at a glance industrial q1 2015...

1

INDUSTRIAL & LOGISTICS MARKET REVIEW, POLANDQ1 2015

At a glance

1

MARKET SUMMARY

MAJOR NATIONAL ROADSHIGHWAYS:

EXISTING

UNDER CONSTRUCTION

PLANNED

EXPRESS ROADS:EXISTING

UNDER CONSTRUCTION

PLANNED

BNP Paribas Real Estate has divided the industrial & logistics market into the 7 primary and 4 secondary hubs as marked on the map.

Primary Hubs:1. Warsaw I & Warsaw II2. Upper Silesia3. Central Poland4. Poznań5. Wrocław6. Tri-City

Secondary Hubs:1. Kraków2. Bydgoszcz / Toruń3. Szczecin4. Rzeszów / Lublin

MAP OF INDUSTRIAL & LOGISTICS HUBS & TRANSPORTATION NETWORK

SzczecinBydgoszcz

Gorzów Wlkp.

Wrocław

Opole

Katowice

Kielce

KrakówRzeszów

Lublin

Łódź

Warszawa

Białystok

Poznań

ZielonaGóra

Piotrków Tryb.

Gdańsk

Olsztyn

Toruń

3

2

3

1 4

4

4

5

2

6

1

The macroeconomic climate along with investment sentiment in Poland remains positive. Deflation is not interfering with improvements in economic indicators: GDP continues to grow, retail sales are higher, monthly salaries are increasing with the drop in unemployment rate and there has been a surge in industrial production. The record-low base reference rate at 1.5% will have a positive impact on consumption. Additionally, despite strengthening of the Polish zloty, Poland has a positive trade balance. All these factors are reflected in the industrial and logistic market, which continues to improve.Logistics occupiers, encouraged by current trends and positive forecasts for Poland, show undimmed interest in expanding their operations, thus creating demand for more warehouse and logistic space. In Q1 2015 some 270,000 sqm were delivered, bringing the total stock of industrial & logistic space to 9.1 million sqm. The continuous high level of tenant activity meant the vacancy rate has dropped further by 0.3 p.p. reaching 5.4%, a record-low in the last 10 years. A further 555,000 sqm is currently under construc-tion, but by the year-end the space should be absorbed, without any significant impact on vacancy rate.Industrial & logistic assets continue to attract investors’ interest, which exerts a downward pressure on prime yields, currently standing at 7.15-7.25%. In the first three months of 2015 the transaction volume of industrial & logistics properties traded

topped at €149 million, 34% of the whole quarterly investment vol-ume. BNP Paribas Real Estate expects the “gold rush” to slow down due to lack of products available on the market.ProLogis, with 25% of the stock dominates the market, followed by Segro with 11% market share.

Market share of warehouse stock by landlord, Q1 2015

Sour

ce: B

NP

Parib

as R

eal E

stat

e

Others 21.6%

Prologis 24.5%

Segro 11.4%

Logicor 8.8%

Goodman 6.2%

MLP 4.2%

Panattoni 10.5%

Hillwood 2.2%

Cromwell (formerly Valad) 2.3%

Hines 2.9%

P3 5.4%

AT A GLANCE - INDUSTRIAL & LOGISTICS MARKET REVIEW, POLAND - Q1 2015

2

PRIMARY HUBS1

1. Annopol Business Park2. Bokserska Distribution Center3. City Point4. Diamond Business Park Ursus5. Distribution Park Annopol6. Distribution Park Okęcie7. Gate One8. Airport House9. Ideal Distribution Centre10. Ideal Idea III11. Kolmet12. Krakowska Distribution Center13. Łopuszańska Business Park14. Manhattan Business

& Distribution Center15. Metropol Park Jagiellońska16. Norblin Industrial Park17. Platan Park18. Prologis Park Warsaw II19. Prologis Park Warsaw – Żerań20. Segro Business Park Warsaw,

Żerań21. Space Distribution Center22. Ursus Logistic Center23. Warsaw Distribution Center24. Żoliborskie Centrum Biurowo-

