Research from Knight Frank shows a rise in the first quarter compared to 2025, but with take up down on the previous quarter

Take up of large industrial space in Wales reached 344,882 sq ft in the first quarter of this year, shows new research from global property consultant Knight Frank.

The take up was around 50,000 sq ft higher than the same period last year, but down from the 675,000 sq ft achieved in the final quarter of 2025. Large units are defined as being more than 50,000 sq ft.

Neil Francis, head of the Knight Frank’s industrial team based in Cardiff, said: ”The take up comprised two lettings and two sales, with the largest deal being the sale of the 111,000 sq ft former Liberty Steel facility in Tredegar which was sold to an existing South Wales based manufacturer which is going to use it for a second facility in the region.”

The second sale was the disposal of unit one at Hirwaun Industrial Estate to Welsh Government. The Cardiff Bay administration acquired a surplus distribution unit from Christmas cracker to stationery business IG Design Group in Hirwaun for £3.15m. It now plans to invest an additional sum of just over £6m to upgrade the building which spans 97,300 sq ft and includes six acres of development land. This will create new modern industrial space that will be marketed to attract inward investment as well as aiding local firms in their expansion.

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Mr Francis said: “A similar project has been undertaken at 120,000 sq ft in Tredegar by local investor Gevrey who acquired last year and have overclad the roof and refurbished internally. At the moment 60,000 sq ft is under offer and the remainder available to let.”

According to the Knight Frank research availability of industrial stock in Wales now stands at 4.6 million sq ft – compared to 3.7 million sq ft at the end of 2025. The increase was impacted by the return to the market of the 900,000 sq ft former Wilko facility in Magor. It is understood that the property has been earmarked for a major data centre investment.

Mr Francis added: “Positively, we are finally seeing new build coming out of the ground with Indurent leading the way with 350,000 sq ft under construction at Indurent Park in Newport, offering units from 45,000 to 115,000 sq ft.

“This new space will start becoming available from Q4 2026 and there is good early interest. Once secured, the quoting rents will set new headlines in the region.”

Knight Frank said a 85,000 sq ft high-bay warehouse project at Blackwood Business Park in Caerphilly is close to completion.

Mr Francis added: “The market can currently best be described as inconsistent, with the general levels of activity being better than the take up figures suggest. And with over 800,000 sq ft of space currently under offer to occupiers, Q2 will be a significant quarter for the market if legals progress successfully.”

A Detroit coalition is rolling out cash incentives of up to $15,000 to attract new residents and retain current ones, as part of a broader push to spur economic growth in the city.

The program, dubbed “Make Detroit Home,” will award more than $500,000 in benefits to over 300 participants, according to the MoveDetroit coalition, which launched the program. These include entrepreneurs, creatives, and small business owners, as well as current residents, former Detroiters and newcomers willing to relocate.

The initiative offers stipends of up to $15,000 to help cover home down payments, renovations, rent or business expenses, according to Realtor.com.

Additional applicants may qualify for $1,000 grants to offset moving costs, security deposits and expenses such as gym memberships or meal services.

An aerial view of downtown Detroit, Michigan. (iStock / iStock)

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“This stipend is a clear signal that Detroit is serious about competing for residents and the data backs up why it’s an attractive proposition,” Hannah Jones, Realtor.com senior economic research analyst, told FOX Business in an email. 

“Detroit consistently ranks among the most affordable major metros in the country, where a $15,000 incentive can realistically cover a down payment or fund a meaningful renovation, rather than barely scratching the surface as it might in higher-cost markets.”

Jones added that pairing that purchasing power with the city’s growing momentum could help drive “household formation and long-term market stability.”

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Billionaire businessman Dan Gilbert talks during a press conference on May 21, 2019, in Independence, Ohio.  (Jason Miller/Getty Images)

The “Make Detroit Home” initiative marks the first major effort from the MoveDetroit coalition, a nonprofit launched last month with backing from local organizations and the mayor’s office.

Billionaire businessman and Rocket Mortgage founder Dan Gilbert is the honorary chair of the group.

“For too long, we’ve been educating some of the most talented young people in the country, only to watch them leave to places like New York City, Atlanta, California, Seattle, Miami, and elsewhere,” Gilbert said. “At our largest universities, we are losing nearly half our graduates. But today, we’re flipping that equation.”

