Real Estate for a changing world

Real Estate for a changing world

RESEARCH

At a glance Q3 2017

INDUSTRIAL & LOGISTICS MARKET REVIEW, POLAND

12.7m m

2

Data for the first three quarters of 2017 show that the Industrial & Logistics market is the fastest developing real estate sector in Poland. Since the beginning of 2017, the total stock grew by 13.6%. Development is driven by strong tenant demand for warehouse and logistics space. This is confirmed by the fact that, despite the delivery of a significant volume of space, vacancy rates are lowering.

1

Modern industrial & logistics stock

2

THE BIGGEST WAREHOUSE IN POLAND COMPLETED

STILL HIGH DEVELOPMENT ACTIVITY

Over the first three quarters of 2017, a record volume of 1,727,000 sqm was delivered, of which 54% was completed in Q3. The new supply delivered so far in 2017 accounts for almost 130% of new supply in the entire of 2016. The largest delivery was located in the Szczecin hub (293,400 sqm) and Warsaw II hub (239,500 sqm). Szczecin reached the top result thanks to the completion of two large-scale BTS schemes: the largest warehouse in Poland - Panattoni BTS Amazon Szczecin (161,000 sqm), and Goodman BTS Zalando Szczecin (130,000 sqm).

The impressive numbers of new deliveries did not discourage developers from launching new projects. Currently there are over 1,097,000 sqm under construction. The largest projects include: Panattoni BTS Amazon Sosnowiec (135,000 sqm), BTS BSH (79,000 sqm) and another phase of P3 Piotrków (61,000 sqm). As the names indicate, e-commerce remains a strong demand driver for the sector. Among the top ten biggest pipeline warehouses, five are BTS schemes.

NEW

1,727,000 m2

1,097,000 m2

3

4

Total stock delivered in first three quarters of 2017

Under construction

VACANCY RATES GO DOWN

RENTS STILL STABLE FOR MOST HUBS

Compared to the situation at the end of 2016, the overall vacancy rate decreased by 0.5 p.p. and currently stands at 5.6%. In the context of a record growth of new supply, it shows the great demand for warehouse space. The trend also results from the popularity of BTS projects and the high volume of pre-let agreements.

The high level of demand, which translates into leasing transactions for schemes under construction, is in equilibrium with the significant increase of supply and therefore does not significantly affect the level of asking rents. Only top assets located within the boundaries of Warsaw noticed headline rent growth by 5-10%.

Currently, schemes under construction are on average 83% leased. This means that warehouses are often almost fully let upon completion.

Central Poland records the lowest rates among all clusters as the market is dominated by large-scale logistics parks.

5.6%

Vacancy rate as of Q3 2017

2.0 – 5.5 EUR

Headline rent range (sqm/month)

1

AT A GLANCE - INDUSTRIAL & LOGISTICS MARKET REVIEW, POLAND - Q3 2017

Vacancy rate, modern industrial and logistics stock new supply

stock

Market share by hub, Q3 2017 others 0.4% Toruń/Bydgoszcz 1.8% Kraków Region 2.4% Lublin/Rzeszów 2.7%

vacancy rate

m² 12,000,000

16% 14% 12%

10,000,000

10%

Warsaw I 5.6%

Tri-City Region 3.3% Szczecin 4.0%

Warsaw II 22.7%

Lower Silesia 12.3%

8%

8,000,000

6% 4%

6,000,000

2% 4,000,000

2010

2011

2012

2013

2014

2015

2016

Q1-Q3 2017

Central Poland 12.3% Upper Silesia 17.1%

0%

Source: BNP Paribas Real Estate

Poznań Region 15.0% Source: BNP Paribas Real Estate

Under contruction industrial and logistics space, Q3 2017 (sqm)

