Black Whale - nieruchomości inwestycyjne

Demand and Tenant Activity

In the first quarter of 2024, the total gross demand in the Polish warehouse market amounted to 923,000 m², indicating moderate activity in the sector. The market was primarily driven by new lease agreements and expansions during this period. Tenants from the retail sector accounted for 46% of the new demand, with a significant contribution from the e-commerce sector. The manufacturing sector occupied 32%, while logistics operators accounted for 22%.

Vacancy Rate and Rents

At the end of March 2024, the average vacancy rate in Poland stood at 7.8%, indicating market stability. Despite the increase in vacancy rates, which typically exerts downward pressure on rents, forecasts for the coming months suggest a weakening of this trend due to limited construction activity.

Developer Activity

In the first quarter of 2024, developers delivered 993,000 m² of new warehouse space to the market, a 35% decrease compared to the same period last year. The total warehouse stock in Poland reached 33.9 million m². Construction activity also slowed, with the construction volume amounting to 2.2 million m², of which speculative space accounted for approximately 1.1 million m².

Investments and Transactions

The first quarter of 2024 saw six transactions in the warehouse market, totaling 138 million euros. Key transactions included Hillwood's purchase of two warehouse parks near Warsaw and Generali Real Estate's acquisition of the MDC2 Park Kraków South complex. Wrocław also attracted investor attention, highlighted by the purchase of Panattoni Park Wrocław West Gate.

Future Prospects

Economic recovery in Europe contributes to positive forecasts for 2024, although the annual economic growth expected in many countries will not exceed 1%. Poland stands out among other European economies, with a projected GDP growth of 2.9% in 2024 and 3.7% in 2025. The e-commerce and logistics sectors are expected to continue growing, attracting more transactions in the coming quarters.

In summary, the Polish warehouse real estate market demonstrates stability and moderate activity, with positive forecasts for the future. Despite certain challenges related to supply and rents, the sector has a solid foundation for further development, especially in the context of improving economic conditions in the country and the region.