Tritax Big Box's confident outlook for UK logistics

As the Mediterranean sun warmed the Croisette for MIPIM 2026, the sentiment surrounding UK logistics shifted from recovery to a palpable sense of momentum. 

Ian Brown

Ian Brown, head of Corporate Strategy & IR at Tritax Big Box, shared insights in Cannes with CRE Media Europe into why the firm enters 2026 with more confidence than the year prior.

Fresh off the company’s recent entry into the FTSE 100, Brown described a market characterised by resilient demand and a tightening supply of high-quality space.

While the broader UK economy has faced headwinds, the demand for "big boxes" remains robust. Brown noted that while decision-making cycles among occupiers have lengthened, the underlying necessity for space hasn't diminished.

This demand is meeting a "supply shock" following a reduction in new construction starts over the last year. Brown highlighted a widening gap between prime, brand-new assets and secondary space, where many older buildings now require significant reconfiguration to remain relevant.

With a portfolio standing at approximately 4.2 million m2 and a development pipeline capable of delivering another 3.25 million m2, Tritax is focusing inward to drive value rather than hunting for external distressed assets.

Brown outlined three key drivers for the company in 2026.

The first is capturing rental reversion, as the portfolio is currently roughly 30% under-rented. 

Tritax is also targeting a significant increase in rental income from pre-let activity and new developments.

Perhaps the most significant new frontier for the firm is its entry into the data centre market.

"We’ll hopefully receive planning permission imminently on our first scheme at West Drayton [near Heathrow]. That’s 107 MW, which potentially would come on stream at the back of 2027."

Reflecting on the mood at MIPIM, Brown noted that his peers share a similar sense of optimism. 

"UK logistics is in a good place... rental growth is continuing to outstrip inflation. That, in turn, is ensuring that investors are still being attracted to the sector. We feel positive and confident about the prospects in the UK."

Branislav Pekic