Total modern developer-led warehouse stock in the Czech Republic currently totals 7.18 million sqm. Almost 212,700 sqm was newly delivered to the market in Q1 2018.

 

At the end of Q1 2018, the vacancy rate in the Czech Republic reached 4.20%, showing an increase of 45 bps compared to Q4 2017. This represents a total of 304,300 sqm of modern industrial premises ready for immediate occupation. Vacancy in Prague decreased by 24 bps to 3.3 % at the end of Q1 2018.

 

During Q1 2018, gross take-up, which includes renegotiations, reached 420,300 sqm showing an increase of 5% over the Q4 2017 figures. In comparison to the same period of previous year, gross take-up increased by 41%.

 

Net take-up in Q1 2018 totalled 192,500 sqm, showing a decrease of 20% on the previous quarter. Year on year, net take-up decreased by approximately 17%. Net demand in Q1 2018 was driven mainly by manufacturing companies (58%).

 

The share of renegotiations accounted for 54% of Q1 2018 gross take-up.

 

The largest non-confidential new transaction in Q1 2018 was a new lease of 14,200 sqm for retail company Stavbeniny DEK in Prologis Park Prague Úžice. The largest volume of renegotiations in Q1 2018 was generated by DHL Solutions, who prolonged their leases in four buildings at Prologis Park Prague Jirny (106,000 sqm).