Magazynowe

Narew

Wisła

Utrata

Pomiechówek

Czosnów

Wieliszew

Nieporęt

Jabłonna

Izabelin C

Stare Babice

Opacz

Janki

Nadarzyn Lesznowola

ŁOMIANKI

LEGIONOWO

NOWY DWÓRMAZOWIECKI

OTWOCK

PRUSZKÓW

MARKI

KOBYŁKA

WOŁOMIN

ZIELONKA

ZĄBKI

JÓZEFÓW

KARCZEWKONSTANCIN--JEZIORNAPIASECZNO

PIASTÓW

BRWINÓW

PODKOWA LEŚNA

OŻARÓW MAZOWIECKI

WARSZAWA

E77

E77

E30

E30

E67

E67

62

61

79

7

8

2

7

A2

S8

S8

S2

1

16

24

11

4

17212

697 8

1321

101423

22

20

18

5

19

153

WARSAW I

0 2 4 6 8 km

The largest market in Poland is split into two zones:• Warsaw I – within Warsaw boundaries, holding 7.5% of the mar-

ket share in terms of supply,• Warsaw II – within 50 km radius from the city boundaries ac-

counting for 24.9% of market share.The hubs benefi t from the critical mass of the Warsaw agglomer-ation, its central location in Poland and convenient transportation links with other parts of Poland as well as Europe.

Warsaw I Hub serves mainly the agglomeration, with some schemes providing services also to the regions. Many projects within this hub are let in smaller units when compared to typical out-of-town logistic parks. It is has experienced a lot of recent letting and relet-ting activity and records the highest rental rates across Poland.Vacancy rate in Warsaw Hubs remains one of the highest in Poland with 12.9% and 8.3% recorded at the end of March 2015. No scheme was delivered in Zone 1 and Zone II saw completion of 28,100 sqm in Q1 2015. There is 8,500 sqm under construction in Zone 1 and 13,800 sqm in Zone 2.

Warsaw I & Warsaw II

1. Supply of over 200,000 sqm

LotniskoWarszawa Okęcie

im. Fryderyka Chopina

W-WARAKÓW

AL. K

RAKO

WSK

A

AL. JE

ROZO

LIMSK

IE

Łopuszańska

Kleszczowa

Ryżo

wa

SzyszkowaPOŁUDNIOWA

OBWODNICA WARSZAWY (S2)

Nowolazurowa

13

10721

8

612 23

14

9


3

Narew

Bug

Bzura

Wkra

Utrata

Pisia

Raw

ka

Wisła

Utrata

Pilic

a

Jezi

orka

J. Zegrzyńskie

Dzierzążnia

Naruszewo

Joniec

NoweMiasto

Załuski

Pomiechówek

Zakroczym

Leoncin

Czerwińsknad Wisłą

Wyszogród

Brochów

Kampinos

Teresin

Baranów

Jaktorów

Puszcza Mariańska

NowyKawęczyn

Regnów

Cielądz Sadkowice

Błędów

Pniewy

Goszczyn

BelskDuży

JasieniecBiałaRawska

Chynów

Prażmów

Tarczyn

ŻabiaWola

Lesznowola

Wiązowna

Sulejówek

Józefów

Karczew

Konstancin--Jeziorna

Góra Kalwaria

Nadarzyn

Sobienie--Jeziory

Grabównad Pilicą

Kowiesy

Radziejowice

Wiskitki

Leszno

Błonie

MilanówekPodkowaLeśna

Brwinów

Pruszków

OżarówMazowiecki

Raszyn

Stare Babice

Izabelin C

Młodzieszyn

Winnica

NasielskPłońsk

PokrzywnicaZatory

Somianka

Dąbrówka

Klembów

KobyłkaMarki

Nieporęt

Radzymin

ZielonkaZąbki

Serock

Wieliszew

JabłonnaCzosnów

Świercze

WARSZAWASOCHACZEW

ŁOMIANKI

NOWY DWÓRMAZOWIECKI

LEGIONOWO

WOŁOMIN

OTWOCK

Warka

GRÓJEC

PIASECZNO

Rawa Mazowiecka

MSZCZONÓW

ŻYRARDÓW

GRODZISKMAZOWIECKI

E77

E30

E67E77

E77

E30

50

62

92

79

50

79

50

5070

62

62

61

85

7

2

7

A2

S8

S8

S8

S7

32

17

12

11

30

21

27

1

2

3

4

531

33

24

3536

38

39 40

4142

43

13

45

6

10

181920

2225

26

151629

7

8

9

23

14

4428

34

37

46

47

48

WARSAW II

1. AB Logistyka 2. Atlantic 3. Altmaster Wola Mrokowska 4. Altmaster Pęcice 5. Altmaster Piaseczno 6. Błonie Business Park 7. Diamond Business Park Raszyn

(planned) 8. Distribution Park Grodzisk

Mazowiecki 9. Good Point Puławska I 10. Good Point Puławska II, IIIa, IIIb 11. Goodman Warsaw Logistics

Centre (planned) 12. Logicor Błonie 13. Logicor Łazy 14. Logicor Piaseczno 15. Logicor Święcice 16. Logicor Teresin 17. Menard Doswell Parzniew

