Poland Spring Commercial Property Markets Overview

Transcription

1 Poland Spring Commercial Property Markets Overview

2 Poland Warsaw Economic Overview The Polish economy has continued to improve throughout the last couple of years with GDP growth at.% recorded in (as much as.% in Q ), which shows an increase by. percentage points on year-on year. Unemployment has recently decreased to.%. Poland s growth has been driven to a significant extent by strong increase of export, higher consumer spending, industrial production and inward investment. The latest data confirms record and larger than predicted volume of FDI in Poland in amounting to. billion USD (up from. billion in ). According to the OECD, economic activity should gain strength in, driven by domestic demand. In the short-term inflation may increase, but the Bank s monetary tightening policy will maintain annual inflation within.% target area. Poland Major Economic Indicators: -* GDP / Industrial Inflation/ output annual Unemployment growth in % in % - * GDP Industrial output Inflation Unemployment * Forecast Source: GUS, Macroeconomic Consensus Forecast The Office Market The Warsaw office stock increased by, in, bringing the total modern supply to. million. Most of new deliveries are located in the Upper South and Core subzones.% and % respectively. The most spectacular completions of last year were: Rondo (, ), Prosta Office Center (, ) and Cirrus (, ). It should be noted that the bulk of space delivered was prelet. Encouraged by very positive economic indicators and forecasts, occupiers have been and still are in the expansion mood. Throughout the whole, take-up exceeded, (excl. renegotiations), which is the best result since the mid s. Taking into account renegotiations, the take-up was around,. Annual Office Market Data Total stock New supply Vacancy rate Take-up* Prime headline () () () ( //month) Centre,,,.%, - Non,,,.%, - Total,,,.%, - * excl. negotiations, WRF A number of large leasing transactions were completed, including: Fortis Bank (, in Trinity Park II), Generali (, in Marynarska Point), ABG Ster-Projekt (, in Millennium Plaza) and Polbank (, in Riverside Park). Most of the deals signed in were sealed in the City Centre and Upper South, which had.% and % market share. By the end of the vacancy rate in Warsaw dropped to.%, which is the lowest since over a decade. The availability in locations fell to.% (compared with.% in Q ), while Non zones recorded.% vacancy rate (.%). Some of the subzones like West, East, Upper South had a vacancy between.-.%. Due to scarcity of space available, prime Class A headline rents (for units above, ) in the locations increased to - / month. The average rent for a City Centre ranges from to per / month. The best Non- office developments reach the level of - with the average between - / month. Incentives (ranging from -%) are provided by landlords mainly in large pre-lease transactions. However, low availability in the existing projects provides strong position for landlords, who Office Stock by District Upper South.% South West.% West.% Core.% City Centre.% East South Lower North.% East South.%.%.%, WRF Annual Supply (Major Markets): -* * Non Annual Take-Up (Major Markets): -*,,,,,,,, * Non * Forecast * Forecast

3 Warsaw The Office Market Major Office Buildings Completed Building Location Area () Developer Nationality Rondo Core, Hochtief Projectmanagement GER Trinity Park I Upper South, Ghelamco BEL Prosta Office Center City Centre, Ghelamco BEL Cirrus Upper South, ECI POL CPF Bobrowiecka South East, Vicar POL Topaz Upper South, GTC POL Parkur Tower Lower South, UBM / Warimpex AUT Salzburg Center South West, Immoeast AUT North Gate, Warsaw are unwilling to grant large discounts as in recent years. Supply for should be in the range of,, ; in : over, (the bulk located in South West). It is worth mentioning that some, has been already pre-let. Take-up in is likely to exceed, mark again (provided all large requirements result in preleases signed). Further pre-leases are likely to occur. Strong demand together with lack of available options will result in further falling of the vacancy rate over course of the next - months. In - months availability in Non locations could rise significantly. Major Office Buildings Under Construction or Planned for / Building