84,300 sqm of new industrial space hit the Czech market in Q1 2016, bringing the total modern industrial stock in the country to 5.78 million sqm. A further 271,200 sqm are currently under construction and JLL expects that the 6 million sqm mark will be passed in the second half of the year. The share of speculative construction increased to 44 percent as vacancy slid to its lowest level in a decade at 4.2 percent.
Prime headline rents in Prague remained stable at €3.80 – €4.25/sqm/month, while in Brno they are cheaper at €3.90 – 4.25/sqm/month, with Pilsen coming in at €3.75 – 4.20/sqm/month. Construction activity was concentrated in Prague (70 percent) and in western Bohemia. The largest projects under construction are Mountpark in Pilsen (44,000 sqm on spec), P3 Park D8 (23,500 sqm, BTS) and Panattoni Park Prague Airport II (23,300 sqm BTS).
