occupier insight · 2019-04-30 · inner city: hillwood warsaw i (7,300 sqm). take-up tenant demand...
TRANSCRIPT
OCCUPIER INSIGHTINDUSTRIAL AND WAREHOUSE MARKET IN POLAND
Q3 2017
OCCUPIER INSIGHTPoland
13.02 million sqmINDUSTRIAL AND WAREHOUSE STOCK
37,965,000POPULATION f
4.9%UNEMPLOYMENT RATE
(ILO) p
8.6% average for2012-2016
4.3%GDP GROWTH f
2.5% average for 2012-2016
Occupier Sentiment Index**‘000 sqm
0,00%
2,00%
4,00%
6,00%
8,00%
10,00%
12,00%
2012 2013 2014 2015 2016 Q3 2017
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200
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1 000
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1 400
1 600
1 800
Supply Vacancy rate
-40
-30
-20
-10
0
10
20
30
2012 2013 2014 2015 2016 2017
Market trends
** The Occupier Sentiment Index for the industrial and warehouse market based on RICSquarterly commercial survey is a composite measure of overall market momentum, encompassing variables on supply, demand and expectations. A higher value would be indicative of tighter market conditions for tenants and therefore more upward pressure on rents.
PLN 4,473SALARY
PLN 3,989 average for 2012-2016
Emerging markets
Industrial and
warehouse space
saturation:
Warsaw
Leasing volume (Q1-Q3 2017)
Upper Silesia
578,200sqm
614,500 sqm
263,000 sqm
Poznan
282,400 sqm
Wroclaw
619,500 sqm
Central Poland
81,000 sqm
Szczecin
39,700 sqm
East Poland
139,100 sqm
Tricity
77,500 sqm
Cracow
8,800 sqm
Bydgoszcz and Torun
EXPERT OPINION
Tom Listowski, Partner, Head of Industrial & Warehouse, CEE
“A golden age for the Polish industrial market – this best illustrates the current situation in Poland. Both occupier and developer activity has been setting new highs in recent years, fuelled by the country’s robust economy and transport infrastructure improvements. The market is offering ever more modern schemes and the growing importance of robotisation is already a fact.”
East Poland
East Poland
f - forecast
3.6 million sqm – 0 sqm
Kielce
Kalisz
Zgorzelec
Zielona Gora
Swiebodzin
Krosno
Odrzanskie
OCCUPIER INSIGHTWarsaw
3.59 million sqmINDUSTRIAL AND WAREHOUSE STOCK
SUPPLYWarsaw is the largest industrial market in Poland. Since January 2017, warehouse supply has totalled more than 371,100 sqm. Completions include several large-scale schemes such as Panattoni Park Grodzisk II and III (88,400 sqm), Panattoni BTS H&M Grodzisk(37,400 sqm) and Panattoni Park Janki II (36,500 sqm). At the end of September 2017, there was approximately 192,100 sqm of warehouse space under construction across nine projects, only one of which was in Warsaw Inner City: Hillwood Warsaw I (7,300 sqm).
TAKE-UPTenant demand for modern warehouse space remains healthy. The leasing volume totalled 614,500 sqm in January-September 2017, accounting for 67% of 2016’s level. Most of that space was transacted in Warsaw Suburbs (520,800 sqm). The share of new leases constituted 54% while renegotiations accounted for39% of Warsaw’s total volume. Expansions amountedto 38,700 sqm.
VACANCY RATEWarsaw’s overall vacancy rate holds stable despite healthy supply levels. Compared with the end of December 2016, Warsaw Inner City’s vacancy rate edged down by 2.1 percentage points to 8.7% (65,800 sqm), whereas that for zone 2 fell by 0.8 percentage points to 6.8% (192,200 sqm).
