Both in Europe and in Poland, increased activity of the logistics sector was recorded. In Poland, logistics operators were far ahead of other market participants, contacting as much as one million sq m. surface. The vacancy rate fell to 4.6 per cent, and the volume of space built speculatively at the end of June exceeds 2 million sq m. In total, it is over 3.2 million sq m. New supply in Poland amounted to 2.4 million sq m, which constitutes 30 percent. total area delivered in Europe. Most of the new space in Poland was supplied to: Wrocław, Upper Silesia, Central Poland and Szczecin. At the end of the second quarter of 2022, rent increases of up to 30% were recorded. compared to the conditions offered at the end of 2021, and Central Poland remains the most cost-effective.
The demand for warehouse space is still increasing. In Poland, net demand at the end of June reached 2.4 million sq m, which is slightly more than in the same period last year. As much as 73 percent. the Big Five markets accounted for a share in total net demand. On the other hand, Tri-City and Lubuskie, where the demand exceeded 160,000, stood out among the regional markets. sqm At a stable level, 24 percent. total gross demand, contract renewals continued. It is estimated that the number of signed extensions may soon increase due to the approaching expiry dates of contracts signed in the active years 2016-2018.
Among the sectors shaping the demand in Poland, logistics operators were most active. Thanks to contracting over a million sq m. far ahead of other market participants. The retail chains that accounted for 745 thousand jobs were ranked next. sqm and the still growing production sector with a demand of nearly 500 thousand. sqm
The demand for readily available space is constantly visible on the Polish market, which is why developers decide to implement projects on a speculative basis. At the end of the second quarter of 2022, the total area created as part of these projects exceeds 2 million sq m, which is about 50 percent. total built area. Lubuskie is the most dynamic market in terms of developer activity.
At the end of the second quarter of 2022, the vacancy rate decreased to 4.6%, which in practice means that the available space in all warehouse parks in Poland amounts to a total of 1.2 million sq m. Most of the new space was supplied to Wrocław Upper Silesia, Central Poland and Szczecin. At the end of H1 2022, developers were building 4.45 million sq m in Poland. warehouse space, which placed the country in second place in Europe. In the first quarter, the construction of 1.3 million sq m was started, and in the second quarter, the construction of 900,000 sq m was launched. m2, which was caused by difficulties in accessing building materials.
The value of warehouse investments reached the third best result in history in the analyzed period. The largest transaction was the sale of Panattoni Park Gdańsk Airport for an amount close to EUR 112 million. The next ones were the purchase of a portfolio of three Cromwell properties in Warsaw by Partners Group and Peakside and the sale of the 7R portfolio to CTP Group. There is a significant delay in decision-making processes on the market, but the potential of the projects under preparation allows to estimate an increase in the volume of investments by an additional billion euro.
