PL

Poland Poland records the highest warehouse take-up in Europe

Warehouse & industrial
According to the latest report from Cushman & Wakefield, the Polish industrial market saw a marked upturn in occupier activity in Q2 2024, reporting the highest leasing volume in Europe. In addition, Poland’s total industrial stock is poised to soon surpass the 35 mln sqm mark.

H1 2024 ended with total take-up at nearly 2.7 mln sqm, up by as much as 22 pct year-on-year.

In the three months to June 2024, tenants leased 1.76 mln sqm of warehouse space, more than making up for the poor performance in Q1. This marked the best result for warehouse take-up in Europe and the second time when Poland outpaced Germany for quarterly leasing volumes. It is also notable that large leases for 20,000-130,000 sqm accounted for 56 pct of Q2 total.
Damian Kołata, Partner, head of Industrial & Logistics/E-Commerce CEE, Cushman & Wakefield

The three largest leases of Q2 were recorded in Wrocław and Bydgoszcz-Toruń. In the Wrocław region, an international e-commerce platform took an additional 126,000 sqm while LX Pantos renewed and expanded its lease to 100,000 sqm. The third transaction saw LPP Logistics lease 104,000 sqm of warehouse space near Bydgoszcz for online order fulfilment.

Similarly to last year, new leases and expansions which totalled 1.66 mln sqm accounted for around 60 pct of the leasing volume (up by 24 pct year-on-year), with the remaining 40 pct transacted under renewed contracts.

The breakdown of net take-up by sector reveals significant changes: retailers and e-commerce companies raised their share of net take-up to 34 pct while logistics providers saw theirs fall from 36 pct in H1 2023 to the current 22 pct. Looking ahead, demand is expected to be driven in the long term by the continued growth of e-commerce, the increasing adoption of ESG strategies and thereby the flight to quality, as well as nearshoring trends.
Adrian Semaan, market analyst, Cushman & Wakefield

A marked decline in speculative construction

In June 2024, Poland’s total industrial stock stood at 33.52 mln sqm, up by 9 pct year-on-year.

The Polish industrial market continues to enjoy brisk expansion with 1.64 mln sqm of modern warehouse space delivered in H1 2024. A similar volume is scheduled for completion in H2 of this year, signifying that Poland’s total industrial stock is firmly on course to exceed 35 mln sqm in the near future.
Damian Kołata

New supply in Q2 2024 reached almost 786,000 sqm, of which 44 pct remained vacant. This pushed warehouse availability up to 2.80 mln sqm at the end of June. The overall vacancy rate edged up to 8.3 pct (up by 1.6 pp y-o-y and 0.1 pp q-o-q) - its highest level since September 2020 (8.5 pct). The largest upward movements in vacancy levels in the last 12 months were recorded in Lubuskie (up by 8.6 pp to 19.3 pct), Pomerania (up by 5.6 pp to 7.1 pct), Lesser Poland (up by 4.9 pp to 6.1 pct) and Łódzkie (up by 3.1 pp to 10.8 pct). Regions reporting negative growth were Western Pomerania (down by 3.4 pp to 4.0 pct), Silesia (down by 1.9 pp to 5.9 pct) and Greater Poland (down by 1.0 pp to 5.9 pct).

Development activity slackened slightly, which - coupled with a sharp decline in speculative construction - is likely to push vacancy rates down in the next 9-12 months. In Q2 2024, work began on the construction of approx. 460,000 sqm of warehouse space, of which only 184,000 sqm was being built speculatively. This brought Poland’s total development pipeline to 1.99 mln sqm at the end of June.
Adrian Semaan

Of all the regions, Lower Silesia is the hot spot for construction activity with 568,000 sqm under way, of which as much as 40 pct is being developed for an international e-commerce platform in P3 Wrocław in Kąty Wrocławskie. Q2 2024 saw the highest number of new starts in Silesia (156,000 sqm, of which 81,000 sqm is speculative space) and Mazovia (146,000 sqm, including 67,000 sqm of speculative projects).

Stabilization with effective rents under slight downward pressure

In H1 2024, monthly headline rents remained flat at EUR 3.60–6.50 per sqm for big-box warehouses and at EUR 5.00–7.50 per sqm for SBU/City Logistics projects. With financial incentives such as rent-free periods or space adaptation contributions offered to tenants, effective rents can be lower than headline rental rates by a maximum of 15-25 pct.