5,346,627 POPULATION f
PLN 5,354SALARY
4.2%UNEMPLOYMENT RATE f
MASOVIA
EXPERT OPINION
Katarzyna Bojanowicz,Business Development Director
“Developers and occupiers continue to focus on western Warsaw, which benefits from a well-developed road network. There are many warehouse developments taking place in the vicinity of Grodzisk and Pruszków, attracting strong tenant interest. Rents in Warsaw vary, depending on the distance to the city centre. Prime headline rents stand at EUR 5.2 per sqm in Warsaw Inner City.”
sqm
0,00%
5,00%
10,00%
15,00%
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25,00%
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100 000
200 000
300 000
400 000
2012 2013 2014 2015 2016 Q3 2017
New supply - Warsaw Inner City (zone 1)
New supply - Warsaw Suburbs (zone 2)
Vacancy rate - Warsaw Inner City (zone 1)
Vacancy rate - Warszawa Suburbs (zone 2)
KEY LEASE TRANSACTIONS(Q1-Q3 2017)
Tenant Lease type Property sqm
eMAG New deal P3 Blonie 33,100
ElectroluxExpansion/Renewal
MLP Pruszkow I 26,700
Whirlpool RenewalGoodman Warsaw I
Logistics Centre25,900
Confidential New dealPanattoni Park Konotopa II
22,000
f - forecast
OCCUPIER INSIGHTUpper Silesia
2.24 million sqmINDUSTRIAL AND WAREHOUSE STOCK
SUPPLYUpper Silesia is the second largest industrial market in Poland. Since January 2017, warehouse supply hastotalled 117,700 sqm, delivered in six schemes, including Panattoni Park Gliwice III (51,000 sqm), Panattoni Park Sosnowiec IV (35,800 sqm), Panattoni Park Ruda Slaska (33,500 sqm) and Goodman Gliwice Logistics Center(21.800 sqm). At the end of H1 2017, there was 243,700 sqm under construction in seven schemes. This year’s total supply is expected to surpass last year’s record high of 195,000 sqm following the completion of Panattoni BTS Amazon Sosnowiec (135,000 sqm).
TAKE-UPOccupier activity remains robust in this region. The leasing volume has totalled 578,200 sqm to date. New leases accounted for 72% while renegotiations made up 26% of the total take-up. If the current trend continues, this year’s take-up in Upper Silesia is likely to set a new high following last year’s 604,200 sqm.
VACANCY RATERobust occupier interest pushed the vacancy rate down by 0.8 percentage points to 5.3% (117,700 sqm) since year-end 2016, with the average for 2012–2016 standing at 7.0%.
EXPERT OPINION
Jakub Kurek,Advisor
“Developer activity in Upper Silesia is driven by this region’s large pool of available lands and well-developed road and rail infrastructure. In addition, easy access to skilled labour attracts industrial and warehouse space tenants from various sectors to this region.”
sqm
KEY LEASE TRANSACTIONS(Q1-Q3 2017)
Tenant Lease type Property sqm
Amazon New deal (BTS)Panattoni BTS Amazon
Sosnowiec135,000
Żabka New deal MLP Gliwice 24,700
Moto-Profil Renewal Prologis Park Chorzow 20,200
Confidential Renewal Logicor Czeladz 16,700
0,00%
2,00%
4,00%
6,00%
8,00%
10,00%
12,00%
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50 000
100 000
150 000
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250 000
300 000
350 000
2012 2013 2014 2015 2016 Q3 2017
New supply Vacancy rate
4,507,260 POPULATION f
PLN 4,532SALARY
4.2%UNEMPLOYMENT RATE f
SILESIA
f - forecast
OCCUPIER INSIGHTPoznan
1.86 million sqmINDUSTRIAL AND WAREHOUSE STOCK
SUPPLYFrom January to September 2017, warehouse supply totalled 221,000 sqm, delivered across seven schemes, including P3 Poznan (64,400 sqm), Panattoni Park PoznanVIII (47,100 sqm) and Clip Poznan (37,800 sqm). Two small-scale schemes are under construction: DoxlerBusiness Park (15,000 sqm) and MLP Poznan (9,700 sqm).
TAKE-UPLeasing activity has totalled 263,000 sqm to date, compared to 358,200 sqm in 2016, of which 80% was let under new lease agreements. Volumes of warehouse space leased through expansions and renegotiations amounted to 27,900 sqm and 24,600 sqm, respectively. The largest transaction was BMW’s lease for 32,000 sqmin BTS Goodman Swiecko. In addition, Ceva signed a 24,600 sq m lease with the owner of P3 Poznan.
