The pandemic is not stopping the industrial and logistics real estate sector. The high pace of development of the Polish market compared to European competition is supported by still significantly lower labor costs or attractive land prices, as well as the developing infrastructure. In the analyzed period, the total resources of the sector broke the ceiling of 23 million sq m, and the list of debuts included over 30 facilities with an area exceeding 1 million sq m in total. By far the biggest opening was the opening in Świebodzin in the province the logistics center for Amazon in Lubuskie. In the second largest facility of the American e-commerce giant in Poland, 203.5 thousand. sq m of modern space, on which 1,000 sq m will be working next to each other. employees and over 3,000 transport robots.
The quarterly summary shows that the two months of summer and September were very busy for developers who were working on the construction of over 3.7 million sq m. warehouse, logistics and industrial space. The largest construction projects underway were: GLP Lędziny Logistic Center (over 111,000 sq m), the Hillwood Bydgoszcz facility (over 104,000 sq m) and the second stage of the P3 Poznań warehouse park (97,000 sq m).
The market is red-hot. Most warehouses are built and leased in history. And so far it is not hampered by rising labor or land costs, or difficulties with the availability of services or building materials. However, it is more and more visible what role - especially for e-commerce customers - is played by time today. To meet their needs, developers more boldly reach for investments in the speculative model, especially in obvious locations, explains Igor Roguski, head of the Industrial and Logistics Department at BNP Paribas Real Estate Poland.
Another proof of the exceptionally good condition of the entire sector is the sustained high level of demand. The total volume of lease transactions closed the quarter with a record result of nearly 1.5 million sq m. leased space. The authors of the report emphasize that contracts for almost 4.9 million sq m have already been signed since the beginning of the year. of space, which, compared to the same period in 2020, means almost 32 percent. increase.
The largest contract signed in the third quarter was the lease of over 104 thousand. sq m by an e-commerce client at Hillwood Bydgoszcz. Jysk, which signed a contract for over 70,000 sq m, also turned out to be a significant tenant. sq m at the Logistic City - Piotrków Distribution Center.
The best results in the history of the sector and the continued interest in warehouses, as well as logistics and industrial spaces, translate into a low vacancy rate. In the last quarter, it fluctuated around 6%, including a decrease of around 5%. - adds Igor Roguski.
In view of the high pace of development, record demand and supply, rental rates remain stable for the time being. Experts from BNP Paribas Real Estate Poland, however, forecast that rising land prices, as well as an increase in the costs of labor and construction materials in the medium term, will have an impact on headline rents. The higher levels of incentives offered to future tenants will certainly turn out to be a bargaining chip.
The report emphasizes that the pandemic in each subsequent quarter increased the dynamics of the e-commerce market that has been growing for years. An important trend among companies operating in e-commerce is the consistent shortening of delivery times. The last few months belonged to companies offering delivery of purchases within 15 minutes using mini-warehouses, the so-called dark stores.
Q-commerce is being born before our eyes. Q for the word quick, i.e. quick shopping, mainly groceries, which we can expect at the door within several minutes of placing the order. Interestingly, it is a fledgling market where, on the one hand, we have international and Polish start-ups, as well as large retail chains. High competition and low margins will make the development of an appropriate logistics model the key to success, emphasizes Małgorzata Fibakiewicz, Business Intelligence Director at HUB, BNP Paribas Real Estate Poland.
The authors of the report also point out that the dynamic development and professionalization of the sector is also reflected in greater responsibility for the environment and surroundings. Reducing the carbon footprint of buildings, improving energy efficiency and saving resources are goals that most developers and investors set before their projects.
