Better than last year
The total amount of space delivered in Poland in the first quarter was 38% higher than in the same period last year, when developers completed the construction of 26 projects totaling 445,000 sqm. The largest amount of modern industrial space was delivered in Poznań (127,000 sqm), Toruń (103,000 sqm) and Upper Silesia (72,000 sqm). Panattoni was the developer that dominated the market in terms of new supply delivered (54,5%). It completed two out of three largest warehouses in the first three months of 2017 including BTS warehouse for Kaufland – 45,650 sqm and BTS warehouse for Carrefour – 38,000 sqm. The third largest warehouse totaling 42,170 sqm built in BTS formula for Agata Meble was delivered by Prologis within the Prologis Park Piotrków II.
After record-breaking 2016, when 3,3 million sqm were leased, the demand level, which at the end of March reached over 1 million sqm, instils optimism. For comparison, in the same period last year the demand amounted to approximately 680,000 sqm. 3PL sector companies and retailers dominated among tenants.
At the end of Q1 2017 over 1 million sqm of modern industrial space remained under construction, of which nearly 80% is already leased. Worth noticing is the fact that developers more often decide for partly speculative investments. What is more, apart from large BTS-type agreements in the market, we will observe further BTO-type transactions (also known as fee development) in which client commissions the developer to build a warehouse for the client’s own use. Due to the development of the smaller companies from e-commerce sector, an interest in Small Business Units (SBU) may increase.
„In 2017 we expect further development of smaller industrial markets such as Toruń/Bydgoszcz, Lublin, Rzeszów, Szczecin. Regional markets will gain in attractiveness owing to the improving transport infrastructure, availability of investment land and workers who are missing out on the most popular markets”, said Maciej Chmielewski, Partner at Colliers International and Director of the Industrial and Logistics Agency.