Report: in Q1 ‘24 moderate tenant activity in warehouse market

Total gross demand in the Polish warehouse market in Q1 reached 923 thousand sqm, with tenant activity remaining moderate, according to a JLL report. Unlike in 2023, the first months of 2024 saw strong growth driven by new agreements. Retail companies dominated the first quarter's demand, accounting for 46% of new demand, while the manufacturing sector remained active at 32%, and logistics operators contributed 22%. Despite positive forecasts for 2024, with Poland expected to outperform other European economies, there's caution due to ongoing uncertainties, affecting decision-making processes.

The warehouse market expanded by 993 thousand sqm, with construction activities limited to 2.2 million sqm, mainly in Wrocław, Warsaw, and Central Poland.

Investment volume reached about €138 million euros in Q1, with significant transactions involving Hillwood and Generali Real Estate. JLL, a global real estate advisory firm, provided the report.

(PAP)