The vacancy rate in logistics and industrial Grade A properties in the Czech Republic has decreased sharply in Q3 2010, according to new research from DTZ. After totalling more than 18% in Q3 last year, vacancy rates have since dropped to sub 12% in Q3 2010. This brings the total volume of vacant modern class A warehouse space in the Czech Republic to 409,000 m[sup]2[/sup].
The vacancy rate in logistics and industrial Grade A properties in the Czech Republic has decreased sharply in Q3 2010, according to new research from DTZ. After totalling more than 18% in Q3 last year, vacancy rates have since dropped to sub 12% in Q3 2010. This brings the total volume of vacant modern class A warehouse space in the Czech Republic to 409,000 m2.
'Overall occupational activity was the highest in the Greater Prague area, however 62% of gross take-up was due to renegotiations of existing leases. On the other hand West Bohemia dominated for the second consecutive quarter in net take-up with 32% of new leases signed as tenants were attracted to this area by very favorable lease conditions,' commented Lenka Lindeláøová, analyst at DTZ.
The largest new lease in Q3 2010 was signed in CTPark Ostrava by brakes manufacturer Brembo (25,000 m2), followed by spare parts distributor Trost in Nýøany Orange Park (22,500 m2) and a lease to logistics provider Sumitomo in CTPark Plzeò (16,000 m2). Overall the largest transaction in Q3 2010 and in 2010 was the renegotiation of logistics provider HOPI in Pointpark Prague D1 (45,800 m2)
.
Total stock of modern developer-led logistics and industrial space amounted to 3.43 million m2 at the end of Q3 2010. New supply in the quarter reached 74,000 m2. Completed projects included Logistics Park Lovosice (42,000 m2) by HB Reavis, which is fully leased to ÈD Cargo and CTPark Ostrava building 13.2 (28,400 m2). Some 93,000 m2 of modern class A warehouse space is currently under construction.
