POLISH WAREHOUSE MARKET IN Q3 2021 AXI IMMO presents the results of the latest report: “Polish warehouse market in Q3 2021”.
D
eveloper activity in the Polish warehouse market at the end of September 2021 remains at a high level. Completions in Q3 2021 660,000 sq m increased the total logistics and industrial stock to 22.4m sq m. There are 3.46m sq m under construction, of which over 1.22m sq m (+120% year-on-year) are developments without secured leases. In the period under review, gross take-up amounted to 1.44m sq m (+16% year-on-year), where, as expected, the e-commerce and logistics segments remained the main force. The correlation of strong demand and moderate new supply affects the vacancy rate, which stood at 5.04% at the end of September 2021 (-2.66 pp year-on-year). The total volume of investment transactions in Poland’s commercial real estate market after adding up the first three quarters of 2021 amounted to EUR 3.53 billion. The warehouse real estate segment is responsible for nearly half (approx. EUR 1.7 billion) of the capital generated during this period, with transactions of EUR 800m in Q3 alone. Among the largest warehouse investment transactions selected in Q3 2021 was the sale of the Tristar portfolio (160,000 sq m) with properties in Poznań, Wrocław, Warsaw, Czeladź and Gdańsk to Exeter. In turn, Savills IM - ELF3 Fund
Anna Głowacz, Head of Industrial Agency, AXI IMMO
16
Winter 2021
decided to buy Panattoni A2 Warsaw Park (103,700 sq m) located in Grodzisk Mazowiecki from Invesco Real Estate. 7R was also active in Q3, selling three of its warehouse parks, 7R Park Kowale II (52,000 sq m), to Generali Real Estate. At the same time, CBRE IM became the new owner of 7R Park Poznań East and 7R Park Sosnowiec (totaling over 44,800 sq m). “The warehouse real estate sector is taking full advantage of its opportunity. After years of domination by office and retail properties, it is now at the forefront of foreign interest. Investors’ greatest attention is focused on large multitenant warehouse hubs, which accounted for more than half of all transactions this year. The rapid development of the urban logistics segment, as well as the increased number of BTS projects, means that these assets are also increasingly being considered as good opportunities to monetize capital”, says Renata Osiecka, Managing Partner, AXI IMMO. From the beginning of July until the end of September this year, gross take-up in the Polish warehouse market amounted to 1.44 million sq m (+16% year-on-year). During the period under review, tenants were most active in Warsaw, Upper Silesia, the Kuyavian-Pomeranian region, Lower Silesia, and Poznań. Transactions for logistics operators and e-commerce dominated the take-up structure in Q3. Both accounted for over 50% of take-up. The five largest transactions in Q3 2021 included the letting (new deal) of over 104,000 sq m by an international e-commerce company at Hillwood Bydgoszcz, followed by three logistics operators opting to sign new agreements for over 53,000 sq m at 7R Park Goleniów II, 34,000 sq m at Panattoni Park Głogów and 29,700 sq m at Segro LP Poznań Komorniki, respectively. In turn, a company from the tool industry signed a contract for 26,000 sqm at Segro Business Park Gliwice. The total take-up volume from January to September 2021 in the Polish warehouse market amounted to 4.38m sq m, which translates into an increase of 25% year-onyear. The strongest occupier activity in the first three quarters of 2021 was recorded in Warsaw, Upper Silesia, Poznań, Lower Silesia, and Central Poland. New leases and expansions accounted for 75% of the take-up. The Warsaw Voice
