Research

Industrial market in Poland in H1 2022

H1 2022 almost carbon copy of 2021. Positive market sentiment delivers results in H1 roughly on a par with the same period last year.

September 08, 2022
Contributors:
  • Mateusz Polkowski
  • Maciej Kotowski

Strong European market fundamentals led to the continued growth of both the industrial and logistics sectors in the region, lifting take-up results by 7% year-on-year and by over 40% on the five-year H1 average to almost 16 million m².

Global supply chain readjustments are reflected in the robust activity displayed by logistics operators, who are filling the gap in demand caused by the slight slowing down in the e-commerce sector.

Net demand in Poland slightly exceeded that of the corresponding period of 2021. The share of renewals remains at 24%, however, there is an anticipated increase in the amount of renewed leasing contracts, given the rollover of significant deals signed five years ago.

Logistics players increased the gap between other business profiles with more than one million m² leased in H1 2022. Sluggish growth of e-commerce is reflected in slightly lower demand from retail chains, totalling some 745,000 m². On the other hand, with over 500,000 m² leased, the production sector stays on a path of growth.

In Q2 2022, the vacancy rate fell to below 4.6%. The registered rate equals some 1.2 million m² distributed throughout numerous industrial parks across Poland, resulting in very limited opportunities for large units to immediately take up space.

As of June 2022, total industrial stock in Poland stood at 26.5 million m², making the country the fifth largest industrial market in the EU. The record levels of demand and space under construction are now reflected in new supply results. In H1 2022, the Polish market was responsible for as much as 30% of new logistics stock in Europe, dominating other countries in the region.

At the end of Q2 2022, the under-construction pipeline stood at almost 4.5 million m².

Q2 2022 saw further growth of rental values, which was driven by numerous factors such as land price, cost of labour and inflation, meaning rents maintained their upward trajectory. An increase in offered values, especially in terms of new developments, could be up to 25-30% more than at the end of 2021.

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