Gilbert pointed to Detroit’s growing roster of major employers, including Google and Fifth Third Bank, as part of the city’s appeal.

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Google office building in Detroit, Michigan on Sept. 27, 2019.  (Raymond Boyd/Getty Images)

The initiative is privately funded, with MoveDetroit aiming to raise $10 million this year. Gilbert has pledged to match every dollar raised, according to Realtor.com.

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“Detroit is a place where you build, grow, and win,” Gilbert said. “This city has the grit and assets to compete with anywhere in the country for talent. People are choosing Detroit for its culture, energy and opportunity. MoveDetroit is about numerous organizations coming together to double down, ensuring that Detroit accelerates its growth even further.”

The brief sigh of relief across global markets lasted barely a day. Brent crude climbed sharply back towards $100 a barrel on Thursday after Iran moved to close the Strait of Hormuz, sending a clear signal that the fragile Middle East ceasefire was already fracturing.

The benchmark was trading at $98.61 a barrel in early afternoon dealing, a rise of 4 per cent, having fallen as much as 16 per cent the previous day to below $91 on optimism that a two-week pause in hostilities might pave the way for a lasting peace. That optimism now looks badly misplaced.

Iran’s decision to shut the strait, through which roughly a fifth of the world’s oil and gas passes, came in direct response to Israeli airstrikes on Hezbollah targets in Lebanon, which Tehran condemned as a breach of the ceasefire agreement. It is a move that strikes at the heart of global energy security and one that will alarm policymakers and business leaders in equal measure.

Sultan Al Jaber, chief executive of Abu Dhabi’s state oil company Adnoc, did not mince his words. He made clear that Iran was using passage through the waterway as a tool of political leverage rather than respecting freedom of navigation, a distinction that matters enormously for businesses dependent on uninterrupted supply chains.

Nigel Green, chief executive of the financial advisory group deVere, echoed those concerns, pointing out that a fifth of the world’s oil supply continues to move through a corridor effectively controlled by one of the belligerents. For SMEs already grappling with elevated energy costs, it is a deeply uncomfortable position.

Stock markets reflected the souring mood. The FTSE 100, which had enjoyed its strongest single session since April 2025 with a 2.5 per cent gain on Wednesday, gave back 0.2 per cent to trade at 10,585. On the continent, Germany’s DAX shed 1.4 per cent and France’s CAC 40 fell 0.7 per cent. Across Asia, Japan’s Nikkei, South Korea’s Kospi and China’s SSE Composite all closed lower.

Wall Street, which had rallied sharply overnight with the S&P 500 up 2.5 per cent and the Dow Jones gaining nearly 3 per cent, was expected to open in the red.

President Trump weighed in on social media, confirming that American forces would remain deployed in the Gulf until an agreement was both reached and honoured, warning of severe consequences should it not be.

Meanwhile, Israel intensified its military campaign in Lebanon with its heaviest strikes since the conflict with the Iran-backed Hezbollah militia escalated last month, with more than 250 reported killed.

For British businesses, particularly those in manufacturing, logistics and any sector exposed to energy pricing, the message is stark. The ceasefire may have offered a momentary respite, but the underlying volatility in the Middle East, and its direct bearing on the cost of doing business, is far from resolved. With Brent hovering just shy of triple figures, boardrooms across the country will be revisiting their hedging strategies and bracing for what could be a prolonged period of uncertainty.

Jamie Young

Jamie is Senior Reporter at Business Matters, bringing over a decade of experience in UK SME business reporting.
Jamie holds a degree in Business Administration and regularly participates in industry conferences and workshops.

When not reporting on the latest business developments, Jamie is passionate about mentoring up-and-coming journalists and entrepreneurs to inspire the next generation of business leaders.

This story about the fourth-quarter GDP report is developing and will be updated with more details.

The U.S. economy grew at a slightly slower pace than expected in the fourth quarter, according to the Commerce Department’s estimate.

The Bureau of Economic Analysis (BEA) on Thursday released its final reading of fourth-quarter GDP, which showed the economy grew at an annualized rate of 0.5% in the three-month period including October, November and December. 

Shipping containers are organized at the Houston Port of Authority on Feb. 10, 2025 in Houston, Texas. (Brandon Bell/Getty Images)

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That figure was lower than the expectations of economists polled by LSEG, who had estimated 0.7% GDP growth in the fourth quarter.