Location Area () Developer Nationality Złote Tarasy (Lumen, Tower) Core, ING RE NED Marynarska Business Park Upper South, Ghelamco BEL Marynarska Point Upper South, Skanska Property Poland SWE Trinity Park II Upper South, Ghelamco BEL IO-I Upper South, Immoeast AUT International Business Center II City Centre, Quinlan Private Golub US Acciona Office Centre West, Acciona Nieruchomości SPA Mokotów Plaza Upper South, Celtic Asset Management UK Wiśniowy BP F South West, Quinlan Private Golub US Major Office Transactions Building Location Sq m Developer Nationality Trinity Park II Upper South, Fortis Bank FIRE Marynarska Point Upper South, Generali FIRE Millennium Plaza City Centre, ABG Ster Projekt ICT UBC * Upper South, Nestle Manufacturing Riverside Park City Centre, Polbank FIRE Warsaw Trade Tower City Centre, Orlen Manufacturing Cirrus Upper South, GSK Manufacturing Warsaw Trade Tower City Centre, IPA BS Warsaw Towers Core, Procter & Gamble Manufacturing Europlex Upper South, CardPoint Manufacturing Warsaw Towers Core, Altcom Manufacturing Rondo Core, Frontex Public Prosta Office Center City Centre, Infovide ICT * Renegotiations; BS - Business Services, FIRE - Financial, Insurance, Real Estate, ICT - Information, Communication, Technology In, the prime rents in the City Centre will continue to reach the level of - per / month. Non areas will remain at the same level of - per. In H and rental rates may drop in Non areas due to large pipeline supply. Existing and Planned Supply in Regional Cities,,,,,,,,,, Kraków Tricity Wrocław Katowice Poznań Łódź Existing stock Pipeline projects - Pipeline projects - After slowdown years of -, the office market in the regional cities has been developing very fast throughout the last months. Throughout and both developers as well as occupiers activities have intensified, resulting in falling vacancy levels, which ranges from % in Kraków Business Park Kraków to % in Łódź. Demand for office space outside of Warsaw has been mainly driven by companies, who decided to locate their BPO functions there. Over the next two to four years, the supply could double, provided that developers plans are completed.

4 Warsaw The Office Market Office Lease Terms / Tenant & Landlord Obligations Purchaser s Costs (as % of freehold price) Transfer tax Maximum PLN, (,) (registry) + % (of land value) Agent's fees -% Legal fees By agreement VAT % of the property value (incl. land). Buildings must be under years old) VAT on transaction fees % recoverable Landlord and tenant responsibilities Structural repairs Landlord Internal repairs Tenant Normal maintenance Tenant Landlord insures and recovers cost from tenant Variable Full recovery of repairs and service charges from tenant* Usually (excluding structure and machinery replacement) Vendor transaction costs (as a % of purchase price) Transfer tax None Agent's fees.-% Legal fees By agreement VAT None VAT on transaction fees % Vacancy Rates (Major Markets): -* % * Average City Centre Non * Forecast Taxation liabilities of tenant related to occupancy ( of annual rent) Local tax Land tax (depends on plot size) usually included in service charge VAT % Agents fees Legal fees Occupier's transaction costs -% (of first year's rent), % of savings By agreement Others Restriction on ownership of property by foreigners None for EU members, other must obtain a permit from the Ministry of Internal Affairs Parking ratios City centre-typically :-: (underground); out of centre-typically :-: (underground/ surface) Parking rents - / space (city centre); - / space (out of centre) Management fees.-. / month of gross lettable area Typical service charge - / month Corporate tax rate % Prime Headline Rents: -* //month * * Non * Forecast Lease structure Standard lease document None Rent payable every Month Rent guarantee period months Typical lease length - years Statutory right to renew the lease None Frequency of rent reviews Rare Frequency and basis Annual / Basis is US or Eurozone of indexation of rents inflation depending on denomination of rent Office Retail CBD Warsaw Office / Retail City Gate Warsaw Trade Tower Atruim Plaza Atrium Center Atrium Tower Atrium Sienna Center Warta Tower Millenium Plaza PZU Tower Warsaw Fin. Center Warsaw Towers Saski Point Roma Office Center Wspólna - Stratos Raiffeisen BC Focus Centrum Giełdowe IBC I, II Saski Crescent Centrum Jasna Metropolitan Zlote Tarasy Liberty Corner Dom Dochdowy Ujazdowiskie Rondo I Atrium City Kaskada Norway House Nautilus Nordic Park Centrum Krolewska Zielna Point Zielna Center A, B, C Silver Tower DT Centrum Deloitte House Ilmet FIM Tower Riverside Park Holland Park Prosta Office Center planned or under construction Chałubińskiego Palace of Culture Old Town Saski Park Plac Teatralny Plac Trzech Krzyzy

