The volume of investment transactions in the Polish commercial real estate market in 2021 amounted to EUR 5.9 bln (up 5 pct y-o-y), with the warehouse sector accounting for 53 pct of the total demand, EUR 3 bln (up 15 pct), according to Axi Immo.
The largest proportions of capital for Polish logistic and production properties came from Asian (app. 30 pct) and US funds, with portfolio transactions dominating the demand structure. The number of closed transactions increased by 40 pct over the year. As in 2021, investors in Poland were most interested in multi-format, fully-leased warehouses in the largest markets. Yields were in the range of 5-5.5 pct in regional markets and 4-4.3 pct in the Warsaw area.
The three most significant transactions included the sale of EQT Exeter’s portfolio to Singaporean fund GIC (app. 330,000 sqm), The purchase of Panattoni’s Phoenix portfolio (285,000 sqm) by US fund Ares Management, and Elite Partners Capital’s sale of Elite Logistics Fund I’s property portfolio (250,000 sqm) to Blackstone.
In 2021 yet again we witnessed new records pushing the limits on the Polish warehouse market. We recorded several spectacular lease transactions of over 100,000 sqm, where e-commerce and logistics operators proved to be the most active players, and the boom in the market generated new supply. From the second half of 2021, the growing costs of materials and contractors indirectly led to an increase in the asking rental rates. In 2021 the Polish warehouse market proved that every record can be set a new, and we think that will also be the case in 2022.
Anna Głowacz, the head of the industrial agency at Axi Immo
The total industrial stock at the end of last year amounted to more than 25 mln sqm, while the vacancy rate stood at just 3.72 pct. Currently, 4.8 mln sqm is under construction (up 152 pct y-o-y), most of which will be delivered to the market in 2022. Most of the new supply is expected in Lower Silesia (823,000 sqm), Upper Silesia (780,000 sqm), Central Poland (770,000 sqm), the Warsaw area (698,000 sqm) and Poznań (558,000 sqm).