The industrial sector is filling vacancies

In Q2 2024, the highest labour rates for production workers in terms of basic remuneration were recorded in Poland’s southern provinces (Lower Silesia, Lesser Poland and Silesia) - they stood at more than PLN 28 per hour.

More than 20 pct of companies across Poland offer production workers basic hourly rates in excess of PLN 28, with over 22 pct providing the most common rate of PLN 26 per hour. Less than 2 pct of employers offer PLN 34-36 per hour. It is worth noting that more than 84 pct of workers in this sector are Polish while Ukrainian citizens account for nearly 14 pct of the workforce, being the second-largest group by nationality.
Dagmara Żuromska, Strategic Business Development senior manager, Randstad Polska

The percentage of companies conducting recruitment rose significantly compared with Q1 2024, with the key driver still being the need to fill vacancies resulting from employee turnover. Recruitment processes are much more often initiated by large employers, particularly in such sectors as retail, logistics and construction; and according to respondents, the more there are such processes, the more difficult it will be to find suitable job candidates.

Employee turnover is obviously impacted by overall job satisfaction. It is worth noting that job satisfaction levels have slightly improved in transport, logistics and manufacturing. 80 pct of transport and logistics employees and 74 pct of manufacturing workers are either very or quite satisfied with their current jobs and nearly half of those working in these sectors are not looking for new employment at all.
Dagmara Żuromska, Randstad

Latest news

Warehouse & industrial

Poland CTPark Warsaw West is ready

schedule 04 October 2024
Opr./edited by ANZ

CTP has obtained an occupancy permit for buildings WARS02 and WARS05, with a total area of 110,000 sqm. The facilities are part of the CTPark Warsaw West complex. The space will be occupied by Raben Group. The location in Wiskitki, near Warsaw, will be its 36th branch in the country.

Warehouse & industrial

POLAND InPost in MDC2 Kraków South

schedule 03 October 2024
Opr./edited by NN

Polish parcel dispatch company InPost has leased 11,000 sqm at MDC2 Park Kraków South. The BTS project is to be built on a site prepared exclusively for the tenant.

Investment & finance

Poland The Future comes to Galardia

schedule 03 October 2024
Opr./edited by JC

Starachowice’s Galardia shopping center, developed from a greenfield by Stage Capital and Sierra Balmain, has a new owner – Future Estate. Opened in October 2014, the facility offers 18,000 sqm GLA.

Office & mixed-use development

Poland Maximum occupancy at Forest

schedule 03 October 2024
Opr./edited by JC

HB Reavis has signed seven-year lease agreements with Transition Technologies and other companies, which will occupy nearly 1,000 sqm of office space in the Forest campus in Warsaw. The building is now fully let.

Office & mixed-use development

Poland Saski Crescent sounds great

schedule 03 October 2024
Opr./edited by JC

GN Poland has leased more than 2,000 sqm of office space in the Saski Crescent building in Warsaw. The company is part of the GN Group, a Danish provider of intelligent audio, video, gaming solutions, and hearing systems.

Residential

SLOVAKIA Metropolis life in Bratislava

schedule 02 October 2024
Opr./edited by NN

Czech property group Mint is finalising the construction of its premium Metropolis residential project in Bratislava, which will comprise 298 luxury apartments.

Interior design

POLAND Grainy effect for Viterra

schedule 02 October 2024
Opr./edited by NN

Viterra has moved into its ​​new 1,500 sqm offices in Olivia Prime, part of the Olivia Centre business complex in Gdańsk. The Design Anatomy studio is responsible for the design of the space.

Warehouse & industrial

Poland GLP is expanding in Silesia

schedule 02 October 2024
Opr./edited by JC

GLP has commenced construction of its second logistics centre in Gliwice. The facility will ultimately offer 57,000 sqm of warehouse and production space, located adjacent to the Katowice Special Economic Zone.

Office & mixed-use development

Poland Charities move into Diuna

schedule 02 October 2024
Opr./edited by JC

Syrena Real Estate, managing Diuna office complex in Warsaw’s Służewiec district, has made spaces available free of charge for statutory activities of Unicef Poland and the Wiosna Association. Both organisations have launched their activities and are running initiatives.