Vacancy rate by hub, Q3 2017

Central Poland

Warsaw I

Upper Silesia

Warsaw II

Warsaw II

Upper Silesia

Lower Silesia

Poznań Region

Kraków Region

Central Poland

Tri-City Region

Lower Silesia

Warsaw I

Tri-City Region

Poznań Region

Lublin/Rzeszów

Toruń/Bydgoszcz

Kraków Region

Szczecin

Toruń/Bydgoszcz

7.7% 5.8% 5.2% 8.6% 1.5% 6.5% 3.9% 2.6% 7.9% 7.0%

Szczecin

Lublin/Rzeszów 0

100,000

200,000

300,000

400,000

Source: BNP Paribas Real Estate

3.7% 0%

2%

4%

6%

8%

10%

12%

Source: BNP Paribas Real Estate

Rental ranges by hub, € per sqm/month, Q3 2017

Landlord market share, Q3 2017

Warsaw I others 20.0%

Warsaw II

Panattoni 19.2%

Upper Silesia GLL 1.9% Hillwood 2.1% CBRE GI 2.2% MLP 2.9%

Poznań Region Central Poland Lower Silesia Tricity Region Lublin/Rzeszów

GIC 5.2%

Cracow Region Toruń/Bydgoszcz

Logicor 6.7%

Szczecin 1.00 EUR Source: BNP Paribas Real Estate

Prologis 18.7%

Hines 3.5%

2.00 EUR

3.00 EUR

4.00 EUR

5.00 EUR

Segro 9.2% Goodman 8.3%

6.00 EUR Source: BNP Paribas Real Estate

2

AT A GLANCE - INDUSTRIAL & LOGISTICS MARKET REVIEW, POLAND - Q3 2017

MAP OF INDUSTRIAL & LOGISTICS HUBS & TRANSPORTATION NETWORK BNP Paribas Real Estate has divided the industrial & logistics market into the five primary hubs (over 1 million sqm) and 5 secondary markets as marked on the map.

1 GDAŃSK

SZCZECIN

OLSZTYN

5

4

BYDGOSZCZ GORZÓW WLKP. POZNAŃ

3

BIAŁYSTOK

TORUŃ

1

5

ZIELONA GÓRA

WARSZAWA

ŁÓDŹ

4

PIOTRKÓW TRYB.

WROCŁAW

2

OPOLE

KATOWICE

3 KRAKÓW

LUBLIN KIELCE

2

2 RZESZÓW

MAJOR NATIONAL ROADS

PRIMARY HUBS:

SECONDARY HUBS:

1. Warsaw I & Warsaw II 2. Upper Silesia 3. Poznań 4. Lower Silesia 5. Central Poland

1. Tri-City 2. Lublin / Rzeszów 3. Cracow 4. Bydgoszcz / Toruń 5. Szczecin

HIGHWAYS: EXISTING UNDER CONSTRUCTION PLANNED EXPRESS WAYS: EXISTING UNDER CONSTRUCTION PLANNED Source: BNP Paribas Real Estate

3

AT A GLANCE - INDUSTRIAL & LOGISTICS MARKET REVIEW, POLAND - Q3 2017

PRIMARY HUBS1

WARSAW I

KEY INDICATORS & FUTURE TRENDS* ( )

• Limited availability and high prices of land significantly reduce cluster development and increase rental costs for the top assets.

WARSAW I

706,700 m

7.7%

49,300 m

3.50-5.50 EUR

2

• Warsaw I records the highest rents for warehouse space in Poland. Since the beginning of 2017, headline rents grew by 5-10% for well-located schemes.

Total existing stock

• Warehouses are smaller than in other clusters. They also offer more office space and form Small Business Units (SBU).

Vacancy rate

2

• The vacancy rate remains at 7.7% which is one of the highest in Poland.

