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CB Richard Ellis's new report in “Big Box Poland” – Industrial Market in Poland" series. |
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According to the report 2006 was a very dynamic year within the
warehouse and logistic market in Poland. Compared to 2005, take up
increased by 96% to reach a record level of over 857,000 sq m.
In 2006 there were 25 new warehouse projects added to the market with a
combined total of 609,000 sq m. The total stock of modern warehouse
space in Poland increased by 36% and as at the end of 2006 totaled in
excess of 2.53 mln sq m. Over 86% of the space leased in 2006 was
within the Sector 2 (Logistic parks located beyond a radius of 20km and
within a radius of 100 km from Warsaw city centre) and Sector 3 regions
(logistic parks located in the regions and major cities of Poland,
excluding Warsaw and the Warsaw region). As at the end of 2006, within
Sectors 2 and 3, approximately 428,000 sq m of modern warehouse space
was under construction.
“The most dynamic growth in new modern warehouse and logistic space as
well as volume of lease transactions was recorded in Sector 3.
Increasing interest and growth of regional areas has lead to a more
geographical spread of the warehouse and logistic market in Poland.
Throughout the course of 2006 in the regions of Katowice, Poznań, Łódź,
Piotrkow Trybunalski, Wrocław and Gdańsk close to 450,000 sq m of new
space was constructed which represents approximately 74% of the total
for the year”, commented John Palmer, Managing Director of CB Richard
Ellis Polska.As at the end of 2006, the total vacancy rate for all
Sectors fell to a level of 7.94%.
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The fall in the vacancy rate is attributed to a further increase in
demand for new warehouse space and a greater proportion of pre-let
agreements. Currently the total amount of available warehouse space is
191,000 sq m with the highest proportion located in existing buildings
in Sector 2. The warehouse market in Sector 1(warehouse and warehouse
type business parks located within a radius of 20 km from central
Warsaw) experienced an increase in activity in 2006 with take up
reaching 116,960 sq m, representing a 40% rise to that witnessed in
2005. In view of a small increase in stock, Sector 1 recorded the
lowest vacancy rate of all the sectors, standing at a level of 4.98%.
Headline rents as well as other lease incentives were found to harden.
It is also worth noting that in view of increasingly higher demand,
developers are less inclined to offer incentives and will usually only
include rent free periods to tenants who have leased considerably large
amounts of space over a longer period of time.
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