According to the latest report by Savills, the record take-up levels and no speculative completions caused the vacancy rate on the Czech industrial space market to plummet 70 bps to a new low of 1.75%, one of the sharpest quarterly declines observed in the market in the last five years. The total volume of modern industrial space available for lease across the country fell from 226,700 sqm in June to 165,000 sqm in September.
The Polish warehouse market continues to power ahead, reveals the latest report from real estate advisory firm Savills. The development pipeline is historically high and take-up activity is on track for another record year. Leased buildings are being targeted by investors from all over the world. After the first three quarters, the logistics sector accounts for close to half of the total investment volume in Poland.
The total volume of real estate investments in the Czech Republic reached €328 million in the third quarter of 2021, being 24% below the previous quarter but 8% up year-on-year, according to Savills latest report.
According to Savills, preliminary data for European office markets for Q3 2021 shows take-up had increased 15% year-on-year, although still below the five-year average. Positive office market data is also provided by Google’s mobility index, with Warsaw leading the way among surveyed European capital cities.
The Czech market is expected to record a full-year investment volume of €775 million and €475 million for offices and logistics, respectively, signalling continued growth in both market segments. Savills experts Pavel Novák and Chris LaRue talked to Property Forum about the key trends driving the Czech office and logistics markets.
The Polish warehouse market is experiencing an unprecedented boom. In the first half of 2021, the take-up of logistics space in Poland exceeded 3 million square meters for the first time in history and was higher than in the United Kingdom, France or Spain.
According to Savills, investment in the European real estate market is forecast to exceed last year’s level by at least 15% and reach around €270 billion in 2021, with the living sectors and logistics markets likely to account for a significantly higher proportion of total investment than their historic averages. Preliminary estimates of the investment volume in Poland after the third quarter of this year show the absolute dominance of the logistics sector.
Two new contracts for the lease of office space in the Bonarka for Business complex in Kraków have been signed. Apollo Investments and SeproTec Multilingual Solutions have leased a total of 825 sqm of space.
Tenants of MLP Łódź will soon be joined by Bohnenkamp, a supplier of tyres and wheels. The company will occupy more than 6,000 sqm . The warehouse facility is scheduled for handover in late March this year. Supporting the tenant in the transaction was Axi Immo.
Orbis and Accor Services Poland have renewed lease agreements for a total of nearly 2,500 sqm in the Lumen office building in central Warsaw. In both transactions, the tenants were represented by the consulting firm Cushman & Wakefield.
Aleksander Loster has been appointed as Director in Savills Poland investment team, headed by Mark Richardson since 2023. In his new role, he will be responsible for working with international investment funds during the sale and acquisition of retail, industrial, warehouse and alternative assets.
Piotr Wilewski joined Walter Herz Investment Advisory Department as Land Acquisition Manager. He is responsible for acquiring land projects, preparing analyses of investment potential and searching for ways to build real estate value.
GTC Group appoints two people to head up its shopping centres in Poland Anna Borecka will take over as director of Galeria Jurajska in Kraków. Meanwhile, Marek Ciszewski will take the helm at Galeria Północna in Warsaw.
Property Forum is a leading event hub in the CEE real estate industry with nearly 10 years of experience. We organise conferences, business breakfasts and workshops focused on real estate, in London, Vienna, Budapest, Bucharest, Bratislava and Prague, amongst other locations.