INDUSTRIAL MARKET HIGHLIGHTS: Q1 2022
- During the quarter, new buildings totalling 241,000 sq m were delivered and a further 30,500 sq m was added to stock as a result of acquisitions. Total national stock of modern industrial space intended for lease passed the 10 million sq m mark.
- The strong construction momentum from the past two quarters carried forward into Q1 2022, the volume of space underway (or in shell & core finish) came close to 1.16 million sq m, hitting another record. Of that, 73% had already been leased.
- Demand for warehouse space continued to run at historically high levels. Although not a record high, 719,700 sq m of industrial and logistics space was leased across the country in Q1 2022, down 6% compared to Q1 2021, which recorded the highest occupier activity ever seen on the market. Of the total leasing activity, net take-up transactions in Q1 totalled 365,300 sq m, being up 27% y-o-y.
- Nationwide vacancy rate marginally increased from the end of 2021 and closed the first quarter at 1.8%. Prague remained almost unchanged, with vacant stock only reaching 1%.
- Rental rates continue to reach new heights as solid demand, slender supply and rising construction costs continue to drive the market.
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