Gary J. Morrell
Saturday, August thirteen, 2022, 00:00
Continued low unemployment rates and emerging rental grades are expected due to demand. In Prague, the unemployment rate is less than 3%. Positive signals in the sector are attracting an increasing number of investors and causing a reduction in returns.
During the last year, several commercial portfolio transactions have been closed. However, commercial park owners tend to keep their assets and, as a result, the sector suffers from low supply. According to Cushman
The region’s cumulative industrial/logistics inventory exceeds one million m², according to Cushman
The Czech Republic has only about 10 million m² of commercial area spread over several other logistics centers. The county is one of the largest in the regional logistics market in terms of m² of area consisting of 1,000 inhabitants, followed by Poland and Slovakia, according to Cushman. Figures.
CTPark Plzeň in the Czech Republic.
Poland, the Czech Republic and Slovakia remain the dominant markets of the CEECs, and benefit from their geographical location within the logistics and commercial networks, i. e. close to Germany and the commercial centre of Europe. Therefore, the 3 countries have completely evolved as shopping malls. of their respective capitals.
Poland is by far the largest commercial market in the CEECs, with an overall inventory of more than 21 million m² in logistics centers spread across the country and a vacuum rate of 6%, according to JLL. In the first quarter, developers initiated the structure of 1. 5 million m² of retail space, bringing the total Polish pipeline to 4. 8 million m², Cushman estimates.
“The expansion of the commercial sector continued in 2021, resulting in a transaction volume of almost 3 billion euros, the historical result,” the consultancy said.
Demand remains top in the Czech Republic, with an unemployment rate of 1. 6%. By 2022, 1. 5 million m² of surface are planned, of which 1. 1 million m² are already in structure and more than 70% in pre-rent, according to data from Cushman.
Romania is positioning itself in a vital commercial and logistics market with more than four million m² of stock. Important advances are also being positioned in the other regions of the country, a sign that a regional trade network has emerged in the country outside of Bucharest. CTP, for example, is planning a €300 million regional network of parks that will bring its total area in the country to 2. 5 million m², according to the company.
According to analysts, one of those presented by Hungary is the option of market expansion in southern and southeastern Europe.
In Serbia, CTP delivered a 25,000 m² facility for BMTS generation to CT Park Novi Sad. The structure of CTPark Belgrade North is underway, but despite this, the inventory remains at a low level. Partly for this reason, a developer led by the commercial market is emerging. CTP has also acquired progression sites in Bulgaria.
As the sector seeks to be a transparent winner in the post-coronavirus period, developers who have historically been active in other classic sectors, such as offices and retail, have undertaken commercial projects. These are in addition to the operators specialized in regional commercial/logistics. Central and Eastern European parks such as Prologis, CTP and Panattoni.
Developers in the region face difficult situations in the procedure of progression and structure in an increasingly competitive and not easy market. The challenges come with the availability and prices of hard work and materials, as well as the source of progression land with direct connections via roads and public roads. transport.
Although Central Europe’s industrial/logistics sector has effectively recovered from the pandemic with thriving logistics markets and friendly industry centers, the war in Ukraine and related geopolitical and economic considerations have clouded the market in many parts of the region.
This article was first published in the Budapest Business Journal’s published factor on July 29, 2022.
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