Under construction

Rent range (per sqm/mth)

*for the next 6 months

NOWY DWÓR MAZOWIECKI

12 11 8 18 1

13 25 17

LEGIONOWO 15

Jabłonna 7

Łopu szań ska

W-WA RAKÓW

Nieporęt

Czosnów

OBW 27 ODNPOŁU ICA DNIO WA WA RSZ AW Y (S 2)

E77

6

Szys zkow a

Lotnisko Warszawa Okęcie im. Fryderyka Chopina

KOBYŁKA

10

ŁOMIANKI

WOŁOMIN

MARKI

7 Izabelin C

5 23 24 S8 19 22

Stare Babice

29 14

9 3

E30

2

S2

A2

Opacz

2 21

PRUSZKÓW

BRWINÓW

ZĄBKI

1. Airport House 2. Bokserska Distribution Center 3. City Point 4. Diamond Business Park Ursus 5. Distribution Park Annopol 6. Distribution Park Okęcie 7. Distribution Park Żerań 8. Gate One 9. Hillwood Warsaw I 10. Hillwood Marki 11. Ideal Distribution Centre 12. Ideal Idea III 13. Ideal Idea IV 14. Kolmet 15. Krakowska Distribution Center 16. Logicor Warszawa 17. Manhattan Business & Distribution Center 18. Modularna Distribution Centre 19. Metropol Park Jagiellońska 20. Norblin Industrial Park 21. Platan Park 22. Prologis Park Warsaw II 23. Prologis Park Warsaw – Żerań 24. Segro Business Park Wvarsaw, Żerań 25. Space Distribution Center 26. Ursus Logistic Center 27. Warsaw Distribution Center 28. Wenecka 29. Żoliborskie Centrum BiurowoMagazynowe

4

26

PIASTÓW E30

ZIELONKA

WARSZAWA

S8

OŻARÓW MAZOWIECKI

E67

28

20

EXISTING & UNDER CONSTRUCTION

16

AL .K RA KO W SK A

Wieliszew

Pomiechówek

N

a ow zur ola ow

Nar ew

AL .J ER OZ OL IM SK IE

61

Kles zczo wa

Ryż ow a

62

JÓZEFÓW

Janki

PODKOWA LEŚNA

OTWOCK

79

Nadarzyn 7

8

Lesznowola

KONSTANCIN-JEZIORNA

a Utrat

PIASECZNO

KARCZEW 0

2

4

6

8 km

E67 Wisła

E77 Jez ior ka

1. Supply over 1m sqm.

4

WARSAW II

AT A GLANCE - INDUSTRIAL & LOGISTICS MARKET REVIEW, POLAND - Q3 2017

KEY INDICATORS & FUTURE TRENDS* ( )

• Warsaw II is the largest warehouse market in Poland. It accounts for 22.7% of the country’s total stock. • In Q3 2017 the total stock grew by over 239,000 sqm, which is the second highest result among all warehouse markets in Poland. Another 88,300 sqm remains under construction.

WARSAW II

2,884,100 m

• The largest delivered schemes were Panattoni Park Grodzisk III (45,700 sqm) and Panattoni Park Grodzisk II (42,700).

Total existing stock

• The rapid increase of the new supply and the dominance of large-scale projects affect rental rates, which are stable and remain at one of the lowest levels in the country.

88,300 m

Płońsk

Dzierzążnia

Pokrzywnica

62

Na rew

62

Dąbrówka

Wieliszew

NOWY DWÓR MAZOWIECKI

85

Zakroczym

Leoncin

Czosnów

Bzura

WOŁOMIN

Marki

Kampinos ra t

a

Teresin

Ożarów

24

Pisia

50

Baranów Wiskitki

A2

46

GRODZISK MAZOWIECKI

Radziejowice Puszcza Mariańska

26

E77

WARSZAWA Wiązowna Józefów

Raszyn

27

17

79

3 35 32 48 18

OTWOCK Konstancin-Jeziorna

34

PIASECZNO

1

Żabia Wola

2

10 6

Góra Kalwaria

Tarczyn

MSZCZONÓW

7

S8

Prażmów 50

50 Pniewy

Kowiesy

Sobienie-Jeziory

Chynów

2

Rawka

33

Karczew Wisła

E67

15

39

E30

Lesznowola

Nadarzyn Utrata

Jaktorów

Podkowa Leśna

5

E30

ŻYRARDÓW

70

Sulejówek

Mazowiecki S8 16 20 19 37 8 4 50 45 30 25 36 47 51 12 13 9 44 23 Błonie 31 49 22 Pruszków 29 1 2 42 14 28 43 38 Brwinów Milanówek 7

