Cushman & Wakefield experts have examined, among other things, the warehouse and industrial space market.
THE NINETIES
Economic changes opened up new development opportunities in the warehouse and industrial sector as well. It was created in accordance with market principles – rapidly filling shelves and store backrooms meant an increase in demand for goods storage services and logistics services. The driving force of the market was the availability of goods and services, the opening of the consumer market, and the development of information and telecommunications technologies.
– In 1995, the first modern warehouse was built (ProLogis Park Warsaw, then called Warsaw Industrial Center). Rents during this period reached 12 USD/sqm/month – says Joanna Sinkiewicz, negotiator in the industrial and warehouse space department at Cushman & Wakefield.
CURRENT SITUATION
The Polish market for modern warehouse space currently covers 6.5 million sqm. Most of it was built between 2004 and 2008. The years 2006-2008 were a period of a warehouse boom, when demand for space exceeded the pace of new investments, and subsequent warehouses found buyers before construction was completed.
– Difficulties in obtaining financing caused an almost complete cessation of speculative construction. Since 2009, there has been a steady increase in tenant interest in built-to-suit facilities, which, in addition to adapting technical specifications to individual requirements, also offer the possibility of implementing the facility in a location chosen by the user. Investments in this form will undoubtedly contribute to the development of the warehouse space market in new locations. Asking rents, depending on the region, range from 3 to 6 EUR/sqm/month. – says Joanna Sinkiewicz.
FORECASTS
There is a visible trend towards the creation of specialized warehouse complexes, which is forced by progressing globalization and changes in the logistics market. In the future, the importance of production-adjacent warehouses with very high technical standards and fully automated systems will grow. In turn, warehouse centers will change into warehouse towns with full infrastructure and service in a just-in-time system.
– Modules will be able to be freely arranged, and their size will be adapted to the individual needs of tenants, both those renting 50 sqm and 5,000 sqm. – adds Joanna Sinkiewicz.
After the completion of the motorway network in Poland, many new distribution centers will appear on the warehouse map (Szczecin, Rzeszów, and Toruń).