THERE is no doubt that over the past few years the industrial market has been difficult both in terms of large-scale logistics and in the general small to medium-sized market.

Companies at the smaller end of the sector have been hit hardest – a lack of confidence and difficulties in obtaining funding have led to business failures and property moves being put on hold.

As a result, the industrial property market has seen low take-up levels of small to medium sized units, increased vacant units, falling values and little new development.

However, we are seeing signs of this changing and some confidence returning to the market.

After three years of little or no new development, we now have several new schemes under construction in the Merseyside area.

River Street Asset Management is developing Coopers Point in Knowsley comprising a 53,000 sq ft speculative development of 13 units fronting the East Lancs Road and due to complete at the end of November. Estuary Banks is a joint venture between Barnfield Construction and Centric Properties and will be completed in early 2012 comprising 82,000 sq ft of high quality industrial space.

And Riverview Business Park in Wirral is also under way with completion in November with phase one providing 83,000 sq ft of space, with 80% of the scheme already pre-sold.

It is interesting that there has been little new build elsewhere in the North West and, although it should be noted that these three schemes in Merseyside have been facilitated with the help of grant funding, the main drivers have been some renewed confidence in the market.

The big question is, how will these new schemes perform in terms of take up?

We have witnessed a steady level of demand which is encouraging, but only time can tell us if there is enough momentum to return to, or at least come close to, post-recession take up figures and values.

There are some encouraging signs in the logistics side too – businesses are choosing to position themselves in Merseyside to take advantage of excellent transport links.

Most notably, DHL recently took 360,000 sq ft at G Park, Liverpool and Regatta Leisure taking 393,000 sq ft at the Pioneer Point facility in Ellesmere Port. All of this is much needed good news for the region, even if it is nothing more than just green-shoots at this stage.