Warehouse & industrial

Poland E-commerce stays with Hillwood

schedule 02 October 2024
Opr./edited by ANZ

Hillwood is extending its cooperation with an American e-commerce giant in Łódź Górna. The tenant has extended its lease agreement for more than 36,000 sqm of warehouse space and 2,000 sqm for offices at Hillwood's Łódź Górna logistics centre. 

Investment & finance

Germany Garbe and Logicenters acquire former airbase

schedule 01 October 2024
Opr./edited by ANZ

Garbe and its joint venture partner Logicenters, Nrep's development and management platform for logistics properties, have acquired a 20,000 sqm plot of land. A logistics centre with a total area of around 11,600 sqm is to be built on this site. Construction is scheduled to begin in Q2 2025, with an investment volume of around EUR 17 mln.

Office & mixed-use development

Poland Tenants feel good at Metropolitan

schedule 01 October 2024
Opr./edited by ANZ

New leases and extensions have been signed for a total of 18,000 sqm in the Metropolitan Warsaw building. Companies such as HP and LCP Group have decided to continue their operations in the building.

Office & mixed-use development

POLAND PIB takes 1.2k in West 4 Business

schedule 01 October 2024
Opr./edited by NN

Insurance brokerage PIB Group is to occupy 1,200 sqm of office space in the West 4 Business Hub in Wrocław.

Residential

Poland White Stone Development and Nrep join forces

schedule 01 October 2024
Opr./edited by ANZ

White Stone Development, a Polish developer active in the residential and commercial market, has announced the signing of key agreements for a new project. A PRS development, commissioned by Nrep, which is investing through the NSF V fund, will be built in Warsaw's Bielany district.

Office & mixed-use development

Poland Santander takes the top of the tower

schedule 30 September 2024
Opr./edited by ANZ

Santander Bank Polska is to move into 25,500 sqm of The Bridge skyscraper, which is under construction in Warsaw's Wola business district, in the largest leasing transaction on the Polish office market since 2022.

Eurobuild CEE

Poland The October issue of Eurobuild!

schedule 30 September 2024
Opr./edited by ANZ

Here it is at last! The latest issue of Eurobuild is out fresh from the printers, and in it, as always, there's plenty of market news, expert opinions and information about personnel changes.

Investment & finance

POLAND Arete enters Poland

schedule 30 September 2024
Opr./edited by NN

Czech asset manager Arete Investment Group has entered the Polish market with the acquisition from Kajima Poland and Panattoni of a 65,000 sqm warehousing park in Zgorzelec in Lower Silesia.

Warehouse & industrial

Poland DB Schenker to move into Rawicz

schedule 30 September 2024
Opr./edited by ANZ

DB Schenker has leased more than 17,000 sqm at the Hillwood Rawicz warehouse centre. The logistics operator will service a customer producing optical products and sports accessories in its new space.

Investment & finance

Poland Nepi Rockcastle buys Magnolia Park 

schedule 30 September 2024
Opr./edited by ANZ

Nepi Rockcastle has acquired the 100,000 sqm Magnolia Park shopping centre in Wrocław from Union Investment in an off-market transaction. The sale price amounts to EUR 373 mln. Union Investment acquired Magnolia Park in 2017 for the portfolio of the UniImmo: Europa open-ended real estate fund.

Infrastructure

POLAND Ghelamco gets go-ahead for Gdańska

schedule 27 September 2024
Opr./edited by NN

Ghelamco has renewed its partnership with Polish railway operator PKP SA and its real estate division Xcity Investment related to the redevelopment of the Warszawa Gdańska train station in Warsaw.

Latest in Warehouse & industrial

schedule 04 October 2024

CTPark Warsaw West is ready

CTP has obtained an occupancy permit for buildings WARS02 and WARS05, with a total area of 110,000 sqm. The facilities are part of the CTPark Warsaw West complex. The space will be occupied by Raben Group. The location in Wiskitki, near Warsaw, will be its 36th branch in the country.

schedule 03 October 2024

InPost in MDC2 Kraków South

Polish parcel dispatch company InPost has leased 11,000 sqm at MDC2 Park Kraków South. The BTS project is to be built on a site prepared exclusively for the tenant.