(planned)18. Metropol Park Błonie 19. MLP Pruszków I 20. MLP Pruszków II 21. MLP Teresin (planned)22. Ożarów Logistic Center 23. P3 Błonie 24. P3 Mszczonów 25. Panattoni Park Błonie 26. Panattoni Park Garwolin 27. Panattoni Park Grodzisk

(planned)28. Panattoni Park Ożarów I, II 29. Panattoni Park Pruszków 30. Panattoni Park Pruszków II

(planned) 31. Piaseczno Business Park 32. Point of View Góra Kalwaria33. Point of View Kawęczyn 34. Point of View Piaseczno 35. Prologis Park Błonie 36. Prologis Park Błonie II 37. Prologis Park Janki 38. Prologis Park Nadarzyn 39. Prologis Park Sochaczew 40. Prologis Park Teresin 41. Pruszkowskie Centrum

Dystrybucyjne 42. Raszyn Business Park 43. Reguły Logistic Park 44. Segro Business Park Warsaw,

Ożarów 45. Segro Logistics Park Warsaw,

Nadarzyn 46. Segro Logistics Park Warsaw,

Pruszków 47. Techniczna Industrial Park 48. WAN Pruszków

0 5 10 15 20 km

KEY INDICATORS AND TRENDS WARSAW I WARSAW II

Total existing stock* 619,350 sqm 2,273,350 sqm

Under construction** 8,500 sqm 13,800 sqm

Vacancy rate 12.9% 8.3%

Rent range €3.40-5.00 per sqm/month €2.20-3.40 per sqm/month

*Stock revised **As of March 2015


4

Warta

J. Porajskie

M

ała Panew

Przemsza

Soła

Wisła

Brynica

Cza

rna

Pr

zem

sza

J. Goczałkowickie

Olza

Pszczynka

Ruda

J. Rybnickie

Kłodnica

Zawadzkie

Lubliniec

Kochanowice

KoszęcinBoronów

StarczaKamienicaPolska

Poraj

Koziegłowy

Woźniki

Kalety

KrupskiMłyn

Wielowieś

Tworóg

Miasteczko Śl.

SiewierzMierzącice

Poręba

OżarowiceŚwierklaniec

RadzinkówZbrosławicePyskowice

Toszek

Jemielnica

StrzelceOpolskie

Warmątowice

Ujazd

Rudziniec

KuźniaRaciborska

Pilchowice

Sośnicowice

Nędza

Lyski Jejkowice

Gaszowice

RydułtowyPszów

RadlinMarklowice

Gorzyce Mszana

Godów

Zebrzydowice

DębowiecH żl h

Kozy

Bestwina

Goczałkowice--Zdrój

MiedźnaBrzeszcze

BojszowyKobiór

Suszec

Pawłowice

Orzesze

Ormontowice

Gierałtowice

WyryŁaziska G.

Lędziny

Bieruń

Chełm Śl.

Chełmek

Libiąż

Imielin

PsaryBobrowniki

PIEKARY ŚL.

TARNOWSKIEGÓRY

DĄBROWA G.BYTOM

GLIWICE

RYBNIK TYCHY

BIELSKO--BIAŁA

ZABRZERUDA ŚL.

ŚWIĘTOCHŁOWICE

CHORZÓW

SOSNOWIEC

JAWORZNOMYSŁOWICE

JASTRZĘBIE--ZDRÓJ

Wojkowice

PolankaWielka

Przeciszów

Wilamowice

Wieprz

Osiek

Andrychów

Kęty

Jasienica

StrumieńChybie

Bohumín

Petřvald

KARVINÁ

ORLOVÁ

Jankowice

ŻarkiKolonowskie

MYSZKÓW

KNURÓW

CZERWIONKA--LESZCZYNY

ŻORY

PSZCZYNA

OŚWIĘCIMWODZISŁAWŚLĄSKI

CZECHOWICE--DZIECICE

KATOWICE

E75

E40

E40

E40E75

E462

E462

E462

11

9478

78

86

1178

88

94

94

44

86

81

44

152

78

67

81

40

40

88

1

S86

S1

S1

S1

S69

A1

A1

A4

A4

A1

A1

6

20

33

2

10

11

29

30

12

3

45

17

34

25

331

8

35

92615

1427

23

1624

192132

22

171336

37

28

18

The Upper Silesian Hub with 17.2% of the market share in terms of total stock remains number two regarding the overall volume of modern warehouse and logistic accommodation. In the last quarter the market expanded by 30,200 sqm. A further 92,250 sqm is cur-rently under construction. Benefi ting from an excellent transportation network, including A4 and A1 motorways running across the region, proximity to Southern and Western borders of Poland, as well as a substantial manufac-turing base and large consumer market, the Hub has attracted key players, who have developed logistic parks along the main trans-port corridors. Demand remains strong within the area with occupiers recruiting mainly from 3PL, manufacturing and FMCG companies.

