2024-10-15-莱坊-Warehouse_market_Warsaw_Q2_2024_4页_569kb

Warsaw's warehouse market represents the largest concentration of warehouse space in Poland, accounting for 19.9% of the country's total stock (6.7 million sqm at quarter-end Q2 2024). The market is divided into two zones: Zone I (within 12km of city center, including Okęcie, Służewiec, Targówek, Żerań) holding 20% of the stock; Zone II (extending up to 50km, mainly along major highways like E30, E67, E77) holding 80% of the stock.

Growth in the Warsaw market slowed significantly in H1 2024, with approximately 220,000 sqm delivered (a 55% decrease year-on-year). Major completions included CTPark Warsaw South halls (46,900 sqm and 20,500 sqm) and MLP Pruszków and P3 Mszczonów projects. Q2 saw 96,000 sqm completed.

Developer activity is moderate; 410,000 sqm were under construction at quarter-end, with CTPark Warsaw West (62,300 sqm) the largest project. Construction increased by 12% quarter-on-quarter but decreased year-on-year (down 8.5%). 145,000 sqm started construction in Q2, 60% leased, indicating reduced speculative development.

Leasing activity increased in H1 2024, with nearly 510,000 sqm signed (a >43% Q1-Q2 jump). The largest transactions involved Logicor Mszczonów Park (58,300 sqm expansion), P3 Warsaw I - Lesznowola Park (38,200 sqm new), and Panatoni Park Warsaw South III (21,400 sqm new). Leases were new agreements (57%), renewals (39%), and expansions (4%).

The vacancy rate increased to 8.6% at quarter-end Q2 2024 (a 2.9 pp increase), primarily due to new supply not yet fully leased. Asking rents remained stable quarter-on-quarter, ranging from EUR 3.50-7.50/sqm/month.

Key locations driving warehouse development include Błonie, Ożarów Mazowiecki, Pruszków, Mszczonów, and Sochaczew. Economic indicators favor logistics, with high population and GDP (€800 billion), low unemployment, and well-developed highway networks (e.g., A2, S2, S7, S8, S17).

Disclaimer: Knight Frank provides this report for general information purposes only; it should not be relied upon and does not represent views on particular properties or projects.