In 2007, the total turnover in the domestic commercial real estate investment market amounted to 3.07 billion euros (almost 40% less than in the record year of 2006), which was caused by a decrease in investor activity due to the credit market situation in the USA, as well as a decline in the willingness of banks to finance transactions, while simultaneously increasing the required equity contribution and margins. The most active sector was retail real estate (53% share of the total turnover volume). Office real estate (34% of transaction value) and logistics and industrial real estate (10% of transaction value) took subsequent places. Capitalization rates in the past year in the investment market stabilized, reaching the level of: 5.25 – 5.50 for the best office buildings; 5.50 – 5.75 for the best shopping centers, and 6.75 – 7.00 for the purchase of the best logistics facilities.
Warehouse space market
<\/strong>Analyses of the modern warehouse space market show its continuous, although gradually stabilizing, development in recent years, which is composed of a number of reasons, primarily demand (and the supply following it), resulting from Poland’s convenient location in Europe (including membership in the European Union), the good economic condition of the country, the expansion of Special Economic Zones, the high value of foreign investments, and announced road investments related to preparations for Euro 2012. From January 2005 to December 2007, the supply of modern warehouse space in our country increased more than threefold, and its resources reached the level (at the end of last year) of 3,818,000 sq m. At the end of last year, a total of over 1,450,000 sq m was leased, and in the first quarter of this year, lease agreements were signed for nearly 380,000 sq m of space. It is predicted that this year demand – following supply – will stabilize. At the beginning of 2008, over 1,428,000 sq m were under construction, of which – as mentioned – lease agreements had already been concluded for a portion. It is estimated that in April of this year, the resources of modern warehouse space exceeded 4.19 million sq m, and the most warehouses are being built in the Poznań region (420,000 sq m), in Upper Silesia (280,000 sq m), in Central Poland (260,000 sq m), and in Wrocław (154,000 sq m). In Warsaw and the surrounding investment activity zones, 270,000 sq m of modern warehouse space is being implemented, which reduces the capital’s share in relation to other regional markets. On the other hand, according to specialists, Kraków deserves attention, where about 50,000 sq m of modern warehouse space is currently being implemented, and another 150,000 sq m is planned.
In the opinion of analysts, facilities located mainly in the Warsaw zones and around the capital, as well as in larger regional cities, still enjoy the greatest popularity. However, thanks to the ongoing development of road infrastructure, new demand for warehouses is already visible in 2008 also in smaller local markets (especially in the eastern part of the country), where new logistics and distribution centers are being created. The relocation of existing warehouse facilities is also associated with this process. The realization of this is, among other things, the start of construction (at the beginning of this year) of modern warehouses in Szczecin; furthermore, investments are planned in Bydgoszcz and Toruń, and it is predicted that in 2009 the market for modern warehouse space will develop significantly in Lublin and Rzeszów – in connection with planned road investments.
The article comes from the magazine “Logistyka” 4/2008.