Are warehouses the new high street?

There has been a lot of debate around what our future high streets may look like, as more businesses look to invest in online business as opposed to bricks and mortar. Despite this move being a real strain on the local employment market, there could now be light at the end of the tunnel.

CBRE reported last week that warehouse space demand has more than doubled over the past 10 years, with developers coming under real strain to build more. New space leased by online trade grew by 235 million square feet over this period, an area almost the size of Manchester city centre. Retail represented more than 60% of this growth, a stark change for the warehouse industry with retail only representing 15% of this space just ten years earlier.

The East Midlands in particular are taking advantage of this growing trend, with plans to double their available space by 2025. Perfectly placed in the centre of the country they have been able to attract record levels of cargo transport to East Midlands airport boosting jobs and further interest in the area. The new facilities will add an additional 7,000 jobs over the next five years, boosting demand for local housing and infrastructure.

This distinct change illustrates that soon our high streets could simply comprise eateries and bars, with retail staff moving into a different stage in the supply chain. It would seem the high street's days are indeed numbered.