Due to the vacancy rate, which only decreased by 0.5 p.p. over the last quarter, rents have remained fl at over the last few quarters and this situation is unlikely to change in the mid-term horizon.

Upper Silesia

UPPER SILESIA

1. Alliance Silesia Logistics Center 2. Centrum logistyczne Milowice 3. City Flex Business Park Bytom

(planned)4. City Flex Business Park Gliwice

(planned)5. City Flex Business Park

Katowice (planned)6. City Flex Business Park

Sosnowiec (planned)7. Diamond Business Park Gliwice 8. Distribution Park Będzin 9. Distribution Park Sosnowiec 10. DL Invest Park Dąbrowa

Górnicza (planned) 11. DL Invest Park Psary/Czeladź

(planned) 12. Goodman Gliwice Logistics

Centre (planned) 13. Goodman Sosnowiec Logistics

Centre 14. Górnośląski Park Przemysłowy 15. Logicor Czeladź 16. Logicor Gliwice I 17. Logicor Gliwice II 18. Logicor Mysłowice 19. MLP Bieruń 20. MLP Gliwice (planned) 21. MLP Tychy 22. Panattoni Park Bielsko-Biała 23. Panattoni Park Bielsko-Biała II 24. Panattoni Park Gliwice II 25. Panattoni Park Sosnowiec 26. Prologis Park Będzin II 27. Prologis Park Chorzów 28. Prologis Park Dąbrowa 29. Prologis Park Ruda (planned) 30. Prologis Park Ujazd (planned) 31. Segro Business Park Gliwice 32. Segro Industrial Park Tychy 33. Segro Industrial Park Tychy II

(planned)34. Segro Logistics Park Gliwice 35. Silesia Logistic Park 36. Śląskie Centrum Logistyczne 37. Terminal Logistyczny Promont

Tychy 0 5 10 15 20 km

KEY INDICATORS AND TRENDS UPPER SILESIA

Total existing stock* 1,570,150 sqm

Under construction** 92,250 sqm

Vacancy rate 7.2%

Rent range €2.80-3.50 per sqm/month *Stock revised **As of March 2015


5

In Q1 2015 the Poznań Hub recorded the highest level of new supply, which amounted 149,400 sqm, bringing the total stock to nearly 1.38 million sqm. Additional 50,700 sqm is currently under construction. Despite high level of deliveries, vacancy increased only by 1.3% reaching a mere 2.2%. Prime headline rents slightly dropped by 4% to €3.60 per sqm/month.

Poznań

KEY INDICATORS AND TRENDS POZNAŃ



Vacancy rate 2.2%

Rent range €2.80-3.60 per sqm/month

1. Centrum Magazynowe Bugaj2. Clip – Centrum Logistyczno

Inwestycyjne Poznań3. Distribution Park Gądki4. Doxler5. Goodman Poznan II Logistics

Centre6. Goodman Poznań Airport

Logistics Centre7. Goodman Poznań Logistics

Centre8. Logicor Poznań I 9. Logicor Poznań II 10. Logicor Poznań III 11. Logit12. Luvena Logistic Park Poznań13. MLP Poznań14. MLP Poznań Zachód (planned)15. Nickel Technology Park Poznań16. P3 Poznań17. Panattoni Park Poznań III18. Panattoni Park Poznań IV19. Prologis Park Poznań I20. Prologis Park Poznań II21. Prologis Park Poznań III