5 Poland The Investment Market Brama Zachodnia Jerozolimskie BP Ochota Office Park Philips Company House Taifun Flanders Business Park Mokotów Business Park UBC I, II Centrum Finansowe Puławska Europlex Bitwy Warszawskiej BC Kopernik Complex Crown Investments Centrum Millenium Mokotów Business Park Antares Wiśniowy Business Park Blue Point Mistral Batory Renaissance Tower & Plaza Trinity Park I, II Marynarska Business Park * E Poznań, Berlin Office E Gdansk, Gdynia Retail Industrial Żeran Park Kolmet Manhattan Business Park ProLogis Park Warsaw Warsaw Distribution Center Bokserska Office & Distribution Center Platan Park I, II Piaseczno DC - Olmar Diamond Bus. Park Piaseczno Ożarow Business Center Europa Park ProLogis Park Blonie Alliance Logistics Center ProLogis Park Teresin Metropol Park Blonie Diamond Bus. Park Janki Airnet Stolica Business Center Millenium Logistic Park Pruszków DC Metropol Park Jagiellońska City Point Warsaw Krakowska Distribution Park Łopuszańska Business Park * schemes under construction or planned E Kiev, Moscow E Mszczonów, Katowice, Krakow, Wrocław, Łodź M Marki Panorama CH Targowek Sadyba Best Mall Auchan / Leroy Merlin Auchan CH Bernowo Blue City Wola Park Arkadia Klif Factory Outlet Ursus Promenada Centrum Okęcie Tesco Fort Wola Reduta Centrum Wileńska Europlex Maximus CH Janki Fashion House Piaseczno Galeria Mokotów The Investment Market The capital spent on property investments reached the record level for the second consecutive year. The total volume exceeded. billion. The retail attracted nearly half of this sum, followed by the office sector with % of the market share. The remaining % is split among warehousing, hotel as well as mixed projects. Residential property investments are not tracked by DTZ Research due to lack of transparency, however we notice that this type of product is highly sought after by many investors. We expect this trend to continue as prices of residential space in Warsaw as well as in major cities have been increasing rapidly. Over a half of investment transactions were sealed outside of Warsaw, which shows that investors are still very much interested in regional locations. The most active players in Poland recruit from property funds from the USA, Luxembourg and UK, such as GE Real Estate, Heitman, AXA, Dawney Day or London Regional. There are still opportunities in regeneration / redevelopment projects and we see many investors looking for this type of properties, which are management intensive but also of higher return premium. Yields continued to harden over but at slower pace. Prime office yields are currently at.% and should be stable the next months. Retail sector records yields of.% and should stabilize at.%. With increasing investment activity in the warehouse sector, have witnessed yields falling recently to.%. Major Investment Transactions Quarter Location Sector Property Purchaser Nationality Volume Warsaw Office Metropolitan DEGI GER. Warsaw Office Rondo London Regional Partners UK. Poland Retail OBI W.P. Carey USA. Warsaw Retail Promenada Dawney Day UK. Łódź Warehouse Diamond BP AIB IRL. Warsaw Office Prosta Orco Endurance Fund LUX. Warsaw Warehouse Metropol Park Warsaw Teesland iog UK. Warsaw Office Raiffeisen BC Invesco UK. Gdańsk Retail % shares of Galeria Baltycka Deutsche Euroshop GER. Warsaw Retail Okęcie Office and Retail Park BPH TFI POL. Warsaw Office Wiśniowy Busineess Park C-F AIB Polonia IRL. Gniezno Retail Galeria Gniezno AIM UK. Poland Retail Casino hypermarkets GE Capital USA. Warsaw Warehouse Krakowska DP First Property UK. Warsaw Warehouse Stolica BC Pramerica UK. Poland Retail Metro % Axa LUX. Warsaw Office Mokotów Business Park Heitman USA. Łódź Retail Pasaż Łódzki Pradera SPAIN. Warsaw Office Millennium Plaza Atlas Estates Ltd ISR. Gdańsk Office Artus Park DEKA GER. Warsaw Retail Targówech Retail Park Credit Suisse AM LUX.