21

41

Stare Babice

Leszno

ior ka

SOCHACZEW

Ut

Zielonka Ząbki

Jez

Młodzieszyn

Nowy Kawęczyn

Kobyłka

11

Izabelin C

Brochów

Klembów

Radzymin

Jabłonna

ŁOMIANKI

S8

3

Nieporęt

LEGIONOWO

Wyszogród

Bug

Serock

Pomiechówek

Somianka

62

W kra

Czerwińsk nad Wisłą

40

EXISTING & UNDER CONSTRUCTION

J. Zegrzyńskie

E77

92

Zatory

61

Nasielsk

Załuski

Rent range (per sqm/mth)

*for the next 6 months

50

Naruszewo

2.00-3.20 EUR

Under construction

Winnica

Joniec

7

Vacancy rate

2

• New transport infrastructure in the eastern (S8, A2) and southern (S8, S19) parts of the hub will result in new warehouse development in these directions over the next fewŚwiercze years. Nowe Miasto

5.8%

2

GRÓJEC

79

Jasieniec

Biała Rawska

Belsk Duży

S7

Warka

Błędów Regnów Cielądz

Pil ica

Rawa Mazowiecka

Goszczyn

Sadkowice Mogielnica

E77

0

5

10

Grabów nad Pilicą 15

20 km

1. Altmaster Wola Mrokowska 2. Altmaster Pęcice 3. Altmaster Piaseczno 4. Błonie Business Park 5. Distribution Park Grodzisk Maz. 6. Good Point Puławska II, IIIa, IIIb 7. Goodman Grodzisk Logistics Centre 8. Hillwood Błonie 9. Hillwood Błonie II 10. Hillwood Klawaria 11. Hillwood Marki 12. Hillwood Ożarów II 13. Hillwood Ożarów Logistic Center 14. Hillwood Pruszków 15. Lexar Distribution Park 16. Logicor Błonie 17. Logicor Łazy 18. Logicor Piaseczno 19. Logicor Święcice 20. Logicor Święcice II 21. Logicor Teresin 22. MLP Pruszków I 23. MLP Pruszków II 24. MLP Teresin 25. P3 Błonie 26. P3 Mszczonów 27. Panattoni Park Garwolin 28. Panattoni Park Grodzisk I, II, III 29. Panattoni Park Janki I, II 30. Panattoni Park Konotopa 31. Panattoni Park Pruszków II 32. Piaseczno Business Park 33. Point of View Góra Kalwaria 34. Point of View Kawęczyn 35. Point of View Piaseczno 36. Prologis Park Błonie 37. Prologis Park Błonie II 38. Prologis Park Janki 39. Prologis Park Nadarzyn 40. Prologis Park Sochaczew 41. Prologis Park Teresin 42. Pruszkowskie Centrum Dystrybucyjne 43. Raszyn Business Park 44. Reguły Logistic Park 45. Segro Business Park Warsaw, Ożarów 46. Segro Logistics Park Warsaw, Nadarzyn 47. Segro Logistics Park Warsaw, Pruszków 48. Techniczna Industrial Park 49. WAN Pruszków 50. West Park Ożarów 51. West Park Pruszków PLANNED

1. Diamond Business Park Raszyn 2. DL Invest Słomczyn Grójec 3. Panattoni Park Radzymin

Promna

5

UPPER SILESIA

AT A GLANCE - INDUSTRIAL & LOGISTICS MARKET REVIEW, POLAND - Q3 2017

KEY INDICATORS & FUTURE TRENDS* ( )

• Upper Silesia remains the second largest market in Poland after Warsaw II. • Warehouse space increased by over 120,000 sqm in Q3 2017 following the delivery of Panattoni Park Gliwice III, Panattoni Park Sosnowiec IV and Panattoni Park Ruda.

2,171,200 m

5.2%

2

Total existing stock

• Completion of new supply affected the vacancy rate growth. The share of free space increased by 0.8 p.p. compared to the end of Q2.

