Industry & logistics: construction at a standstill, leases recovering
Banks´ preferences as far as real estate segments are concerned, are relatively unstable and vary according to countries, shows the latest KPMG survey. While for example in Hungary, the Czech Republic and Bulgaria the retail sector is a top priority, office space has the biggest support in Poland and Romania. In Slovakia, Croatia, and the Baltic countries the industry sector is at the forefront of credit favours of financial institutions, to the detriment of the least preferred hotels.
Despite this positive factor there has been no expansion of industrial and logistics space for rent in Slovakia in the third quarter. An analysis prepared by Cushman & Wakefield – leader of global surveys in the commercial real estate sector – shows that in terms of construction, stagnation continues in the Slovak market continues.
Turnkey construction for particular tenants
Similarly to the third, also in the second and first
quarters, no new modern storage or production space for lease was built. C &
W does not expect a change in the market situation before the end of 2010, they
last recorded such construction in the third quarter of 2009.
Speculative construction is not expected either, there would have to be at least 50 % of the built halls pre-leased. “The property developers may decide whether they will build larger spaces that their contracting tenant needs and thus expand also the first speculative space for lease,“ illustrates Martin Baláž from C&W.
On the contrary – the expected market trend is turnkey construction for particular tenants. “If we consider the time necessary for getting a building permission and the actual construction, we expect the first turnkey spaces for particular tenants to be built only in the 2nd or 3rd quarter of 2011,“ estimates Baláž.
At the same time there is a slight increase in the rents of logistics areas. As C&W materials show, a total of approximately 21 thousand sqm were leased during the monitored period. This is an increase, compared to the first and second quarters of 2010, lowering the vacancy rate to 5.9 % for the entire Slovakia and to 5 % for the Bratislava region.
The largest transactions in 2010, where C&W participated, were leases of storage space for the companies Movianto and Dráčik in Senec.
Numerous projects also in other regions
Meanwhile, agencies agencies are not stopping to churn out numerous reports on the expansion of the real estate sector least affected by the crisis in other parts of Slovakia. So, the planned industrial park Gemer in Rimavska Sobota may bring about 240 jobs in 2011. ●●● Municipal company MBB is building an industrial park on 36-hectare grounds between city quarters of Majer and Šalková in Banska Bystrica. ●●● In November the town of Levoča is starting revitalization of Brown industrial zone Levoča – Juh on the premises of the former Levočske strojárne. ●●● New halls for light machine engineering and logistics near Strečno. ●●● A new logistics and production park by Holding Company with 300 jobs will probably be built near Lozorno. ●●● First investor coming to IPZ Prešov – Záborske industrial park: MSC Elektronics SK. They have signed contract for lease of land. They want to start construction in spring 2011. ●●● MSC Vertriebes GmbH have started operation in the premises of partner company Elcom. In the next three years, they plan expansion and adding other projects to the construction hall in the industrial park.
P3 – record number and record transactions
Also PointPark Properties (P3) – international
operator and developer of modern logistics parks with major multinational
companies for clients (Norbert Dentressangle, Jeronimo Martins Dystrybucja, CWS
Boco, Schenker and Logflex) has managed to profit from the increasing demand in
the European market. Since the beginning of the year, they have recorded an
increased demand for A-class storage space, which is now getting the form of a
real business. Although the average area of a lease contract is slightly lower,
conditions have become more competitive compared to the past, or it can even be
seen is a significant decrease of unleased space much of which had been dead
stock for many years.
Already in the first quarter of 2010, P3 – operating in 11 European countries – announced reaching truly record figures. In this period they have managed to close deals for the lease of more than 111 thousand sqm of storage space in Germany, Poland, the Czech Republic and Slovakia! This year´s “Number One“ transaction for them was long-term lease contract for 15,600 sqm of storage space in the PointPark Prague D1 complex with the company Auto Kelly – the largest Czech distributor of car spare parts and accessories, already the ninth tenant in this project.
“Unlike the original idea of ‚our own premises‘, the only right solution for our future development is lease with flexible terms,“ Vítězslav Malý, COO, explains the choice. He also points out the modern warehouse facility, quality property management and excellent transport accessibility and visibility from the D1 motorway. “Our partnership with Auto Kelly confirms attractiveness of PointPark Prague D1 location also in response to the newly opened Prague ring road. Transfer from old and inadequate storage facilities has enabled them to install an advanced mezzanine shelving system for optimum use of the warehouse,“ comments Markéta Vrbasová, European Business Development Manager at P3, on the transaction.
ProLogis more interested in Northern Moravia and Upper Silesia
Also ProLogis doesn´t want to be left behind
– the leading international owner and operator of more than 44 million sqm
of industrial and logistics properties in Northern America, Europe and Asia
– and the dominant player in the Slovak market (37 %). With their portfolio
of more than 3.7 million sqm in 176 buildings in 41 distribution parks they
are also leading provider of modern storage space in Central and Eastern Europe.
Their focus here are Northern Moravian and Polish regions.
For example, in October they concluded a lease contract for 6,800 sqm in their completed ProLogis Park Ostrava with a logistics services provider and a division of the largest book distributor in the CR and Slovakia. The company will operate a regional centre 14 km west of Ostrava city centre, next to the D47 expressway. “We have recorded an increased interest in our modern top-class industrial portfolio in the whole of Europe,“ said ProLogis president for Europe, Philip Dunne, referring to the transaction brokered by real estate company C & W which will enable full lease of the park.
ProLogis Park Ostrava, one of the most modern distribution complexes, consists of two buildings with a total area of 66 thousand sqm of storage and office space. Due to its excellent transport connection, the North Moravian capital is becoming increasingly popular destination for logistics and industrial companies seeking access to more a target group of more than 10 million within 150 km catchment area.
Other significant areas have been leased in the Polish ProLogis Park Janki to the companies No Limit and Euro-net (15,800 sqm), increasing its occupancy rate to 95 % and showing dynamic growth under its roof. It is also busy in the storage premises of Poznań distribution parks where ProLOgis leased 12,200 sqm to Green Integrated Logistics and Wincanton. ProLogis portfolio in Poznaň consists of 11 building with a total of 164,000 industral sqm in two distribution parks 15 km west of the city centre.
ProLogis is also creating their new clientele in the Polish region of Upper Silesia. They leased 24,300 sqm of storage space in the logistics parks of the towns Chorzów a Dąbrowa Górnicza to the clients ArchiDoc (11,800 sqm), Hellmann Worldwide Logistics Polska (5,800 sqm) and ANL Plastics (6,700 sqm). “We are undoubtedly number one in Upper Sileisa in volume of storage space terms ,“ Michał Czarnecki, vice-president of leasing & development in Poland noted confidently.
Speculatively built, but strategically very well positioned ProLogis Park Chorzów is the largest state-of-the-art distribution park in Poland with a total area of 87,000 sqm, offering more than 233 thousand sqm of storage and office space in 9 buildings.
International conference Real Estate Market > Slovensko 2010, organized by the Internet magazine Stavebné fórum.sk, devoted to the subject of commercial property (industry, offices, retail) named “Return of Real Estate Optimism“ took place in Bratislava Hotel One Gate.
Sources: C&W, Key2B, Best Communications
Illustration photo – C&W
Jagg.cz
Linkuj.cz
Google Bookmarks
Live bookmarks
Digg
Del.icio.us
MySpace
Facebook