6 Poland - The Retail Market The Retail Market The total modern retail stock in Poland (i.e. completed since ) exceeded. million at the end of. The highest saturation level has been noticed on Warsaw retail market and reached sq m per, inhabitants.. % of Polish modern supply is located in Warsaw. Over, of new retail supply was completed in compared to, delivered in. Major new openings included Manufaktura in Łódź, Galeria Krakowska in Kraków, Arena in Gliwice, Auchan in Krasne near Rzeszów and Galeria Słowiańska in Zgorzelec. Similarly to, will be the record year with over. million in the retail projects in pipeline. New developments scheduled for include Złote Tarasy in Warsaw, Arkady Wrocławskie and Pasaż Grunwaldzki in Wrocław, Focus in Bydgoszcz, Forum in Gliwice and Galeria Biała in Białystok. Further into the future, DTZ is aware of a total nationwide supply pipeline in the region of. million, although it is not yet clear whether all schemes will be delivered. Retail market trends, which had evolved in previous years, has continued and strengthened also throughout. DTZ has noticed increasing supply of new concepts such as factory outlets, neighbourhood shopping centres, local shopping centres in medium-size cities and specialised developments such as home decoration and furniture centres. DTZ statistics prove that small and medium sized towns and cities are on the radar s screen of retail space developers. There are still pipeline and under construction projects in eight major cities/agglomerations (namely Warsaw, Kraków, Łódź, Poznań, Szczecin, TriCity, Upper Silesia and Wrocław), however the percentage of total stock located there is steadily decreasing. At the end of it accounted for % of total volume, in comparison to % in. Around % of new supply delivered in was located in smaller cites and according to DTZ Research half of retail stock planned for will be developed outside of the eight major agglomerations. New hotspots on the Polish retail market are Białystok (% of pipeline supply scheduled for ), Bydgoszcz (%), Lublin (%) and Legnica (%). Demand for high quality retail space in remains strong both in major Polish cities and secondary and tertiary cities. New retailers, that decided to open its first store in Poland include Carpetright, Gelco, Goertz, Lucy Home and Sunglass Key Retail Market Indicators in Poland City / Area Existing stock Sq m per, Pipeline Vacancy rate () inhabitants () (%) Upper Silesia,,. Warsaw Greater Area,,,. Tri-City,,. Łódź,,. Kraków,,. Wrocław,,. Poznań,,. Szczecin,,. Poland,,,, N/A, Retail Research Forum Major pipeline retail schemes Project Location GLA () Developer Delivery Bonarka Shopping Centre Kraków, TriGranit Galeria Legnicka Wrocław, Redis Felicity Lublin, Gray International Idylla Wrocławska Wrocław, Mayland RE (Casino) Galeria Malta Poznań, Neinver Forum Koszalin Koszalin, Multi Development Millenium Hall Rzeszów, Conres Forum Gliwice/ Upper Silesia, Braaten & Pedersen Retail Supply: -* Annual supply Cumulative supply * * * * Forecast Center. Established retail chains plan further expansion and new store openings in. The most aggressive expansion strategy have such chains as C&A, CCC, Empik, H&M, Inditex Group brands (Zara, Bershka, Pull&Bear, Stradivarius and Oysho), Mango and Tally Weijl. Vacancy rates in shopping centres in eight major cities remain at the stable, low level. The highest vacancy rate has been noticed in Warsaw (.%), mainly due to high rates in older and/or less successful centres. The best shopping centres are almost fully let. The lowest vacancy rate was recorded in Wrocław (.%) and Poznań (.