Preliminary observations made by Colliers International experts show that coronavirus resistance is demonstrated by the warehouse market, mainly due to the significant revival of e-commerce, the company said.
“The outbreak of COVID-19 will certainly have an impact on the economy. While the 2008 financial crisis affected mainly the financial market, now every industry will suffer because the entire supply chain has been shaken. However, we anticipate that Polish construction, which started at the beginning of the first quarter will be completed later this year. Fortunately, no projects have been completed so far and most of the investments are planned,” Maciej Chmielewski, senior partner, director of the Logistics and Industrial Space Department, said.
According to Colliers' COVID-19 Insights, the spread of coronavirus worldwide has disrupted production and supply chains from China. As a result, some companies in the EMEA region are unable to continue production and are seeking to obtain rent reductions from warehouse owners. Some large lease contracts have been suspended until companies know what the situation will be like.
Currently, approximately 1.9 million sqm of warehouse space is being built in Poland, and many investments are still being negotiated. As the construction process of warehouses is about 6-7 months, it is expected that the entire area under construction is to be commissioned later this year.