The socio-economic impact of businesses in the railway arches
Figure 4.1 – The amount of industrial space has been declining across urban centres and nationally
Index of amount of industrial floorspace by geography (2001 = 100)
Source: Valuation Office Agency, 2023. Non-domestic Rating: Business Floorspace 2023
4.6
The loss of urban industrial floorspace has occurred despite significant and growing demand for industrial space. Whilst London lost 26% of its industrial floorspace, the vacancy rate for floorspace dropped from 16% in 2001 to 4% in 2021. The data recording this shift is most widely available for London, but similar trends are happening across the UK’s urban areas. Such low vacancy rates undermine the healthy functioning of the sector. The lack of industrial floorspace prevents businesses from creating jobs and meeting the needs of residents and businesses.
Arches as spaces for light industry
4.7
Within London, The Arch Company portfolio contains more industrial space than has been delivered by new industrial development across London over the last 10 years for which data are available. 32 The high volume of commercial space provided by The Arch Company is true across all sectors, with the portfolio providing more commercial floorspace than 11 of the 33 individual London boroughs. 33 This becomes even more pronounced when looking at industrial space, where the amount in the portfolio is greater than the amount in 14 of the 33 individual London boroughs. 34 The role of the portfolio in supporting businesses can also be seen through the lens of industrial space. Industrial space (including manufacturing, logistics and storage space) is a vital piece of infrastructure to support the national economy. It support s millions of the UK’s jobs, approximately 14% of the country’s economic output (£232bn in 2021), 35 and many of the inputs and products needed for the functioning of the economy and our everyday lives.
4.8
32 The GLA, 2021. London Development Database records a total completion of 496,000m2 of B2 floorspace over the period FY2009- FY2019.
33 VOA, 2023. Non-Domestic Floorspace: Stock of Properties Including Business Floorspace
34 VOA, 2023. Non-Domestic Floorspace: Stock of Properties Including Business Floorspace
35 NLA, 2023. Industrial & Logistics: Can London Deliver?
19
Made with FlippingBook. PDF to flipbook with ease