VACANCY RATEAt the end of September 2017, there was 123,300 sqm of vacant space, accounting for 6.7% of this region’s total stock. Compared with the end of December 2016, the vacancy rate edged down by 0.2 p.p. By comparison, the vacancy rate for 2012–2016 averaged 4.0%.
EXPERT OPINION
Adam Szyller,Advisor
“In anticipation of strong tenant interest in the Poznan region, developers have secured substantial sites for new developments. Tenants continue to enjoy low headline rents standing at EUR 2.90–3.40 per sqm.”
sqm
KEY LEASE TRANSACTIONS(Q1-Q3 2017)
Tenant Lease type Property sqm
BMW New deal (BTS) BTS Goodman Świecko 32,000
Ceva New deal P3 Poznań 24,600
Confidential New deal Logicor Poznań III 15,900
Confidential New deal (BTS)Panattoni BTS
Poznań II15,700
3,461,300 POPULATION f
PLN 4,048SALARY
3.9%UNEMPLOYMENT RATE f
GREATER POLAND
0,00%
1,00%
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6,00%
7,00%
8,00%
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50 000
100 000
150 000
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350 000
2012 2013 2014 2015 2016 Q3 2017
New supply Vacancy rate
f - forecast
OCCUPIER INSIGHTWroclaw
1.61 million sqmINDUSTRIAL AND WAREHOUSE STOCK
SUPPLY123,100 sqm of new warehouse space was added to this region’s total industrial stock in the period from January to September 2017. Six schemes were delivered to the market, including Hillwood Wroclaw 3 (40,100 sqm), Panattoni Park Wroclaw VII (30,000 sqm) and Hillwood Wroclaw I bis (26,400 sqm). By comparison, annual warehouse supply averaged 155,100 sqm in the years 2012–2016.
TAKE-UPWarehouse take-up has totalled 282,400 sqm to date, compared with the average annual leasing volume in 2012–2016 at 356,400 sqm. New deals accounted for 54% of the volume, while expansions and renegotiations made up 8% and 39%, respectively.
VACANCY RATEAt the end of September 2017, the region’s vacancy rate stood at 5.1%, equating to 81,500 sqm, down by 0.5 p.p. compared with December 2016. It is also lower by 5.3 p.pthan the five-year high of 10.4% recorded in 2013.
EXPERT OPINION
Miłosz Borkowski,Advisor
“Bielany Wroclawskie continues to attract the strongest tenant interest. Nearly all leading developers have delivered warehouse schemes to this market. Shrinking availability of qualified talent is, however, becoming a growing concern for current and future tenants. Rents remain at a moderate level of EUR 2.90–3.40 per sqm.”
sqm
KEY LEASE TRANSACTIONS(Q1-Q3 2017)
Tenant Lease type Property sqm
H&M New deal (BTS)Panattoni BTS H&M
Boleslawiec60,000
Dirks Group Renewal Hillwood Wroclaw II 28,600
Whirpool New dealPrologis ParkWroclaw V
18,300
OstSped New dealPrologis ParkWroclaw V
10,100
2,861,700 POPULATION f
PLN 5,055SALARY
4.2%UNEMPLOYMENT RATE f
LOWER SILESIA
0,00%
2,00%
4,00%
6,00%
8,00%
10,00%
12,00%
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50 000
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350 000
400 000
2012 2013 2014 2015 2016 Q3 2017
New supply Vacancy rate
f - forecast
OCCUPIER INSIGHTCentral Poland
1.60 million sqmINDUSTRIAL AND WAREHOUSE STOCK
SUPPLYFive projects completed in Central Poland delivered 177,700 sqm of new warehouse space to the market, accounting for more than 2016’s supply (166.800 sqm). The largest completions included Prologis Park Piotrkow II (42,200 sqm) near the interchange of the A1 motorway and the S8 expressway, and Panattoni BTS Decathlon (32,000 sqm) in eastern Lodz. There are also two large schemes under construction: Panattoni BTS BSH (79,000 sqm) and Panattoni BTS Castorama (50,000 sqm).
