More than 43,000 sqm of industrial space was built during the third quarter of 2012, according to Cushman & Wakefieldâs most recent market report. This is more than the 30,000 sqm delivered in the first half of the year. However, when compared with the same period in the preceding two years, the development activity in this yearâs third quarter is less impressive. During the third quarter of 2011, 142,000 sqm was delivered, while 82,000 sqm went online in Q3 2010.
âOur expectations regarding the decrease in new development are being confirmed. Hence, the refurbishment of existing halls and parks has been and will be a major factor. Refurbishment requires significantly lower financial resources while posing a lower risk, especially in well-established locations,â said Jaroslav Kaizr, Head of Cushman & Wakefieldâs Industrial Letting Team.
Only CTP and VGP completed new halls during the first half of the year. Meanwhile, Goodman help boost the supply of new halls in the third quarter with its park in MladĂĄ Boleslav, and Contera built a new hall in Teplice. RaiffeisenâLeasing recently started construction in Brno, and VGP and CTP are also building there. More than 440,000 sqm of big box units have been leased since the beginning of the year, including 177,000 sqm in the third quarter. Last year, 607,000 sqm were leased during the first three quarters, with 302,000 sqm of the total taken in the third quarter.
