Minimal vacancy, maximal rents, record take-up again.

• The amount of completed space in Q3 was the largest since Q2 2020, mainly in Greater Prague and Pilsen.
• The most extensive new construction commenced in the Olomouc region – a new distribution centre of Amazon.
• Industrial space under construction currently accounts for almost 900 thousands sq m.
• Net quarterly demand exceeded the record levels set last quarter with a volume of 447,800 sq m, creating a new maximum since the beginning of measuring.
• The decreasing vacancy rate continued in Q3, leaving the Czech Republic with just 2.5% of the vacant industrial stock.
• The highest achievable rent in Prague has again increased to the new level of €5.50 per sq m per month. Attack of the €6.0 level is expected.


The total area of modern industrial space for lease in the Czech Republic increased to 9.49 million sq m in the third quarter of 2021. A total of 176,600 sq m of new warehouse space was delivered to the market within 12 industrial parks across the country. This represents a 16% increase compared to the same period last year and a 68% q-o-q increase. At the time of completion, approximately 94% of the projects were already pre-leased.
The most significant completion was a 62,100 sq m hall located in the CTPark Bor in Pilsen Region. The hall was pre-leased entirely to a confidential logistics company. The second-largest completed building of 21,400 sq m, located in the Prologis Park Prague - Úžice, followed by the completion in Panattoni Park Stříbro (16,300 sq m), both leased to undisclosed producer companies.


At the end of the third quarter of 2021, over 897,300 sq m of industrial space was under construction, increasing by 33% compared to the previous quarter. 25% of this area is located in the Olomouc region, 19% in the Moravia-Silesia region, and 12% in the Southern Moravia region. Developers commenced constructing 344,900 sq m during Q3 2021, with part of 186,700 sq m in the future distribution centre of Amazon, situated in the Olomouc region. The share of speculative space under construction increased to 26% in the third quarter.


Gross take-up (including renegotiations) totalled 495,500 sq m in the third quarter of 2021, representing a 6.5% decrease compared to the previous quarter. In a year-on-year comparison, we register a significant increase of 60% in total take-up during Q3.

The share of renegotiations decreased again from 27% to just 10% (i.e., 17 percentage points) compared to the previous quarter, with a year-on-year decrease of 36 percentage points.

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