TAKE-UPLeasing activity hit a record high with 619,500 sqmtransacted in the period from January to September 2017, which represented an increase of nearly 77% on the total take-up noted in Central Poland in 2016. Of that total, new lease agreements accounted for 74%, while renegotiations and expansions made up 136,900 sqm and 22,000 sqm, respectively. Five leases were made for more than 50,000 sqm.
VACANCY RATEThe vacancy rate fell to a record low of 1.4% (23,100 sqm), down by 1.5 percentage points compared with where it was at the end of 2016. Healthy demand coming largely from BTS tenants coupled with moderate supply pushed the vacancy rate down from the high level of 12.9% recorded in 2013. EXPERT OPINION
Katarzyna Bojanowicz,Business Development Director
“There is strong occupier interest in Lodz-Widzew, where most of this region’s warehouse and manufacturing space is located. Developers are becoming increasingly focused on the western part of the city, near the S14 expressway. Headline rents remain flat at EUR 3.2–3.6 per sqm.”
sqm
KEY LEASE TRANSACTIONS(Q1-Q3 2017)
Tenant Lease type Property sqm
Castorama RenewalPrologis Park Strykow II (BTS Castorama)
101,700
BSHNew deal / Expansion
Panattoni BTS BSH 79,000
K+N New deal P3 Piotrkow 55,800
OBI New dealPanattoni Park
Nowosolna (BTS OBI)50,700
2,465,300 POPULATION f
PLN 3,997SALARY
4.2%UNEMPLOYMENT RATE f
LODZKIE
0,00%
2,00%
4,00%
6,00%
8,00%
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12,00%
14,00%
2012 2013 2014 2015 2016 Q3 2017
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New supply Vacancy rate
f - forecast
OCCUPIER INSIGHTSzczecin
506,000 sqmINDUSTRIAL AND WAREHOUSE STOCK
SUPPLY459,300 sqm has been added to Szczecin’s industrial stock since 2012. Of that total, more than 315,600 sqm has been delivered to the market since the begining of 2017. Completions include two large-scale schemes: PanattoniBTS Amazon Szczecin (161,000 sqm) and Goodman BTS Zalando Szczecin (130,000 sqm). The development pipeline comprises Panattoni Park Szczecin II (32,000 sqm), scheduled for delivery in H2 2018.
TAKE-UPIn Q1-Q3 2017, the leasing volume hit 81,000 sqm. The largest deal was DHL’s 31,000 sq m lease at Panattoni Park Szczecin I. In addition, Panattoni Park Szczecin I and II signed up three tenants who took up a total of 26,600 sqm. This year’s take-up is unlikely to match the peak recorded in 2016, in which 349,100 sqm was transacted. Of that total, 91% was leased under new transactions.
VACANCY RATEThe region’s rising stock pushed the vacancy rate down to 0.7% at the end of Q3 2017 on account of a low-base effect. In the past, however, due to this market’s low industrial stock, the vacancy rate fluctuated between 0% and nearly 19.4% since 2012.
EXPERT OPINION
Jakub Dudkiewicz,Advisor
“The Szczecin market is growing rapidly and has a huge growth potential. It benefits from its proximity to the western border with Germany, encouraging developers to commence new projects. Headline rents remain attractively low at EUR 2.80–3.30 per sqm.”