%). Rents in major Polish cities, depending on factors such as shopping centre positioning, tenant s reputation, location within a shopping centre and size of unit range from - per / month for a prime unit. In terms of prospects for retail rents, these will depend on the shopping centre in question. DTZ considers that the strongest schemes that have good location and limited direct competition are likely to sustain the current rental levels of even see some growth as retailers seek to find store representation in such locations. Secondary shopping centres are likely to see lowering of rental levels and weaker tenant demand, which will result in increasing vacancy rates unless rental levels are reduced. This trend has already been noticed in some older schemes in the most developed markets like Warsaw or Kraków.

7 Poland - The Industrial and Logistics Market Annual supply and take-up: -,,,,,,,,, Until Supply Take up The Industrial and Logistics Market At the end of the modern warehousing market in Poland stood at the level of approx.. million. The new supply in reached over, of modern warehousing space and developers started construction of further,. The Greater Warsaw area ( zones) accounts for % of the total stock and the rest is located in the other five locations in the rest Poland: Upper and Lower Silesia, Poland, Poznań Region and most recently Tricity Region. At the end of last year developers started the record number of projects and in the first months of approx., of modern warehousing space should be completed. Majority of that space is being developed on speculative basis however, has been already pre-let. One third of that space will be delivered in the Upper Silesia region, which is the fastest growing regional market in Poland. In the medium- and long-term developers aim to complete almost. million of space. The speed of these deliveries will depend on the market conditions. Demand is currently growing across all locations and we have recently witnessed a record level of leasing transactions. was the third consecutive year when the level of take up almost doubled when compared to the previous year. Almost, Motorways to be delivered by according to plans of the Ministry of Transport and Construction Kolbaskowo Swiecko Olszyna Szczecin Jedrzychowice Motorways planned by the Ministry of Transport and Construction by the year Completed Under construction Planned Gorzów Wielkopolski Zielona Góra Koszalin was transacted in. Upper Silesia with almost, of modern warehouse space let, was the leader among the regional locations. We have also recorded the first couple of leasing transactions in the Tricity region. The vacancy rates have been fluctuating and at the end of the year were at the level of.% market wide and.% in the regional markets. Headline rents for modern warehouses in Poland remained relatively stable over the course of the past months. However, due Jelenia Góra Legnica Leszno Walbrzych Pila Slupsk Poznań Region Poznań Lower Silesia Wrocław Opole Gorzyczki Gdynia Sopot Gdańsk Elblag Tricity Region Bydgoszcz Upper Silesia Kalisz Konin Toruń Sieradz Wloclawek Plock Major Industrial and Warehousing Transactions Building Tenant Area () Business sector Location Panattoni Poznań H&M, Retail logistics Poznań Region Tulipan Park Stryków Corning, Light production Poland ProLogis Park Chorzów Raben, Logistics Upper Silesia Parkridge DC Sochaczew P&G, Distribution Warsaw - Zone ProLogis Park Zeran II ABC Data, Electronics Warsaw - Zone ProLogis Wrocław b-t-s Wrozamet, White goods Lower Silesia Logistic City Piotrków M&M, Logistics Poland ProLogis Wrocław Hi -P Poland, Distribution Lower Silesia ProLogis Wrocław Carlsberg, Distribution Lower Silesia Tiner Wrocław Muller Die lila Logistik, Logistics Lower