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CZECH REPUBLIC Czech industrial stock approaches 9 mln sqm milestone

Warehouse & industrial
Modern developer-led warehouse stock in the Czech Republic currently totals app. 8.99 mln sqm, according to the latest figures released by the Industrial Research Forum.

In Q3 2020, around 145,700 sqm was added in eleven industrial parks to the Czech warehousing market – 30,000 sqm below the five-year average, according to the IRF. This is only a slight decrease of 1 pct y-o-y., but down by a third on the previous quarter. However, 547,000 sqm of new industrial space was delivered in 9M 2020, 12 pct more than in the same period last year. Tenants have been secured for 92 pct of all the space completed in Q3 2020.

The largest completion in Q3 was in Park Nošovice (27,700 sqm) which is 100 pct leased by logistics company Hyundai Glovis. This was followed by Panattoni Park Stříbro (25,600 sqm), which is fully leased to the KION Group; while the third largest completion was in Logistika Park Pardubice (19,000 sqm), leased to automotive component manufacturer Faurecia.

At the end of Q3 2020, the total warehousing space under construction amounted to 372,600 sqm, around 29 pct of which is in the Plzeň region and 24 pct is in the Moravian-Silesian region. Development work started on 96,500 sqm of industrial space in Q3, but the proportion of speculative space fell to 35 pct of the total. The IRF projects that another 200,000 sqm will be added over the present quarter.

The current situation on the Czech industrial and logistics real estate market, contrary to expectations, does not indicate any significant cooling. Demand for industrial properties remains stable. It seems now that economic adjustments caused by COVID-19 pandemic will leave the demand for industrial properties unscathed at least in the near future.
The Industrial Research Forum

Gross take-up (includes renegotiations) came to 289,400 sqm in Q3 – a decrease of 22 pct compared to Q2 and 21 pct down y-o-y. In Q3 renegotiations accounted for 50 pct of the gross take-up, similar to the level of the previous quarter (49 pct). Net take-up thus totalled 146,100 sqm, a significant decrease of 24 pct q-o-q and a 39 pct decrease y-o-y. Net demand (excluding confidential deals) in the third quarter was unusually driven mainly by manufacturing companies, who accounted for 73 pct of the total volume, followed by distribution companies (19 pct).

The largest deal in Q3 was the renegotiation of 33,000 sqm in CTPark Aš by plastic packaging manufacturer Petainer. The second biggest was a new lease of 21,300 sqm in Prologis Park Prague Úžice by an undisclosed producer. The largest pre-lease in Q3 was 14,500 sqm in a confidential deal for space at Prologis Park Prague-Chrášťany.

The vacancy rate for the country at the end of Q3 stood at 4.4 pct, which according to the IRF: “indicates the current resiliency of the Czech industrial market considering the ongoing economic crisis.” Vacancy in the Greater Prague region currently amounts to 1.6 pct.

Prime Czech headline rents remained stable during Q3 at EUR 4.70 sqm/month, while for mezzanine office space rents are currently around EUR 8.50–9.00 sqm/month. Service charges are typically around EUR 0.50–0.65 sqm/month.

The Industrial Research Forum, which is composed of CBRE, Colliers International, Cushman & Wakefield and JLL, has the aim of sharing non-sensitive information on the Czech industrial market and thereby enhancing its transparency.

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