Skyscrapers Give Way to Sheds as Covid Changes U.K. Real Estate
- Online retail surge is driving increased demand for warehouses
- Rent for logistics property is growing faster than for offices
Work is carried out on the frame of the Amazon.com Inc. warehouse in Dartford, U.K., on Aug. 11. The project will be the largest warehouse in Europe.
Photographer: Simon Dawson/Bloomberg
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On a building site about 20 miles east of London, workers are busy putting up the largest warehouse in Europe. Just leased to Amazon.com Inc., it can’t go up fast enough.
When it’s done next summer, the four-story “mega-box” will encompass 2.3 million square feet, the size of 40 American football fields. Owner and developer Tritax Big Box REIT Plc had plenty of interest from retailers in the site on the River Thames, but when Amazon came knocking, the rest were pushed aside.