Demand for industrial property

North Lanarkshire’s enterprise convener has welcomed news that the level of vacant industrial property in the authority area has shown a bigger fall than in any other Scottish region during the past five years.

More than two million square feet of local industrial spaces sized at 50,000 sq ft and above was sold or let between January 2014 and June this year, according to figures from real estate firm CoStar.

Property sales totalled more than £24 million, while new industrial occupiers in the area include John G Russell (Transport) Ltd in Coatbridge, Airdrie-based Hermes Parcelnet and Lidl, who are currently constructing a new regional distribution centre at Eurocentral.

Councillor Allan Graham said: “North Lanarkshire has an ideal position at the heart of Scotland with excellent transport links, a strong workforce and attractive prices. This data shows that businesses also recognise the benefits of locating in North Lanarkshire and is further proof of the strength of our economy.

“Figures from Lanarkshire Joint Valuation Board show the industrial property vacancy rate has reduced over the past two years to only 8.6 per cent, showing most of the property available is being bought or let quickly, and the council and developers are taking action to ensure we continue to meet this increasing demand.”

North Lanarkshire has nearly half of all the industrial “marketable land supply” for the Clydeplan area covering eight local authorities, while since 2014, council economic development company Fusion Assets has developed new industrial spaces including at Coatbridge, and a new business centre in Airdrie.