Silesia ProLogis Park Teresin Tesco, Retail logistics Warsaw - Zone ProLogis Park Chorzów FM, Logistics Upper Silesia ProLogis Park Chorzów Reporter, Retail logistics Upper Silesia Parkridge DC Nadarzyn Hellman Moritz, Logistics Upper Silesia ProLogis Park Teresin Tesco, Retail logistics Upper Silesia Tulipan Park Stryków Komfort, Distribution Poland Tulipan Park Stryków Aveka, Distribution Upper Silesia Diamond BP Gliwice Delphi Automotive, Automotive Upper Silesia Diamond BP Gliwice Toya, Distribution Warsaw - Zone ProLogis Park Piotrków Unilever, FMCG Poland Tulipan Park Stryków Azymut, Distribution Poland Parkridge Dàbrowa G. Saint Gobain, Glass manufacturing Upper Silesia ProLogis Park Poznań II Lidl, Retail logistics Poznań Region ProLogis Park Poznań II Distriland, Logistics Poznań Region Parkridge Dàbrowa G. Magna Automotive Poland, Automotive Upper Silesia ProLogis Park Teresin DHL/Exel, Logistics Warsaw - Zone Tulipan Park Stryków Sonoco, Food Distribution Poland Łódż Poland Czestochowa Katowice Bielsko- -Biala Olsztyn Stykow Piotrków Trybunalski Ciechanów WARSAWA Kielce Kraków Tarnów Nowy Sacz Łomza Ostroleka Greater Warsaw Zone I-III Radom Siedlce Lublin Tarnobrzeg Krosno Rzeszów Przemysl Suwalki Bialystok Biala Podlaska Zamosc Kukuryki Chelm Korczowa to strong competition and aggressive leasing policy of warehouse developers, we still observe incentives being offered to tenants of between and months rent free periods. Rental rates for modern warehousing space in schemes in regional locations continued to be lower than in the Greater Warsaw region. Overall, the headline rents for modern warehousing space in the Greater Warsaw area are in the range of.-. and in the regional location between.-. per per month. Office rentals for regional locations are between.-. per per month.

8 DTZ offers a comprehensive range of services and fully integrated property advice throughout the world. Its network provides an unrivalled depth of expertise in Europe the Middle East, Asia, Australasia and the Americas. DTZ in Poland Centrum Finansowe Puławska Ul. Puławska - Warsaw, Poland Tel: + Fax: + alan.colquhoun@dtz.com, anna.staniszewska@dtz.com Contact: Alan Colquhoun, Managing Director Anna Staniszewska, Associate Director, CEE Research Consulting DTZ Regional Office Bajcsy-Zsilinszky út. Budapest, Hungary Tel: + Fax: + johnny.dunford@dtz.com Contact: Johnny Dunford, Regional Business Manager More DTZ Research publications from around & Eastern Europe and the Global DTZ network can be found on DTZ s website at DTZ has over people operating from offices in countries. Our internet address is DTZ Spring

9 Poland - The Industrial and Logistics Market Slupsk Koszalin Gdynia Sopot Gdańsk Tricity Region Elblag Suwalki Olsztyn Szczecin Annual supply and take-up: -,,,,,,,,, Until Supply Take up The Industrial and Logistics Market At the end of the modern warehousing market in Poland stood at the level of approx.. million. The new supply in reached over, of modern warehousing space and developers started construction of further,. The Greater Warsaw area ( zones) accounts for % of the total stock and the rest is located in the other five locations in the rest Poland: Upper and Lower Silesia, Poland, Poznań Region and most recently Tricity Region. At the end of last year developers started the record number of projects and in the first months of approx., of modern warehousing space should be completed. Majority of that space is being developed on speculative basis however, has been already pre-let. One third of that space will be delivered in the Upper Silesia region, which is the fastest growing regional market in Poland. In the medium- and long-term developers