sqm
KEY LEASE TRANSACTIONS(Q1-Q3 2017)
Tenant Lease type Property sqm
DHL New dealPanattoni Park
Szczecin I31,000
Confidential RenewalPrologis ParkSzczecin DC1
21,000
Confidential New dealPanattoni Park
Szczecin I15,800
Confidential New dealPanattoni Park
Szczecin II7,400
1,681,800 POPULATION f
PLN 4,131SALARY
5.6%UNEMPLOYMENT RATE f
WEST POMERANIA
0,00%
5,00%
10,00%
15,00%
20,00%
25,00%
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50 000
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250 000
300 000
350 000
2012 2013 2014 2015 2016 Q3 2017
New supply Vacancy rate
f - forecast
OCCUPIER INSIGHTEastern Poland
445,000 sqmINDUSTRIAL AND WAREHOUSE STOCK
SUPPLYThe industrial stock has been growing in Eastern Poland at an average annual rate of approximately 50,000 sqm with a record high supply of 174,400 sqm recorded in 2015. Three buildings have been delivered to this market since January 2017, including a 20,000 sq m BTS scheme DL Invest Debica developed for Hutchinson. Bialystok, which has no existing warehouses, is a promising market as PanattoniPark Bialystok (33,600 sqm) is expected to be delivered there.
TAKE-UPIn Q1-Q3 2017, the leasing activity totalled 39,700 sqm, of which 86% was let under new lease agreements. Expansions amounted to 5,700 sqm with no renegotiations recorded in this period. By comparison, the leasing volume averaged 63,000 sqm per annum in the years 2012–2016.
VACANCY RATEThe vacancy rate has remained relatively low since the end of 2016. In September 2017 it stood at 2.1%, down by 4.9 percentage points compared with year-end 2016. By comparison, this region’s vacancy rate has ranged between 1.1% and 13.8% over the last five years.
sqm
KEY LEASE TRANSACTIONS(Q1-Q3 2017)
Tenant Lease type Property sqm
Confidential New dealCentrum Logistyczne
Tokarska14,000
Stokrotka Expansion MLP Lublin 5,700
DPD New dealPanattoni Park
Białystok3,800
CTS Logistics
New dealWaimea Cargo
Terminal Rzeszow-Jasionka
3,100
2,085,300POPULATION f
PLN 3,656SALARY
7.6%UNEMPLOYMENT RATE f
SUBCARPATHIA
2,109,900POPULATION f
PLN 3,853SALARY
6.4%UNEMPLOYMENT RATE f
LUBELSKIE
1,156,400POPULATION f
PLN 3,807SALARY
5.4%UNEMPLOYMENT RATE f
PODLASKIE
-
50 000
100 000
150 000
200 000
2012 2013 2014 2015 2016 2017
0,00%
2,00%
4,00%
6,00%
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10,00%
12,00%
14,00%
16,00%
New supply Vacancy rate
EXPERT OPINION
Jakub Kurek,Advisor
“The highest concentration of warehouse space in the Rzeszow region is in the vicinity of the Rzeszow-Jesionka airport and the A4 motorway. Most of Lublin’s warehouse schemes are located in the eastern part of the city. This region constitutes a bridge for tenants between Central and Eastern Europe.”
f - forecast
OCCUPIER INSIGHTTricity
434,000 sqmINDUSTRIAL AND WAREHOUSE STOCK
SUPPLYDeveloper activity remains firm in Tricity with 25,000 sqm of warehouse space delivered to the market in two schemes in the January-September period. Goodman Pomeranian Logistics Centre (36,800 sqm) is under construction. By comparison, the annual supply for 2012–2016 averaged 38,700 sqm.
TAKE-UPLeasing activity remains strong in Tricity. Since the beginning of 2017, it amounted to 139,100 sqm, which is 22,000 sqm more than last year’s total. New leases accounted for nearly 50% of the leasing volume, while expansions and renegotiations made up 18,300 sqm and 52,000 sqm, respectively.
VACANCY RATEIn comparison with the end of 2016, Tricity’s vacancy rate fell by 2.0 p.p. to 3.9% (16,700 sqm) at the end of September 2017. Since 2012, it has ranged between 2.2%and 10.4%.
