Developers plan to create 63 new retail parks in the Czech market in response to strong demand among retailers for such space, according to a new report published by Cushman & Wakefield.
Developers plan to create 63 new retail parks in the Czech market in response to strong demand among retailers for such space, according to a new report published by Cushman & Wakefield.
The Czech Republic currently has some 630,000 m2 of retail park space. Of that figure, around 600,000 m2 is occupied, and just 30,000 m2 is vacant and available for immediate lease.
'This invites retail park developers to build more stock,' Cushman & Wakefield said.
The report found that optimism among retail park developers is higher than that of shopping centre developers and that plans exist for the development of 63 more retail parks.
'For this year, developers announced the completion of 24 new shopping parks with a total space of almost 100,000 m2. This is nearly one-sixth of all space available in the Czech Republic today,' said Jiøí Kristek, head of Cushman & Wakefield's retail warehouse team.
'For the next year, their plans amount to a record-breaking 190,000 m2. It will be interesting to see what portion of these plans the developers will bring to fruition this year. And we will see quite soon - since those who do not start construction in May at the latest stand a slim chance of opening the park by the year’s end,' Kristek added.
