Gross take-up on the Slovak industrial market in the fourth quarter of last year hit 243,228 sqm, nearly five times higher than what was posted the previous quarter, according to figures released by Cushman & Wakefield. Nearly 61,000 sqm of new industrial space was leased in Q4. Retail and logistics companies were the most active in terms of leased space in the last quarter. No new projects were completed on the industrial market in Q4.
The vacancy rate decreased from 4.6 percent to 3.4 percent in the fourth quarter. Most of the transactions recorded on the market were lease renegotiations or expansions. Cushman & Wakefield expect that the market’s vacancy rate will grow slightly over the coming quarters as new projects break ground. “Low vacancy rate usually motivate development companies to start construction, and we do expect that the level of new construction will increase again during the following quarters in order to satisfy the current demand on the market,” says Martin Hudák, a consultant for the industrial department at Cushman & Wakefield Slovakia.
