PL

CZECH REPUBLIC Largest new Czech industrial supply since 2017

Warehouse & industrial
The largest volume of Czech industrial properties was completed since the end of 2017 in Q2 2020, according to the Industrial Research Forum.

A total of 219,600 sqm was delivered in 17 industrial parks across the country. This was also a 36 pct y-o-y increase and 16 pct q-o-q. This brings the total Czech stock up to almost 8.82 mln sqm. Of the newly completed space, 88 pct has already been leased.

The largest completion was in Panattoni Park Cheb II (29,900 sqm) on the German border, which at the time of completion was 100 pct leased by German online retailer Real Digital for its main distribution centre for the German market. The second largest was in the park in Týniště nad Orlicí (22,000 sqm) close to the Polish border, which was also fully leased to Japanese catalyst manufacturer Cataler, while the third was an additional speculative building in Prologis Park Prague-Úžice (21,300 sqm).

At the end of Q2, the total stock under construction amounted to 441,600 sqm, app 33 pct of which is in the Moravian-Silesian Region and 26 pct in the Plzeň region. Construction work began on 76,300 sqm during the quarter, but the proportion of speculative space under construction fell to 42 pct.

Despite the lockdown take-up actually increased over the quarter. Gross take-up, which includes renegotiations, reached 360,500 sqm and an increase of 13 pct on the Q1 2020 figures, but a decrease of 14 pct y-o-y. Renegotiations accounted for 47 pct of the total, down on the previous quarter (66 pct). Net take-up amounted to 191,500 sqm, showing a significant q-o-q increase of 76 pct, but a 15 pct y-o-y decline. The demand was mainly driven by logistics companies, accounting for 28 pct of the total volume, closely followed by manufacturing companies (27 pct).

The largest new leasing transaction in Q2 2020 was a pre-lease of 60,500 sqm in CTPark Bor close to the German border by an undisclosed company, which is also the largest of the year so far. The second largest was a pre-lease of 14,500 sqm in CTPark Prague West in Chrášťany, also by an undisclosed logistics company. The largest non-confidential transaction was the pre-lease of 12,400 sqm in Plzeň West Industrial Park, by car seat manufacturer Faurecia Plzeň as an extension of its existing production hall. The company was also responsible for the biggest renegotiation of the quarter, when it leased 24,800 sqm, also in Plzeň West Industrial Park.

Czech Statistical Office data shows that industrial production fell by 33.7 pct y-o-y in April and by 25.7 pct in May, disrupting supply chains. Intercontinental transport is still facing problems. As a consequence, as the restrictions are lifted, many companies are already looking for suppliers in closer locations to replace, for example, Chinese manufacturers. The demand for domestic production and storage capacities could increase as well.

At the end of Q2 2020, the vacancy rate in the Czech Republic reached 4.6 pct, a very small increase of 20 bps compared to the previous quarter. A total of 404,800 sqm of modern industrial space is ready for immediate occupation. Vacancy in Greater Prague reached 2.3 pct at the end of Q2.

Monthly prime headline rents achieved remained stable during Q2 at EUR 4.70 per sqm. Rents for mezzanine office space stand between EUR 8.50-9, while service charges are typically around EUR 0.50–0.65 per sqm.

The Industrial Research Forum was established in 2010 with the aim of providing clients with consistent, accurate and transparent data for the Czech industrial real estate market. Its members include CBRE, Colliers International, Cushman & Wakefield and JLL.

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