(planned)22. Segro Logistics Park Poznań,

Gądki23. Segro Logistics Park Poznań,

Komorniki

Warta

Mogilnica

War

taLubasz

Połajewo

Wronki Obrzycko

OstrorógSzmotuły

Oborniki

Rokietnica

Kaźmierz

Duszniki

Buk

Opalenica

Granowo

GrodziskWielkopolski

Kamieniec

Śmigiel

Lipno

Krzywiń

DolskJaraczewo

KsiążWielkopolski

Brodnica

Czempiń

Mosina

StęszewPuszczykowo

Kleszczewo

Dominowo

Nekla

Czerniejewo

Pobiedziska

MurowanaGoślina

Łubowo

Kiszkowo

Kłecko

Sroki

MieściskoRogoźno

Kostrzyn

Czerwonak

SuchyLas

ŚrodaWielkopolska

Miłosław

Zaniemyśl

Kórnik

Komorniki

Krzykosy NoweMiaston. WartąKościan

Dopiewo

TarnowoPodgórne

Ryczywół

POZNAŃ

WĄGROWIEC

SWARZĘDZ

ŚREM

JAROCIN

E30

E30

E261

E261

E261

11

11

92

92

11

12

11

15

15

32 5

5

S5

S11A2

A2

6

2118

1

2

310 16

8

19

22

20

4

9

7

1213

15

5

23

1117

14

POZNAŃ

0 5 10 15 20 km



6

The region benefi ts from proximity of A4 motorway allowing excellent links with Germany and further with other Western and Southern Eu-rope countries. The Wrocław Hub continues to attract lot of develop-ers and occupiers’ attention, which is refl ected in record-low vacancy rate for the Hub at 1.3% at the end of Q1 2015. Rents have increased by 15% over the last months. The total indus-trial & logistics stock amounted over 1.2 million sqm at the end of March and will be expanded by over 101,000 sqm of new deliveries in the coming quarters.

KEY INDICATORS AND TRENDS WROCŁAW



Vacancy rate 1.3%


Wrocław

1. Distribution Park Wrocław2. Eurologis3. Gazowa Industrial Park4. Goodman Wrocław East

Logistics Centre5. Goodman Wrocław South

Logistics Centre6. Panattoni Park Wrocław I7. Panattoni Park Wrocław II8. Panattoni Park Wrocław III9. Panattoni Park Wrocław IV

(planned)10. Prologis Park Wrocław I 11. Prologis Park Wrocław III12. Prologis Park Wrocław IV13. Prologis Park Wrocław V14. Segro Industrial Park Wrocław15. Skalski Logisitic Park16. Tiner Logistic Park17. Wrocław Bielany Business Park

(planned)18. Wrocław Business Park19. VATT Invest Wrocław

Oława

Oław

a

Odra

Odra

J. Mietkowskie

Strzegomka

Wąsosz

Jemielno

Wińsko Żmigród

Milicz

Twardogóra

Dobroszyce

ZawoniaTrzebnicaOborniki Śl.

WiszniaMała

Brzeg Dolny

Wołów

Malczyce

Miękinia

Kostomłoty

Mietków

Marcinowice Sobótka

Łagiewniki

Kondratowice

NiemczaPieszyce

PiławaGórna Ciepłowody Przeworno

Grodków

Olszanka

Wiązów

Domaniów

Żórawina

Siechnice

Czernica

Długołęka

BIerutów

Jelcz--Laskowice

Lubsza

Kobierzyce

Strzelin

SkarbimierzOsiedle

JordanówŚląski

Borów

Żarów

KątyWrocławskie

ŚrodaŚląska

Krośnice

Prusice

OLEŚNICA

OŁAWA

BRZEGŚWIDNICA

DZIERŻONIÓW

BIELAWA

WROCŁAW

E67

E67

E40

E40

E40

E261

36

94

94

94

35

39

15

5

5

8

8

25

S5

S8S8

S8

A1

A4

A8

A4

9

8

17

1

2

3

418

19

56

10

11

127

1613

14

15

WROCŁAW

0 5 10 15 20 km



7

Being located close to A2 and A1 motorway junctions is the key ad-vantage of the Hub, attracting both developers as well as occupiers. The total stock reached 1.15 million sqm at the end of March 2015. Due to no completions and solid demand, vacancy rate decreased further to 1.6%. As a result, rents have moved up by 8% in the last quarter.

Central Poland

1. Diamond Business Park Stryków 2. Goodman Łódź Logistics Centre 3. Logicor Łódź4. Logicor Łódź II5. Logicor Łódź III 6. Logicor Stryków7. Logis 8. Logistic City – Piotrków

Distribution Centre 9. Łódź Business Park 10. P3 Piotrków 11. Panattoni Park Business Center

Łódź 12. Panattoni Park Business Center

Łódź II13. Panattoni Park Łódź East 14. Prologis Park Piotrków I 15. Prologis Park Piotrków II 16. Prologis Park Rawa 17. Prologis Park Stryków

(planned) 18. Segro Business Park Łódź 19. Segro Logistics Park Łódź20. Segro Logistics Park Stryków

