INDUSTRIAL MARKET HIGHLIGHTS: 2021
- In 2021, the Czech industrial market has been stressed by the surge in new demand coupled with low supply levels and extremely low vacancy rate.
- Total national stock of modern industrial space intended for lease reached 9.7 million sq m. Of that 551,100 sq m was added to the market during the year, being the lowest annual new supply since 2014.
- With a record volume of space under construction (or in shell & core finish) across the country exceeding 1.11 million sq m, the volume of completions shall pick-up in 2022.
- By tenant activity, 2021 was the best year on record for the Czech industrial market. Gross take-up totalled a staggering 2.32 million sq m, being 53% higher than the previous record of 1.55 million sq m seen in 2020. Annual net take-up (excl. renewals) reached 1.48 million sq m, a 46% increase over the former record of 1.01 million sq m registered in 2017.
- At the end of 2021, nationwide vacancy rate dipped to a new all-time low of 1.4%, having fallen by 194 basis points (bps) from the beginning of 2021.
- With Prague being effectively out of available space (vacancy at 0.9%) and development potential very limited, annual net take-up only came to 193,700 sq m (being the lowest since 2012).
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