If approved, the scheme would consist of 26 units providing space for offices, research, industry and storage and distribution and could create as many as 200 new jobs.
The grassland site is adjacent to the Britcom headquarters on York Road.
Agents acting for the site owners say it is anticipated that the development would make a significant positive contribution towards the local economy and the surrounding area.
Cllr Mike Stathers, who represents the Wolds Weighton Ward, has welcomed the proposals. He said: “Obviously, the proposals will have to meet our planning policies before we can properly celebrate the development, but this is land allocated for employment use and we should always look to encourage new investment and job creation where it is appropriate.
“This land has long been allocated for employment use and is close to the existing industrial area of Market Weighton. It is important that we encourage investment in our smaller towns, especially those such as Market Weighton that have grown significantly in recent years.
“However, in this case, planners and councillors will be looking closely at traffic management and the impact any significant increase in traffic might have on the town.
“The site has easy access via York Road to the A1079 but this scheme, coupled with the proposed employment and residential development on adjacent land, will surely increase traffic numbers considerably and it might be an opportune time to press for improvements to the local road network, including a roundabout at the York Road/A1079 junction.
“I will be having such discussions with our planners in due course.”
Cllr David Rudd, who also represents the Wolds Weighton Ward, said: “I am delighted to see another application for a significant industrial development which can only benefit the working population of Market Weighton as well as the local businesses and supply chain. With the increasing population of the town, this will create more job opportunities for local people.
“Naturally, the impact this could have on the local infrastructure, on our schools and the road network will have to be looked at.”