INDUSTRIAL MARKET HIGHLIGHTS: Q1-Q3 2021

• The national stock of modern industrial space intended for lease expanded to 9.5 million sq m, of which 329,400 sq m was brought onto the market this year.
• Year to date new supply was 35% down year-on-year (y-o-y), however, the national industrial construction pipeline (including shell & core space) grew to a record 1.07 million sq m under construction.
• Total tenant activity remained robust. Gross take-up registered so far this year reached 1,750,500 sq m (75% up y-o-y and 55% above the pre-pandemic 2019).
• Net take-up recorded in the first three quarters of 2021 more than doubled compared to 2020. At 1,049,300 sq m, it was even 56% above the first three quarters of the pre-pandemic 2019. The share of net take-up on the total tenant activity recorded so far this year stood at 60%.
• Demand continued to outpace inventory additions and as a result, vacancy dropped by 159 bps from the beginning of this year and closed Q3 2021 at 1.75%.
• The Prague submarket saw 132,800 sq m of net take-up commitments signed in the first three quarters of 2021 (the same as in 2020). Total industrial stock in Prague reached 3.27 million sq m and vacancy fell even lower, hitting 1.05%.

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