According to latest study by CB Richard Ellis, in Q2 2009 150,000 m² of modern warehouse space was completed which was in line with four-year quarterly average. However, only 68,000 m² of modern warehouse space is currently under construction in the Czech Republic which is a drop of 90% year-on-year.
In Q2 2009 CB Richard Ellis witnessed the continuing decrease in take-up which reached only 61,000 m² representing the lowest quarterly amount since 2005. The vacancy rate increased by 5 p.p. compared to Q2 2008 and currently stands above 18%.
Filip Kozak, Head of Industrial Agency, comments: "The positive news for the Czech Republic industrial market is that through the first half of 2009 developers were able to complete 390,000 m² of modern warehouse space of which more than 250,000 m² were successfully handed over to new tenants, however the continuing low levels of demand remain a concern for the market as a whole."
Source: CB Richard Ellis