J. Sulejowskie

Wolbórk

a

Pilica

Raw

kaSkierniew

ka

Rawka

Bzura

Mro

ga

Bzura

Mos

zcze

nic a

Bzura

Ner

Grabia

Widawka

Luciąża

Pilica

Czarna

Parzęczew

Góra św. Małgorzaty

Bielawy

ZdunyChąśno Nowa

Sucha

NieborówBolimów

Godzianów

Słupia

Żelechlinek

Czerniewice

Inowłódz

SławnoMniszków

Będków

RokicinyBrójce

Grabica

DrużbiceZelów

Aleksandrów

Paradyż

Budziszewice

Nowy Kawęczyn

Łyszkowice

MakówDmosin

Ozorków Głowno

ŁOWICZ

SKIERNIEWICE

Łęczyca

ZGIERZ

Piątek

Lutomiersk

Dobroń

Ksawerów

Andrespol

Rogów

LipceReymontowskie

Jeżów

Głuchów

Dłutów

Kluki

Rozprza

WolaKrzysztoporska

Białaczów

Żarnów

Rzeczyca

Lubochnia

UjazdCzarnocin

Moszczenica

Domaniewice

Witonia

Brzeziny

KoluszkiKonstantynówŁódzki

AleksandrówŁódzki

PABIANICE

BEŁCHATÓWPIOTRKÓWTRYBUNALSKI

TOMASZÓWMAZOWIECKI

Stryków

Rzgów

Tuszyn

Sulejów

Wolbórz

Opoczno

RawaMazowiecka

ŁÓDŹ

E75E30

E30

91

14

92

5092

70

70

72

72 72

71

71

71

14

12

91

9174

4412

481

1

8

E75

E75

E68

S8

S14

E67

A1

A1

A1

A2

A2

72

19

12

4

17

3 13

18

5

716

1 620

11

108

1415

2

9

CENTRAL POLAND

0 5 10 15 20 km

KEY INDICATORS AND TRENDS CENTRAL POLAND



Vacancy rate 1.6%




8

Located close to the sea (Deep Container Terminal in Gdańsk) and A1 motorway connection with south of the country, provides a good ground for development of this industrial and logistics hub in the Tri-City area. The total stock of Tri-City Hub reached over 272,100 sqm with a further 43,300 sqm under construction. Vacancy rate has shrunk from 5.0% to 2.7% at Q1 2015.

KEY INDICATORS AND TRENDS TRI-CITY

Total existing stock* 272,100 sqm


Vacancy rate 2.7%


Tri-City

1. Centrum Logistyczne Gdańsk Kowale I

2. Centrum Logistyczne Gdańsk Kowale II

3. Centrum Logistyczne Gdańsk Kowale III

4. Centrum Logistyczne Gdańsk Kowale IV (planned)

5. Centrum Magazynowe Hutnicza6. Diamond Business Park Gdańsk

(planned)7. Goodman Pomeranian Logistics

Centre8. Logistic Center Pruszcz Gdański9. Panattoni Park Gdańsk10. Port Gdynia Logistic Centre11. Prologis Park Gdańsk12. Segro Logistics Park Gdańsk

J. Żarno-wieckie

Z a t o k aP u c k a

Z a t o k a

G d a ń s k a

Wisła

Nogat

Martwa

Wisła

Reda

J. Raduńskie Dln.

Radunia

Krokowa

Jastarnia

Władysławowo

Puck

Gniewino

Reda

Luzino

Szemud

Przodkowo

ŻukowoChmielno

KARTUZY

Somonino

Przywidz

Kolbudy

Nowa Karczma

Liniewo

Stara Kiszewa

Zblewo

SulkowyMiłoradz

Lichnowy

PszczółkiTrąbkiWielkie

Skarszewy

Suchy Dąb

CedryWielkie

Ostaszewo

Stegna

Sztutowo

Nowy DwórGdański

Nowy Staw

StaryTarg

Kosakowo

HelWEJHEROWO

PRUSZCZGDAŃSKI

STAROGARDGDAŃSKI

MALBORK

SZTUM

GDYNIA

GDAŃSK

SOPOT

RUMIA

TCZEW

E28

E28

E77

E75

20

55

55

2222

2291

91

20

6

7

7

S6

S7

A1

4

3 6

510

7

912

11

812

TRI-CITY

0 5 10 15 20 km



9

Despite high demand for logistics space in the Kraków Hub, which is confi rmed by continuous low level of vacancy rates, new devel-opment is limited and the area lags behind the Primary Hub league.As a result of the weak supply and strong demand, rents in Kraków Hub are among the highest in Poland with the tendency to grow. The situation will continue in the mid-term horizon.Vacancy grew to 2.7% at the end of Q1 2015. The planned delivery of 38,750 sqm over the next few months will put Kraków region on the list primary industrial and logistics hubs.

Kraków

SECONDARY HUBS1

1. Centrum Logistyczne Kraków Kokotów

2. Centrum Logistyczne Kraków I3. Centrum Logistyczne Kraków II4. Centrum Logistyczne Kraków III

(planned)5. Goodman Kraków Airport

Logistics Centre6. Logicor Kraków7. MARR Business Park8. MG Logistic9. Panattoni Park Kraków II10. RB Logistic11. Witek AirPort Logistic Centre

ŚwinnaPoręba (bud.)