EXPERT OPINION
Jakub Dudkiewicz,Advisor
“Tricity attracts largely global logistics tenants. The recent expansion of the Deep Container Terminal (DCT) is likely to further stimulate occupier activity in this region. Headline rents stand at EUR 3.5 per sqm.”
sqm
KEY LEASE TRANSACTIONS(Q1-Q3 2017)
Tenant Lease type Property sqm
Omega Pilzno
New deal Pomeranian Logistics Centre
12,200
Confidential Renewal Prologis Park Gdansk -Airport DC1a
10,200
Confidential New deal Hillwood 7R Gdansk 2 10,000
MAG New deal Prologis Park Gdansk–Airport
7,800
2,285,900 POPULATION
PLN 4,589SALARY
4.6%UNEMPLOYMENT RATE
POMERANIA
0,00%
2,00%
4,00%
6,00%
8,00%
10,00%
12,00%
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10 000
20 000
30 000
40 000
50 000
60 000
70 000
2012 2013 2014 2015 2016 Q3 2017
New supply Vacancy rate
f - forecast
OCCUPIER INSIGHTCracow
361,000 sqmINDUSTRIAL AND WAREHOUSE STOCK
SUPPLYThe Cracow market has maintained a strong momentum since 2015. In the first three quarters of 2017, new warehouse completions included two schemes: 7R KrakowKokotow II (13,900 sqm) and 7R Krakow Kokotow III (5,800 sqm), developed for Tekanne, compared with last year’s total supply at 45,300 sqm. Large schemes under construction include Panattoni Park Krakow IV (33,000 sqm) and 7R Krakow Kokotow VI (26,000 sqm).
TAKE-UPFrom January to September 2017, leasing activity amounted to 77,500 sqm, accounting for more than four-fifths of the total take-up recorded in 2016. New leases made up 76%, while 18,500 sqm was transacted through renegotiations with no expansions noted in this period. By comparison, the leasing volume averaged 56,600 sqm per annum in the years 2012–2016.
VACANCY RATEThe vacancy rate has edged down since the start of the year. At the end of September 2017, it stood at 6.7%, up by 1.4 percentage points on the average for 2012–2016.
EXPERT OPINION
Miłosz Borkowski,Advisor
“Cracow is one of Poland ‘s most expensive locations, largely due to high land prices. Headline rents stand at EUR 3.5–4.0 per sqm. Key tenant destinations include Skawina, located in the western part of the city and close to the A4 motorway, and Kokotow in the east.”
sqm
KEY LEASE TRANSACTIONS(Q1-Q3 2017)
Tenant Lease type Property sqm
Velvet Care New deal (BTS) 7R BTS Velvet Care 20,600
Confidential RenewalGoodman Krakow Airport Logistics
Centre
7,300
AUTO -GUM
New deal7R Logistic Krakow-
Kokotow7,100
Confidential New deal (BTS)BTS Goodman
Skawina5,700
3,340,800 POPULATION
PLN 4,392SALARY
4.1%UNEMPLOYMENT RATE
LESSER POLAND
0,00%
2,00%
4,00%
6,00%
8,00%
10,00%
12,00%
14,00%
16,00%
18,00%
-
5 000
10 000
15 000
20 000
25 000
30 000
35 000
40 000
45 000
50 000
2012 2013 2014 2015 2016 Q3 2017
New supply Vacancy rate
f - forecast
OCCUPIER INSIGHTBydgoszcz and Torun
265,000 sqmINDUSTRIAL AND WAREHOUSE STOCK
SUPPLYMore than 112,800 sqm of modern warehouse space was delivered in Bydgoszcz and Torun in the period from January to September 2017, accounting for nearly 43% of the region’s total industrial stock. The largest completions were BTS schemes: Panattoni BTS Kaufland (45,700 sqm) and Panattoni BTS Carrefour (38,000 sqm). Stock under construction includes Waimea Logistics Park Bydgoszcz (16,200 sqm), which will provide approximately 90,000 sqmonce fully built out.
TAKE-UPIn the first three quarters of 2017, the leasing volume amounted to barely 8,800 sqm transacted through two renegotiations: PHUP Gniezno and MBS Logistics renewed their leases at Logistic & Business Park Bydgoszcz. By comparison, last year’s total take-up hit 130,800 sqm, most of which (97%) was leased under new contracts.
VACANCY RATERobust supply pushed the vacancy rate up to 7.4% at the end of September 2017 compared with the average of 9.5% for 2012–2016. Due to the relatively low industrial stock, the vacancy rate in Bydgoszcz and Torun is likely to fluctuate as it has between 1% and 25.4% since 2012.
