by Property Forum
After the very successful years of 2021 and 2022, known as the golden period of development of the industrial market in Poland, 2023 was a period of greater challenges due to a change in the macroeconomic situation. The main reasons were high inflation, which affected the purchasing power of consumers, persistently high-interest rates, and uncertainty over the eastern border. The market grew, but at a slower pace, especially in the first half of the year, to accelerate at the end of 2023. Development activity in January-December 2023 amounted to 3.7 million sqm (-16% y/y), and as a result, the sector's total stock rose to 31.7 million sqm (+13% y/y). Another 2.8 million sqm (-16% y/y) remains under construction, about half of which is not under signed lease. Gross take-up (which does not include short-term leases) amounted to 5.6 million sqm, and despite a lower result versus 2021-2022, it was significantly higher than in the pre-pandemic period, i.e., 2018-2019, says Axi Immo.
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