The modern, developer-led warehouse stock in the Czech Republic reached 12.44 million sqm in the first quarter of 2025. Approximately 134,900 sqm was delivered to the market within 6 industrial parks across the country, announced Industrial Research Forum in its Industrial Market Figures for Q1 2025.
This represents a 26% increase compared to the previous quarter and a decrease of 9% y-o-y. All new projects were already pre-leased at the time of completion.
The largest completion in Q1 2025 was a new building in Panattoni Park Ostrov - North (57,200 sqm), which was fully leased to a production company ZF, at the time of completion. The second-largest completed project was an extension of Garbe Park České Budějovice (29,500 sqm), which was fully pre-leased by NOBO AUTOMOTIVE. The third largest completed project was in Panattoni Park Ostrov South (27,000 sqm), leased to WITTE Automotive.
At the end of Q1 2025, approximately 1,066,800 sqm of industrial space was under active construction in the Czech Republic, representing an increase both q-o-q (8%) and y-o-y (20%). Approximately 26% of the total space under construction is situated in Prague & Central Bohemia, followed by the Karlovy Vary region with a 25% share.
The share of speculative space under construction decreased to 28%. At the same time, developers commenced new construction of 243,000 sq m of modern industrial space in Q1 2025, with only 14% of this space being constructed on a speculative basis. In addition, approximately 500,000 sq m of industrial space is currently held in the shell & core stage, awaiting completion once a tenant is secured.
During Q1 2025, gross take-up, including renegotiations, reached 511,600 sqm. This represents a significant increase of 152% compared to the same period last year and an 18% increase q-o-q. Renegotiations accounted for 62% of the total gross take-up, up from 50% in the previous quarter. This was mainly affected by the largest deal of this quarter, a renegotiation of 147,600 sqm. Net take-up in Q1 2025 totalled 193,600 sqm, showing a decrease of 11% q-o-q. However, compared to Q1 2024, net take-up increased by 36%.
The largest new transaction in Q1 2025 was a pre-lease of 40,000 sqm in Industrial Park Nymburk, signed by a production company, Linde Wiemann. The second-largest new transaction was a pre-lease of 17,700 sqm in CTPark Brno Líšeň, signed by an e-commerce company, Rohlík CZ. The third-largest new deal was a new lease of 17,200 sqm in CTPark Prague East signed by an undisclosed tenant. The largest renegotiation (147,600 sqm) of Q1 2025 was concluded by a 3PL company in Prologis Park Prague-Jirny.
At the end of Q1 2025, the vacancy rate in the Czech Republic stood at 3.1.% representing a marginal decrease of 4 basis points q-o-q. Compared to Q1 2024, the vacancy rate increased by 102 bps. A total of 381,100 sqm of modern industrial premises is available for immediate occupation. The vacancy in modern industrial space in Prague & Central Bohemia is slightly lower than the national rate, reaching 3.0% at the end of Q1 2025.
Prime headline rents remained stable at the level of around €7.00 - €7.50 sqm/month. Selected prime locations outside of Prague follow a similar development, achieving around €5.70-6.60 sqm/month. Rents for mezzanine office space stand between €9.50 - €12.50 sqm/month. Service charges are typically around €0.75–1.00 sqm/month.