Vacancy rate

227,200 m

• There are 227,200 sqm under construction, of which more than half is Panattoni’s BTS Amazon Sosnowiec (135,000 sqm).

2.00-3.20 EUR

2

Under construction

• The range of rental rates in Upper Silesia is similar to other major warehouse clusters.

Rent range (per sqm/mth)

*for the next 6 months

CZĘSTOCHOWA

Blachownia 46

Ciasna

Dobrodzień 46

Herby Kochanowice

Lubliniec Zawadzkie

J. Porajskie

A1

M

Krupski Młyn

Koziegłowy

Woźniki 11

E75

Kalety

Miasteczko Śl.

Toszek

40

94

40 E40

Rudziniec

Radzinków

34

10

31

1 19 6

2 BYTOM

11 78

ZABRZE

88

RUDA ŚL.

PIEKARY ŚL.

Gierałtowice

Jankowice

Radlin

ŻORY

Marklowice

WODZISŁAW ŚLĄSKI

A1

78 Gorzyce

Mszana

10

67

15

Petřvald

a Olz

KARVINÁ

Zebrzydowice

20 km

475

HAVÍŘOV

Hażlach

18

Dębowiec 81 Skoczów

S1

4

Jasienica E462 E75 E40 Jaworze

Bestwina

1

Wilamowice

BIELSKO-BIAŁA Kozy S69

Polanka Wielka

1. 7R Beskid Park 2. 7R Siemianowice Śląskie 3. Bielsko-Biała Logictic Centre 4. Alliance Silesia Logistics Center 5. Centrum Logistyczne Milowice 6. Diamond Business Park Gliwice 7. Distribution Park Będzin 8. Distribution Park Sosnowiec 9. DL Invest Park Psary/Czeladź 10. Goodman Gliwice Logistics Centre 11. Goodman Sosnowiec Logistics Centre 12. Górnośląski Park Przemysłowy 13. Logicor Czeladź 14. Logicor Gliwice I 15. Logicor Gliwice II 16. Logicor Mysłowice 17. Logicor Czeladź 18. MLP Bieruń 19. MLP Gliwice 20. MLP Tychy 21. Panattoni Park Bielsko-Biała II 22. Panattoni Park Czeladź III 23. Panattoni Park Gliwice II, III 24. Panattoni Park Mysłowice 25. Panattoni Park Ruda 26. Panattoni Park Sosnowiec I, II, III, IV 27. Prologis Park Będzin II 28. Prologis Park Chorzów 29. Prologis Park Dąbrowa 30. Prologis Park Gliwice 31. Segro Business Park Gliwice I, II 32. Segro Industrial Park Tychy 33. Segro Industrial Park Tychy II 34. Segro Logistics Park Gliwice 35. Śląskie Centrum Logistyczne 36. Terminal Logistyczny Promont Tychy PLANNED

1. 2. 3. 4. 5. 6. 7. 8. 9.

7R Gliwice City Flex Business Park Bytom City Flex Business Park Gliwice City Flex Business Park Katowice DL Invest Park Dąbrowa Górnicza Hillwood Katowice MLP Czeladź Prologis Park Ruda Prologis Park Ujazd

Osiek Soła

5

Przeciszów Brzeszcze

Goczałkowice-Zdrój Wisła

CZECHOWICE-DZIECICE

Chybie

Bohumín

ORLOVÁ

OŚWIĘCIM

1

Strumień

Libiąż

Chełmek

Bojszowy

Miedźna

J. Goczałkowickie

Godów

A4 E40 E462

S1

PSZCZYNA

JASTRZĘBIEPawłowice -ZDRÓJ

m

36 Lędziny 32 20 21 33 Bieruń 44

E462 Pszczynka

JAWORZNO

Chełm Śl.

E40 E75 Kobiór

Suszec

94

a sz

Rydułtowy

16

S1 Imielin

TYCHY

81

RYBNIK

Gaszowice

KATOWICE MYSŁOWICE

Łaziska G. Wyry

Jejkowice

5

7 2 22 13 27 8 S1 5 3 6 12 SOSNOWIEC S86 4 26 11 35 ze

Lyski

29

Pr

J. Rybnickie

7

86

CZERWIONKA-LESZCZYNY Orzesze A1

Nędza

Pszów

44

Ormontowice

Ruda

86

DĄBROWA G.