aim to complete almost. million of space. The speed of these deliveries will depend on the market conditions. Demand is currently growing across all locations and we have recently witnessed a record level of leasing transactions. was the third consecutive year when the level of take up almost doubled when compared to the previous year. Almost, Kolbaskowo Swiecko Olszyna Jedrzychowice Gorzów Wielkopolski Zielona Góra Jelenia Góra Legnica Leszno Walbrzych Opole Kalisz Konin was transacted in. Upper Silesia with almost, of modern warehouse space let, was the leader among the regional locations. We have also recorded the first couple of leasing transactions in the Tricity region. The vacancy rates have been fluctuating and at the end of the year were at the level of.% market wide and.% in the regional markets. Headline rents for modern warehouses in Poland remained relatively stable over the course of the past months. However, due Pila Poznań Region Poznań Lower Silesia Wrocław Bydgoszcz Upper Silesia Motorways planned by the Motorways Gorzyczki Ministry of Transport to be delivered by and according Construction to plans of the Ministry of by Transport the year and Construction Completed Under construction Planned Toruń Sieradz Wloclawek Plock Łódż Poland Czestochowa Piotrków Trybunalski Ciechanów Major Industrial and Warehousing Transactions Building Tenant Area () Business sector Location Panattoni Poznań H&M, Retail logistics Poznań Region Tulipan Park Stryków Corning, Light production Poland ProLogis Park Chorzów Raben, Logistics Upper Silesia Parkridge DC Sochaczew P&G, Distribution Warsaw - Zone ProLogis Park Zeran II ABC Data, Electronics Warsaw - Zone ProLogis Wrocław b-t-s Wrozamet, White goods Lower Silesia Logistic City Piotrków M&M, Logistics Poland ProLogis Wrocław Hi -P Poland, Distribution Lower Silesia ProLogis Wrocław Carlsberg, Distribution Lower Silesia Tiner Wrocław Muller Die lila Logistik, Logistics Lower Silesia ProLogis Park Teresin Tesco, Retail logistics Warsaw - Zone ProLogis Park Chorzów FM, Logistics Upper Silesia ProLogis Park Chorzów Reporter, Retail logistics Upper Silesia Parkridge DC Nadarzyn Hellman Moritz, Logistics Upper Silesia ProLogis Park Teresin Tesco, Retail logistics Upper Silesia Tulipan Park Stryków Komfort, Distribution Poland Tulipan Park Stryków Aveka, Distribution Upper Silesia Diamond BP Gliwice Delphi Automotive, Automotive Upper Silesia Diamond BP Gliwice Toya, Distribution Warsaw - Zone ProLogis Park Piotrków Unilever, FMCG Poland Tulipan Park Stryków Azymut, Distribution Poland Parkridge Dàbrowa G. Saint Gobain, Glass manufacturing Upper Silesia ProLogis Park Poznań II Lidl, Retail logistics Poznań Region ProLogis Park Poznań II Distriland, Logistics Poznań Region Parkridge Dàbrowa G. Magna Automotive Poland, Automotive Upper Silesia ProLogis Park Teresin DHL/Exel, Logistics Warsaw - Zone Tulipan Park Stryków Sonoco, Food Distribution Poland Katowice Bielsko- -Biala Stykow Kraków WARSAWA Kielce Tarnów Nowy Sacz Łomza Ostroleka Greater Warsaw Zone I-III Radom Siedlce Lublin Tarnobrzeg Krosno Rzeszów Przemysl Bialystok Biala Podlaska Zamosc Kukuryki Chelm Korczowa to strong competition and aggressive leasing policy of warehouse developers, we still observe incentives being offered to tenants of between and months rent free periods. Rental rates for modern warehousing space in schemes in regional locations continued to be lower than in the Greater Warsaw region. Overall, the headline rents for modern warehousing space in the Greater Warsaw area are in the range of.-. and in the regional location between.-. per per month. Office rentals for regional locations are between.-. per per month.