schedule 02 October 2024

GLP is expanding in Silesia

GLP has commenced construction of its second logistics centre in Gliwice. The facility will ultimately offer 57,000 sqm of warehouse and production space, located adjacent to the Katowice Special Economic Zone.

schedule 02 October 2024

E-commerce stays with Hillwood

Hillwood is extending its cooperation with an American e-commerce giant in Łódź Górna. The tenant has extended its lease agreement for more than 36,000 sqm of warehouse space and 2,000 sqm for offices at Hillwood's Łódź Górna logistics centre. 

schedule 30 September 2024

DB Schenker to move into Rawicz

DB Schenker has leased more than 17,000 sqm at the Hillwood Rawicz warehouse centre. The logistics operator will service a customer producing optical products and sports accessories in its new space.

schedule 27 September 2024

Terg happy in Gdańsk Logistic I

Terg, the owner of the Media Expert chain of electronic goods stores, has renewed its lease of 1,800 sqm in Gdańsk Logistic I.

schedule 27 September 2024

Faedra to build two in South Buda

Hungarian warehouse developer Faedra Group is to launch two new developments in South Buda (Budapest XII) this autumn.

schedule 27 September 2024

Toyota MH moves to Panattoni Zdice

Toyota Material Handling CZ has leased 13,614 sqm for its new headquarters in Panattoni Park Zdice in Central Bohemia.

schedule 27 September 2024

Czech industrial back on the up

Demand for industrial space is stabilising across Europe, as indicated by the recent European Logistic Update report by Cushman & Wakefield. In the Czech Republic, the situation is now returning to pre-pandemic levels.

schedule 20 September 2024

ELI grows in Silesia

European Logistics Investment, a logistics platform owned by Redefine Properties, Madison International Realty, and Griffin Capital Partners, has completed the construction of two warehouses in Silesia.

schedule 19 September 2024

VAT partners up with VGP

VAT Romania broke ground for its new factory located in VGP Park Arad, a strategic logistics hub adjacent to the A1 motorway and key European routes.

schedule 19 September 2024

One more beer in Pruszków

United Distribution Holding, a distributor of global brands of beer and food products in Poland, decided to add more than 2,300 sqm of industrial space to its existing agreement at the Warsaw West Park-Pruszków distribution centre.

schedule 19 September 2024

Garbe is leasing in Kelsterbach

Garbe Industrial Real Estate has re-let around two thirds of the space in its property in Kelsterbach, near Frankfurt am Main. A wholesaler will be using the facility to store and distribute building materials.

schedule 18 September 2024

City Logistics Kraków Airport II is full

Panattoni has fully commercialised City Logistics Kraków Airport II, its latest project in Małopolska. The second tenant for the development will occupy 20,050 sqm.

schedule 17 September 2024

MLP is hungry for tenants

Chefs Culinar has become the first tenant at MLP Business Park Łódź. The company has leased over 1,600 sqm of warehouse and office space.

schedule 16 September 2024

Amazon goes off in Silesia

Amazon has launched its third logistics centre in the Silesian Voivodeship, after Sosnowiec and Gliwice. The facility in Gorzyczki features 211,000 sqm of space.

schedule 13 September 2024

Highway to Hillwood

Industrial Park Poland by Hillwood has gained access to the A2 motorway. Hillwood Poland has obtained an occupancy permit for the extended and upgraded access roads that connect the emerging industrial and logistics park to the motorway.

schedule 11 September 2024

Industrial Poland is going strong

The Polish industrial and logistics market continues its strong growth momentum, reveals BNP Paribas Real Estate Poland in its latest report “At A Glance – Industrial and Logistics Market in Poland” for the Q2 of 2024.

schedule 10 September 2024

Panattoni to offer BTS services to the Baltics

Panattoni is planning to extend its operations to all three Baltic states but is to concentrate particularly on Lithuania. As part of the new strategy the company intends to unify its cross border services, which will allow its clients to take advantage of BTS solutions both in Poland and the Baltic states.

schedule 10 September 2024

Cosmetics brand chooses MDC2 Park Łódź South

MDC2 and Fortress Real Estate Investments have finalised the lease of around 25,000 sqm within MDC2 Park Łódź South. The tenant, Oriflame Holding, owner of the Oriflame cosmetics brand, will start operations at the new location in Q1 2025.

Edition 10 (292) September 2024

Latest comments

Categories