Stability returns

At the end of June 2023, the average vacancy rate for Poland stood at 6.9 pct, which translated into 2.2 mln sqm of available space. Despite the temporary pause in new mega-shed and BTS construction, developers are still eager to launch small and mid-sized multi-tenant speculative investments. As of June 2023, total stock amounted to 31.5 mln sqm. New developments delivered to the market in Q2 2023 were close to 1 mln sqm. However, the amount of new space is anticipated to continue its decline in the coming months. Average rents in the Big Five markets rose by 5.3 pct compared to December 2022 and in June 2023 ranged from EUR 3.5 to 5.75 per sqm / month with regard to suburban logistics parks. City locations still display slightly higher growth momentum, increasing by 7.1 pct compared to Q4 2022. Values are now up to EUR 8.5 per sqm / month in the Warsaw Inner City area. Back to the pre-Covid dynamics “Although the gross demand of 970,000 sqm observed in Q2 was in line with