9

CHORZÓW

23 ŚWIĘTOCHŁOWICE 15 14 25 28 A4 3 Kł od 8 nic a KNURÓW

Pilchowice

Kuźnia Raciborska

Psary

Wojkowice

GLIWICE Sośnicowice

S1

A1

Bobrowniki

A1

Siewierz

78 Mierzącice

ica

Ujazd

Zbrosławice

Bry n

Pyskowice

Ożarowice Świerklaniec

Prze s m

94

9

Poręba 78

a r na

TARNOWSKIE GÓRY

Cz

Wielowieś

za

Warmątowice

88

MYSZKÓW

1

Tworóg

Strzelce Opolskie

Żarki

ta ar W

anew

Jemielnica

0

Kamienica Polska

Starcza

Koszęcin

EXISTING & UNDER CONSTRUCTION

Poraj

17 Boronów

Kolonowskie aP

46

Podczesna

Pawonków

ał

Olsztyn

Konopiska

Kęty

Wieprz

52

Andrychów

6

POZNAŃ HUB

AT A GLANCE - INDUSTRIAL & LOGISTICS MARKET REVIEW, POLAND - Q3 2017

KEY INDICATORS & FUTURE TRENDS* ( )

• The Poznań hub grew in Q3 2017 by over 124,000 sqm. The largest completed projects were another phase of P3 Poznań (54,600 sqm) and BTS Reuss Seifert (30,200 sqm). • Despite delivery of a significant volume of new space, the vacancy rate has slightly decreased by 0.2 p.p. to the level of 8.6%. At the end of Q3 2017 it was the highest share of free space among all clusters.

8.6%

44,100 m

2.00-3.20 EUR

2

Total existing stock

• Rents are stable, but the high percentage of vacancy and the volume of recently delivered schemes is strengthening further tenants’ negotiating position.

Vacancy rate

2

• There is an increasing number of warehouses being built in the area between Poznań and the German border, mainly linked to Budzyń major transportation corridors.

Under construction

Rent range (per sqm/mth)

