PL

Poland Convenience centres continue to grow

Retail & leisure
The retail park segment in Poland has continued to grow despite the Covid-19 pandemic, according to the latest findings published jointly by JLL and Trei.

One of the reasons for this is that the stores in such centres often stock food and everyday goods. Moreover, the retail units generally have their own entrances and are directly accessible from the car park, which means shoppers can limit their exposure.

The prime yields of retail parks and convenience centres remained stable at 6.8 pct over H1 2020. Overall, 14 transactions in a combined volume of EUR 430 mln were closed in this segment between January and June of this year. Prime monthly rents for large units ranged from EUR 8 to 12 per sqm. According to JLL, such rates are paid for retail units of about 2,000 sqm. Among the competitive advantages of these properties are their low service charges. The monthly charges range from EUR 1.5 to 2 per sqm and thus amount to roughly one-tenth of those paid in more traditional shopping centres in Poland. Lease agreements tend to be signed for terms of five, seven or ten years plus renewal options. The rent levels are fixed in euros and paid in złoty. This way, the arrangement eliminates the currency risk for foreign investors.

I’m pleased that we managed to follow up on our debut report in 2019 with a second, improved report on retail parks and convenience centres in Poland at this time. Its findings confirm our expansion strategy in this market. While the market for retail parks in Germany is largely saturated, we continue to see signs of significant demand in Poland. The places where they are most needed include smaller towns and rural regions.
Pepijn Morshuis, the CEO of Trei Real Estate

In spite of the coronavirus pandemic, about 130,000 sqm of gross leasable space came on-stream during H1 2020. It is the equivalent of 5 pct of the entire stock. Another 171,000 sqm – the equivalent of 6.3 pct of the stock – is under construction and will come onto the market before the end of 2020 or in 2021. The vacancy rate in retail parks is currently 3 pct. In recent years, it fluctuated between 3 and 4.8 pct.


Retail parks were quick to recover once the lockdown in Poland was lifted, as Jacek Wesołowski, the managing director of Trei Real Estate Poland has commented: “We did not expect the retail parks to recover so quickly after the outbreak of Covid-19. After reopening, some tenants registered sales as high as 160 pct of the pre-lockdown level.”

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