Francis, head of the Knight Frank Wales Logistics & Industrial team based in Cardiff, said: ”The take up comprised two lettings and two sales, with the largest deal being the sale of the 111,000 sq ft former Liberty Steel facility in Tredegar which was sold to an existing South Wales based manufacturer which is going to use it for a second facility in the region.”
The second sale was the disposal of Unit 1 on Hirwaun Industrial Estate to Welsh Government which is going to carry out a comprehensive refurbishment to bring a high-quality manufacturing facility to the market.
Neil Francis said: “A similar project has been undertaken at 120,000 sq ft in Tredegar by local investor Gevrey who acquired last year and have overclad the roof and refurbished internally. At the moment 60,000 sq ft is under offer and the remainder available to let.”
According to the Knight Frank research, availability of industrial stock now stands at 4.6 million sq ft – compared to 3.7 million sq ft at the end of 2025 – but this is impacted by the return to the market of the 900,000 sq ft former Wilko facility in Magor.
Neil Francis commented: “Positively, we are finally seeing new build coming out of the ground with Indurent leading the way with 350,000 sq ft under construction at Indurent Park in Newport, offering units from 45,000 to 115,000 sq ft.
“This new space will start becoming available from Q4 2026 and there is good early interest. Once secured, the quoting rents will set new headlines in the region.”
The other new arrival is an 85,000 sq ft high-bay warehouse in Blackwood Business Park, Caerphilly, which is due to complete after Easter.
Neil Francis added: “The market can currently best be described as inconsistent, with the general levels of activity being better than the take up figures suggest.
“And with over 800,000 sq ft of space currently under offer to occupiers, Q2 will be a significant quarter for the market if legals progress successfully.”