J. Dobczyckie

Raba

Raba

Skawa

S kawa

Wisła

Ogrodzieniec

Charsznica

Miechów

KsiążWielki

Słaboszów

Działoszyce

CzarnocinRacławice

PałecznicaRadziemice

Koniusza

Luborzyca

Michałowice

IwanowiceWłościańskie

Skała

WielkaWieś

Zielonki

TrzyciążGołcza

Sułoszowa

Klucze

Bolesław

Bukowno

Trzebinia

Krzeszowice

Zabierzów

Alwernia

Spytkowice

Brzeźnica

Tomice

Wadowice

KalwariaZebrzydowska

StryszówLanckorona

Mucharz

Zembrzyce

Stryszawa

Tokarnia

BystraJordanów

Rabka--Zdrój

MszanaDolna

Lubień

Pcim

Wiśniowa

Jodłownik

Dobra Tymbark

Laskowa

ŻegocinaTrzciana

Łapanów

NowyWiśnicz

Raciechowice

Dobczyce

Myślenice

SieprawMogilany

Skawina

Wieliczka

ŚwiątnikiGórne

Sułkowice

Gdów

Tomaszkowice

Niepołomice

Kłaj Rzezawa

LipnicaMurowana

Limanowa

Łukowica

Słopnica

Niedźwiedź

Zawoja

SuchaBeskidzka

MakówPodhalański

Budzów

Liszki

Czernichów

Babice

JerzmanowiceProszowice

NoweBrzesko

DrwinaWawrzeńczyce

SłomnikiKazimierza

Wielka

Skalbmierz

Wolbrom

Pilica

OLKUSZ

CHRZANÓW

BOCHNIA

KRAKÓWE40

E40

E77

E462

E77

94

79

44

52

28

28

28

28

75

7

7975

7

S7

S7A4

A491

4

5

8

2

6

11

10

37

KRAKÓW

0 5 10 15 20 km

1. Supply up to 200,000 sqm

KEY INDICATORS AND TRENDS KRAKÓW



Vacancy rate 2.7%




10

The Rzeszów-Lublin Hub has been gaining in importance due to the fact that these are the last industrial and logistic spots at the EU bor-der. The stock increased by 20,700 sqm bringing the total warehouse and logistics accommodation to over 179,600 sqm. The vacancy rate rose to 14%, which is the highest level across all the hubs. Despite increase in availability, BNP Paribas Real Estate observed a 6% rent increase over the last quarter.

KEY INDICATORS AND TRENDS RZESZÓW / LUBLIN



Vacancy rate 14.0%


Rzeszów / Lublin

Wieprz

Chodelka

Bystrzy

ca

Kurów

Końskowola Markuszów

GarbówJastków

Nałęczów

Wojciechów

Poniatowa

Bełżyce

Borzechów

Jabłonna

Piaski

MełgiewMilejów

CycówPuchaczów

Łęczna

Ludwin

SpiczynNiemce

JakubowiceMurowane

Trawniki

Fajsławice

ŁopiennikChodel

Konopnica

NiedrzwicaDuża

Wąwolnica

LUBLIN

ŚWIDNIK

8217

12

12

S17

S17

S12

21

LUBLIN

0 5 10 15 20 km

Przyr w

a

Wisłok a

Łęg

Wisł

a

Wisła

ZalewPilzno W

isło

k

Szydłów Staszów Łoniów

Osiek

BaranówSandomierski

PadewNarodowa

TuszówNarodowy

GawłuszowiceBorowaPacanów

Szczucin

WadowiceGórne

RadomyślWielki Przecław

Radgoszcz

Dąbrowa Tarnowska

LisiaGóra

Pustków

Żyraków

Czarna

Pilzno Czudec

IwierzyceBoguchwała

Tyczyn

ŚwilczaTrzebownisko

GłogówMałopolski

NiwiskaKolbuszowa

Cmolas

Dzikowiec

MajdanKrólewski

Bojanów

Grąbów

NowaDęba

Raniżów

Ostrów SędziszówMłp.

Ropczyce

Skrzyszów

PołaniecŁubnice

Koprzywnica

Rytwiany

Oleśnica

Tuczępy

TARNÓW

RZESZÓWDĘBICA

MIELEC

TARNOBRZEGSTALOWA

WOLA

7973

73

9

4

9

E371

E40

A43

7

6

4

5

RZESZÓW

0 5 10 15 20 km

*Stock revised, **As of March 2015

3. Centrum Logistyczne Rogoźnica4. Korczowa Logistic Park

(planned)5. Omega Pilzno6. Panattoni Park Rzeszów7. Skalski Logistic Park Podgrodzie

1. Centrum Logistyczne Mełgiewska

2. MLP Lublin


11

Panattoni and Goodman are the most active players within Toruń/Bydgoszcz Hub, which remains the second smallest industrial and logistics market in Poland. The region recorded the sharpest drop in vacancy rate, which fell from 32.3% at the end of 2014 to 3.2% at the end of Q1 2015. The hub, totalling 125,800 sqm offers very competitive rental rates. In the foreseeable future, no signifi cant change is expected.