EXPERT OPINION
Adam Szyller,Advisor
“Bydgoszcz and Torun attract manufacturing companies in particular. This market continues to grow benefiting from supportive measures from local authorities and a large labour pool. Headline rents stand at EUR 2.90–3.40 per sqm.”
sqm
KEY LEASE TRANSACTIONS(Q1-Q3 2017)
Tenant Lease type Property sqm
PHUP Gniezno
RenewalLogistic & Business
Park, Bydgoszcz4,650
MBS Logistics
RenewalLogistic & Business
Park, Bydgoszcz2,870
Tabemax S.J.
New dealWaimea Logistic Park
Bydgoszcz650
Boruta Zachem S.A.
New dealWaimea Logistic Park
Bydgoszcz650
2,060,100 POPULATION
PLN 3,868SALARY
6.00%UNEMPLOYMENT RATE
KUYAVIA-POMERANIA
0,00%
5,00%
10,00%
15,00%
20,00%
25,00%
30,00%
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20 000
40 000
60 000
80 000
100 000
120 000
2012 2013 2014 2015 2016 Q3 2017
New supply Vacancy rate
f - forecast
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DEFINITIONS
SOURCES AND VALIDITY OF DATA:
Population: size of population in each region, Oxford Economics forecast at year-end 2017.Unemployment: unemployment rate as defined by the ILO (International Labour Organization), Oxford Economics forecast at year-end 2017.Salary: average monthly salary in the enterprise sector in a voivodeship, Central Statistical Office of Poland (as at September 2017).
This report has been produced by experts of Cresa Polska Sp. z o.o. and cooperating entities on the basis of publicly available data and information which have been verified exclusively to confirm their accuracy without examining whether they are true or genuine. Therefore, Cresa Polska Sp. z o.o. does not make any warranty or take any responsibility for any damage suffered as a result of decisions made on the basis of the content and conclusions of this report, which is provided for information purposes only and does not substitute individual advisory service. All copyrights to this report and its individual elements are reserved – a prior written consent of Cresa Polska Sp. z o.o. is required before this report can be used for commercial or promotional purposes in whole or in part.
Definitions
Industrial stockTotal modern industrial and warehouse space available on a market and delivered after 2000.
New supply Volume of industrial and warehouse space delivered to a market in a specified period.
Vacancy rate Proportion of vacant space to the total industrial stock at the end of a specified period.
Gross take-up
Synonym: leasing activity
Total volume of space leasing in a specified period, regardless of the actual occupancy, comprising new leases, expansions, renewals (renegotiations). Leasing
activity also includes new pre-lets signed for schemes under construction, planned or
undergoing refurbishment.
Net take-up Total volume of space leasing, excluding renegotiated renewals.
Asking rentMonthly rent per square metres of leasable space expected by the owner at an early stage.
Base rentMonthly rent per square metre of leasable space based on the actual lease terms and conditions.
Effective rent
Base rent less various financial incentives being the subject of negotiations between the tenant and the landlord.
Effective Rent = (total rent – free rent – cash allowances) / lease term / rentable
space.
Build-to-Suit (BTS) scheme
Industrial or warehouse scheme developed to meet specific tenant requirements such as location, area, technical and use specifications, usually agreed before construction
begins.
Pre-letPre-let agreement signed prior to construction or during development(before an occupancy permit is obtained).
CRESA POLSKA SP. Z O. O.Warsaw Financial Center
ul. Emilii Plater 53
00-113 Warsaw
tel: +48 22 470 70 70
cresa.com
BOLESŁAW KOŁODZIEJCZYK, PhD, MBA, MRICS
Head of Research & Advisory
+48 661 111 [email protected]
TOM LISTOWSKI
Partner, Head of Industrial & Warehouse, CEE
+48 509 510 [email protected]
REGIONAL OFFICESWrocławPegaz, ul. Grabarska 1tel.: +48 731 347 070
GdańskOlivia Business Centre, al. Grunwaldzka 472 tel: +48 732 987 070