At the end of March, the fastest-growing industrial and logistics sector on the Polish real estate market had resources of over 25.3 million sq m, recording 17 percent. increase compared to the same period in 2021. The increase in the new warehouse space was visible in each of the nine concentration areas, the so-called big five markets. Invariably, the regions with the largest stock of warehouse space in Poland are: Warsaw, offering 5.5 million sq m. (22% of total resources) and the region of Upper Silesia (18%) and Central Poland (15%).
The continuation of the dynamic growth of the warehouse sector in Poland is confirmed by the record-breaking result of the new supply on a quarterly basis. From January to March, 1.3 million sq m was delivered to tenants. surface. Completed projects dominated in Greater Poland, where the market gained 280,000 sq m. sqm., in the region of Lower Silesia and Upper Silesia. In the first three months of this year, the occupancy permit was obtained, among others, by: Hillwood BTS in Bydgoszcz (104,000 sq m), P3 Poznań II (82,000 sq m), Hillwood BTS Stryków II (73,000 sq m) and Segro Logistics Park Poznań, BTS in Gołuski (50,000 sq m).
Analyzing the structure of new facilities, we observe the dynamic development of urban formats and last mile logistics facilities, which are facilities highly desired by tenants from the e-commerce and q-commerce sectors. A new format of the "dark stores" type has also appeared on the Polish market as mini distribution centers, especially for the e-grocery sector. Additionally, there are also noticeable changes in the technical standard of the constructed facilities. More and more often, developers are implementing projects with increased load capacity of the floor, higher heights and increased thermal insulation of walls - explains Michał Kozdrój, director of the logistics agency at Knight Frank.
Along with the expansion of the industrial and logistics market, the interest of tenants does not diminish. Contracts for 1.4 million were signed in the first quarter of the year. sq m surface. The most popular were three developed areas of concentration, the leader of which was the region of Upper Silesia (21 per cent of demand), followed by Warsaw (zone I and II with a share of 16 per cent), and the third - the area of Central Poland ( 14% of the total volume of concluded contracts).
Just like tenants, developers remain just as active. At the end of March 2022, 4.7 million sq m was under construction. surface. These data confirm that despite the limitations related to the availability of materials, labor and price increases, the implementation of new investments is not slowing down. Currently, the largest number of new investments is being made in emerging markets, where over 860,000 jobs are underway. sq m of new space - adds Renata Zielińska, consultant in the market research department at Knight Frank.
At the end of March 2022, a decline in the vacancy rate was recorded (to the historically lowest value estimated at 4.1%), despite the record high volume of new supply and continued unabated demand. The largest volume of warehouse space available immediately was offered by the region of Upper Silesia with a vacancy rate oscillating around 7 percent.
The supply, which does not match the demand, in correlation with the low vacancy rate, creates an upward pressure on asking rents, the first signs of which are already visible. In the first quarter of 2022, an increase in asking rents in the main warehouse markets in Poland was recorded. Moreover, it should be expected that this trend will also continue in the next quarter. Warsaw remains the most expensive market, where the asking rent within the city's administrative boundaries is EUR 4-5.60 / sq m. monthly.