Wapno *for the next 6 months

11

Lubasz

1,909,400 m

WĄGROWIEC

Ryczywół Połajewo

EXISTING & UNDER CONSTRUCTION Wronki

Rogoźno

Obrzycko

Mieścisko

Sroki Oborniki

Ostroróg

Kłecko

Wa rta

Szmotuły

Kiszkowo Murowana Goślina 11

Rokietnica Tarnowo Podgórne Duszniki M

15

24 25

5

og il

ca ni

A2

Łubowo

Kaźmierz

92

Dopiewo

Buk

3

6

2 21 27 18

SWARZĘDZ 19 13

Komorniki

Grodzisk Wielkopolski

32

E261

9 14 17 11 16 20 26 10 3

Kleszczewo

A2

E30

Dominowo

Puszczykowo

Kórnik Mosina

Kamieniec

4

12 23

Środa Wielkopolska 11

PLANNED

Miłosław

1. MLP Poznań West 2. Prologis Park Poznań III 3. Segro Logistics Park Poznań, Gołuski

15

Czempiń

Zaniemyśl

Brodnica

11

Krzykosy

ŚREM

Kościan

Czerniejewo Nekla

W arta

Granowo

5

E261

Kostrzyn 92

2

POZNAŃ

Opalenica Stęszew

S5

1

22

S11

Pobiedziska

Czerwonak

7

1

8

E30

Suchy Las

Książ Wielkopolski

1. Centrum Magazynowe Bugaj 2. Clip – Centrum Logistyczno Inwestycyjne Poznań 3. Distribution Park Gądki 4. Doxler 5. Goodman Poznan II Logistics Centre 6. Goodman Poznań III Logistics Centre 7. Goodman Poznań Airport Logistics Centre 8. Goodman Poznań Logistics Centre 9. Logicor Poznań I 10. Logicor Poznań II 11. Logicor Poznań III 12. Logit 13. Luvena Logistic Park Poznań 14. MLP Poznań 15. Nickel Technology Park Poznań 16. P3 Poznań 17. Panattoni Park Poznań III 18. Panattoni Park Poznań IV 19. Panattoni Park Poznań V 20. Panattoni Park Poznań VI 21. Panattoni Park Poznań VIII 22. Panattoni Park Poznań Airport 23. Panattoni Park Września 24. Prologis Park Poznań I 25. Prologis Park Poznań II 26. Segro Logistics Park Poznań, Gądki 27. Segro Logistics Park Poznań, Komorniki

Nowe Miasto n. Wartą

Śmigiel E261

Dolsk

5

Lipno

Jaraczewo

Krzywiń

JAROCIN

12 0

5

10

15

15

20 km

Osieczna

7

LOWER SILESIA

AT A GLANCE - INDUSTRIAL & LOGISTICS MARKET REVIEW, POLAND - Q3 2017

KEY INDICATORS & FUTURE TRENDS* ( )

• Lower Silesia owes its development to well-developed transport infrastructure and proximity to the southern and western borders of the country. • New completions increased the total supply by over 47,000 sqm over Q3.

1,559,700 m

6.5%

86,600 m

2.60-3.60 EUR

2

• In the third quarter of the year the tenants interest in this cluster was seen to increase, which translated into a declining vacancy rate. Compared to Q2, the share of free space fell by 1.4 p.p. and stood at 6.5% at the end of Q3.

Total existing stock

• Rental rates in the Wrocław area are some of the highest among the main industrial and logistics hubs (excluding the area within the boundaries of Warsaw).

Vacancy rate

2

Under construction

• At the turn of 2017 and 2018, the whole part of the S5 expressway to the north of Wroclaw will be completed. It will improve links between Poznań and the northern part of Poland and will create favourable conWąsoszof the warehouse market to the north of ditions for the development the city.

Rent range (per sqm/mth)

*for the next 6 months

Jemielno

Milicz

EXISTING & UNDER CONSTRUCTION Wińsko

36

Żmigród

1. 2. 3. 4.

15

S5

Prusice

Twardogóra

Wołów Zawonia

Trzebnica

Oborniki Śl. Brzeg Dolny

A8

m

18

5

4

2 21 19

A1 Kostomłoty

Kąty Wrocławskie

17

ka

S8

Mietków

3

Żórawina

Czernica Siechnice

8

94

ra

O

w

OŁAWA

BRZEG

Łagiewniki

Pieszyce

Strzelin

Skarbimierz Osiedle 94

39

Olszanka

A4

Kondratowice a

Oła w

Niemcza

E40

Grodków

BIELAWA Piława Górna

Lubsza

Domaniów

Wiązów

DZIERŻONIÓW

1. Goodman Wrocław V Logistics Centre 2. MountPark Wrocław 3. Wrocław Logitic Centre Bielany

a

E40

Borów

PLANNED

Jelcz-Laskowice

Od

8

Jordanów Śląski

ŚWIDNICA

BIerutów

9

E67

Marcinowice Sobótka

OLEŚNICA

2

ła

1

35

14

WROCŁAW

Kobierzyce

J. Mietkowskie

S8

E67

20 Długołęka 22 5 10

16 13 12 7 3 6 15 23 A4

11

Żarów

24

1

15 go rze St

E40

E261

94

Środa Śląska

S8

5

Miękinia

25

Dobroszyce

Wisznia Mała

Odra

Malczyce

Distribution Park Wrocław Eurologis Gazowa Industrial Park Goodman Wrocław IV Logistics Centre 5. Goodman Wrocław East Logistics Centre 6. Goodman Wrocław South Logistics Centre 7. Hillwood Wrocław I 8. Hillwood Wrocław II 9. Hillwood Wrocław III 10. MLP Wrocław 11. Panattoni Park Wrocław II 12. Panattoni Park Wrocław III 13. Panattoni Park Wrocław IV 14. Panattoni Park Wrocław V 15. Panattoni Park Wrocław VII 16. Prologis Park Wrocław I 17. Prologis Park Wrocław III 18. Prologis Park Wrocław IV 19. Prologis Park Wrocław V 20. Segro Industrial Park Wrocław 21. Tiner Logistic Park 22. Wrocław Business Park 23. Wrocław Logistic Centre 24. VATT Invest Wrocław

Krośnice

8

Ciepłowody

Przeworno 0

5

10

15

20 km

0

5

10

15

20 km

E67

Nowa Ruda

Stoszowice

Ząbkowice Śl.

