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Demand still high for warehouses in Q1

Rafał Ostrowski 14 May 2019

Rafał Ostrowski

Journalist

+48 22 356 25 11
rafal.ostrowski@eurobuildcee.com

Rafał Ostrowski has over 17 years’ experience as a journalist. Before joining ‘Eurobuild CEE’ five years ago, he wrote for Wydawnictwo Murator and Shopping Centre Magazine, as well as for retailnet.pl. He has also written for many newspapers and magazines as a freelancer and prepared photo-reportages. Rafał graduated from the University of Warsaw in philosophy. He also completed postgraduate studies in text editing. For ‘Eurobuild CEE’ he covers most real estate sectors, including logistics, construction, office, residential and retail. He is also in charge of the film direction for Eurobuild TV.

POLAND The total warehouse space take-up (excluding short-term contracts) in Poland amounted to 800,000 sqm in Q1, down from the record 1.1 mln sqm in the first quarter of 2018 and from the 855,000 sqm registered in Q1 2017. This was still, however, the third highest ever figure for the first quarter, says JLL.

“The rapid growth of the industrial market in Poland is still mainly being driven by new lease agreements and tenant extensions, which accounted for more than 580,000 sqm. The take-up seen at the beginning of the year are grounds for optimism for the months to come,” believes Tomasz Olszewski, the head of industrial for the CEE region at JLL.

The most active sector was third party logistics, accounting for 55 pct of net take-up (app. 320,000 sqm). The total floor space leased by light manufacturing and automotive firms totalled more than 87,000 sqm, while the food sector, due to one exceptionally large deal, accounted for another 14 pct.

“In Q1 2019, tenants mainly focused their attention on the five largest markets, with Wrocław leading the way with a net take-up of app. 190,000 sqm. Altogether, the markets surrounding Poland’s largest metropolitan areas accounted for more than 90 pct of the total net take-up,” points out Maciej Kotowski, a consultant at JLL.

The relatively high levels of speculative development seen during 2018 have not resulted in major changes in vacancy rates – the average for Poland stands at 5.7 pct (5.3 pct in 2018). Over the first quarter, industrial rents increased in Warsaw’s suburbs, Wrocław, Poznań, Szczecin, Lubuskie and Opole by up to EUR 3.7 sqm per month. Warsaw’s inner city remains the most expensive market in the country, with headline rents ranging from EUR 4.3 to EUR 5.2 sqm per month.

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