Small industrial unit sq ft rate?

[dsl2]

Just wondering if anyone here is clued up or could point me in the right direction to find out an approx sq foot rental rate for small starter light industrial units based in Birmingham.

I've owned a few small units for many years, ranging in size from 1480 to 2215 sq ft & have been lucky enough to have had them rented continually on an informal handshake basis which has never been an issue for either parties (thus far!)

I've not increased the rents for nigh on 8 years & feel I should take a look at the current going rate but not sure if I'm already charging around the right sort of money at around the £6 - £6.75 per sq foot mark?

[coyft]

I have some small light industrial units in Norfolk. The rents have increased by 40% since Covid. Demand has been very strong over the last 12 months.

Ask a local commercial agent/surveyor.

[loafer123]

Take a look at the Realla app for comparable.

[anonymous-user]

Look low to me and I’m in Scotland where rents lag behind.

There is currently strong demand for industrial units post Covid and rents have increased.

Another factor is rising build costs which have made speculative development unviable which places upwards pressure on rents for existing units.

I would Google industrial space to let in your area to get a better feel for the going rate. Also worth calling some agents who have space for let.

[thenortherner]

I'm familiar with rates on warehouses/distribution centres on a far larger scale (150,000 sq. ft+)... It's not uncommon to find rents have doubled in the last 5 years. Typical rates are anything from £6-8.75 depending on size and location.

[dsl2]

Thank you guys, really helpful replies.

It does indeed seem that I'm undercharging by a margin, will look to tweak the rates up a tad.

[Brett748]

You should contact a surveyor and/or solicitor if you have tenants in occupation under a lease and ensure the correct rent review process is followed.

[dsl2]

Brett as per the initial thread no lease agreements are in place & no rises have been made in 8 years.

[fridaypassion]

Brett748 said:

You should contact a surveyor and/or solicitor if you have tenants in occupation under a lease and ensure the correct rent review process is followed.

This. I caused a monumental upset with my LL a few years back when I refused his rate rise. I wasn't signed out of the 1954 act. Do make sure you are actuality entitled to increase the rent.

Thankfully own our current place but have been looking at renting a much bigger unit and can't believe how much rents have gone up in the last 3 years since we bought.