The Szczecin Hub has been developing slowly, holding the smallest market share of all the industrial and logistics hubs across Poland. Recent activity was limited to completion of the next phase of North-West Park, which was successfully leased, leaving only 5.7% vacancy in the overall stock volume.

KEY INDICATORS AND TRENDS TORUŃ / BYDGOSZCZ


Under construction** 0

Vacancy rate 3.2%


KEY INDICATORS AND TRENDS SZCZECIN



Vacancy rate 5.7%


Toruń / Bydgoszcz

Szczecin Hub

1. Logistic and Business Park Bydgoszcz

2. Diamond Business Park Toruń (planned)

3. Goodman Toruń Logistics Centre

4. Panattoni Park Toruń

1. North-West Logistic Park2. Prologis Park Szczecin

Br

Kanał

Noteć

Notecki

Wisła

Drwęca

Sicienko

Osielsko Chełmża

Łysomice

LubiczDolny

Obrowo

CiechocinekAleksandrówKujawski

MałaNieszawka

Rojewo

ZłotnikiKujawskie

Nowa WieśWielka

BiałeBłota

SolecKujawski

ZławieśWielka

Łabiszyn

Barcin

WielkaNieszawka

Gniewkowo

KowalewoPomorskieDąbrowa

Chełmińska

Unisław

Łubianka

PapowoBiskupie

Dobrcz

BYDGOSZCZ

TORUŃ

E75

E261

25

15

15

10

10

80

80

5

A1

S5 S5S10

S10

4

1 3

2

Ina

Randow

Odra

Zac

h.

Odra

Płonia

Ina

Małe Dąbie

J. Dąbie

J. Miedwie

h

Brüssow

Gartz

Penkun

Osina

Stara Dąbrowa

StareCzarnowo

Kołbaskowo Kobylanka

Dobra Maszewo

Gryfino

GoleniówPOLICE

STARGARDSZCZECIŃSKI

SZCZECINE65

E65

E28

E28

104

E28

10

10

20

10

1331

2

A6

S3

S3

S6

S10

1

2

TORUŃ / BYDGOSZCZ

SZCZECIN

0 5 10 15 20 km

0 5 10 15 20 km




www.realestate.bnpparibas.pl12

CONTACTSAnna Staniszewska Director, Research & Consultancy CEE, [email protected] Pyś-Fabiańczyk Head of of Industrial & Logistics Department, [email protected] Kajka Junior Consultant, Industrial & Logistics Department, [email protected] Gnich Assistant, Industrial & Logistics Department, [email protected] Drukker Managing Director, Agency & Valuations CEE, [email protected] Mucha Director, Valuations CEE, [email protected] Palmer Director, Industrial Investments & Valuations CEE, [email protected]

List of major letting transactions in Q1 2015

List of major investment transactions in Q1 2015

Tenant Scheme Hub Area leased (sqm) Type of lease

Fiege P3 Mszczonów Warsaw II 20,555 + 25,455 Renegotiation + expansion

Jysk Logistic City Central Poland 40,500 New

FM Logistic P3 Piotrków Central Poland 32,100 + 4,900 Renegotiation + expansion

Nippon Goodman Toruń Logistics Center Bydgoszcz / Toruń 26,000 Renegotiation

RR Donneley Panattoni Park Łódź East Central Poland 23,000 Renegotiation

L’Oreal ProLogis Park Błonie II Warsaw II 19,500 Renegotiation

KMC Services Kraków Airport Logistics Centre Kraków 13,000 New

Sarantis MLP Pruszków II Warsaw I 12,200 Renegotiation

Confi dential ProLogis Park Szczecin Szczecin 10,400 New

Dedra Exim MLP Pruszków Warsaw II 10,000 Renegotiation

Project Location Purchaser Seller Price (€ million)

Warehouse portfolio Błonie, Piotrków Trybunalski P3 / TPG CA Immo / EBRD €80.0

Warehouse portfolio Mszczonów, Tomaszów Mazowiecki WP Carey FM Logistic €55.0

Skalski Logistic Wrocław Hillwood Skalski €14.0

Source: BNP Paribas Real Estate

BNP Paribas Real Estate Poland Sp. z o.o. al. Jana Pawła II 25, 00-854 WarsawTel. +48 22 653 44 00

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