The £4m-per-acre mark was achieved on land deals in Heathrow and Park Royal. Values have also grown significantly in Croydon, where the price per acre now stands at £3m – a 300% increase on 2012.

“The lack of speculative development [of industrial buildings] has led to an imbalance in the market, with some occupiers having to wait for build-to-suit opportunities. This in turn is driving up land values or pushing up prime rents by over 19% and secondary stock or existing units by 16%,” says Andrew Smith, partner at Carter Jonas.