In the 15 largest Polish cities, a decrease in the average vacancy rate was noted to the level of 3% (in comparison to 3.6% noted at the end of 2013). A decrease in the vacancy rate was noted even in markets which were characterised by the highest amount of vacant space, such as Kielce, Toruń and Bydgoszcz.
In Q3 2014, a couple of new international brands entered the market. French fashion chains opened their first shops in Warsaw shopping centres: Undiz (lingerie) in Arkadia and Devred 1902 (men’s fashion) in Wola Park. Another French brand – Sinequanone (women’s fashion), and Italian Eye Sport (mix fashion) had their debut in Galeria Warmińska in Olsztyn. On the other hand Swiss brand Charles Vögele exited the Polish market in July 2014.
Among the significant events in Q3 it is worth to mention the opening of Samsung Saturn Store in Galeria Katowicka. In Warsaw Arkadia, the first independent Lee and Wrangler stores were opened. The newly opened United Colors of Benetton store in Klif Fashion Mall in Gdynia is also worth noticing. It is the first shop to offer customers the latest concept of the brand called ‘On Canvas’.
Colliers estimates that 150,000 sqm of retail projects that are currently in the final phase of construction will be delivered to the market from October to December 2014. Therefore, we expect that a total of about 475,000 sqm of new retail space will be delivered to the market in 2014, which is 26% less than in the previous year. The largest projects that are planned to be delivered to the market in Q4 2014 include Galeria Neptun in Starogard Gdański (25,000 sqm), Vivo! Piła (23,800 sqm), Centrum Galardia in Starachowice (17,900 sqm) and Outlet Center in Lublin (12,400 sqm).
„Due to the increase in competition, developers will be adjusting their projects to the changing market conditions – the planned space of the IKEA investment in Lublin, as well as planned leasable areas of Galeria Metropolis in Poznań (Echo Investment) or Plac Vogla (Ghelamco) in the Wilanów district of Warsaw were reduced.” – notices Dominika Jędrak, Director, Research and Consultancy, Colliers International