Knight Frank – Industrial Open Storage Report, 2024

The 2024 Industrial Open Storage Report by Knight Frank explores the expansion of the Industrial Open Storage (IOS) sector across the UK, offering a detailed analysis of key metrics and emerging trends. The report highlights a 24% surge in rents for prime UK open storage properties in 2024, significantly outpacing the 6.8% rental growth recorded for prime industrial and logistics units. This growth is attributed to increasing occupier demand for better-quality sites, leading to the emergence of IOS as a specialized and distinct asset class. The report also notes that regions such as South Yorkshire and the Midlands have experienced the fastest rental growth, with increases of 55% and 53% respectively. Additionally, the report discusses the challenges posed by limited supply, as industrial land is reallocated for residential use and construction costs rise, impacting the viability of new open storage developments.