Ziębice

8

CENTRAL POLAND

AT A GLANCE - INDUSTRIAL & LOGISTICS MARKET REVIEW, POLAND - Q3 2017

KEY INDICATORS & FUTURE TRENDS* ( )

• The central location, well developed transport infrastructure and relatively good access to the labour force make the cluster constantly popular among tenants. • Central Poland is characterised by the lowest vacancy rate in the country. It only reached 1.5% at the end of September. This is an increase of 1.0 p.p. as compared to the end of Q2 2017.

Under construction

Mr og a

a

Łyszkowice

ur a

Aleksandrów Łódzki Lutomiersk

3 71 1

Lipce Reymontowskie

71

Andrespol

Czarnocin

órk a olb

ka aw id

Kleszczów

Rzeczyca

48

TOMASZÓW MAZOWIECKI

9

Inowłódz Pili c a

PIOTRKÓW TRYBUNALSKI

16

Wola Krzysztoporska 1

Rozprza

E75

J. Sulejowskie

91

Mniszków

ża

Sulejów

0

74

Cza rn

5

Opoczno 12

10

Paradyż

15

20 km

Białaczów

a

Aleksandrów Gorzkowice

Sławno

44 cią Lu

Pilica

W

Czerniewice

S8

11

BEŁCHATÓW E67

Hillwood Kutno Hillwood Łódź MLP Łódź MountPark Stryków

Wolbórz

A1 91

17

8

1. 2. 3. 4.

E67

Ujazd

Diamond Business Park Stryków Goodman Łódź Logistics Centre Hillwood Stryków Logicor Łódź Logicor Łódź II Logicor Łódź III Logicor Stryków Logis Logistic City – Piotrków Distribution Centre 10. Łódź Business Park 11. P3 Piotrków 12. Panattoni Park Business Center Łódź 13. Panattoni Park Business Center Łódź II, III, IV 14. Panattoni Park Łódź East I, II 15. Panattoni Park Stryków II 16. Prologis Park Piotrków I 17. Prologis Park Piotrków II 18. Prologis Park Stryków 19. Segro Business Park Łódź 20. Segro Logistics Park Łódź 21. Segro Logistics Park Stryków

W

Moszczenica Grabica

Drużbice

Kluki

Będków

1. 2. 3. 4. 5. 6. 7. 8. 9.

PLANNED

Żelechlinek

Rokiciny

1

a bi

Zelów

RAWA MAZOWIECKA

Koluszki

Lubochnia

Dłutów

G ra

8 Głuchów

Brzeziny

Brójce

Tuszyn

12

Nowy Kawęczyn

n

Budziszewice Rzgów E75

14

er Ski

Jeżów

Ksawerów 71

Godzianóww

72 72

13 19 20 12 10 4 14 5 6 3 A1

2

70

Słupia

18

ŁÓDŹ

72

PABIANICE

Dobroń

4 21 Stryków 7 15

Rogów

Konstantynów Łódzki Ner

S14

Maków

R awka

E30

ZGIERZ

Bz

SKIERNIEWICE

Głowno

2 72

E30

ie

A2

Bolimów

A2

Dmosin

Parzęczew

a

ka

Ozorków

Bzur

Nieborów

14

Domaniewice

M o szczenic

91

70

50

ka Raw

A1

92

ŁOWICZ

EXISTING & UNDER CONSTRUCTION

Nowa Sucha

Bzura

Góra św. Małgorzaty

E75

Chąśno

Bielawy

Rent range (per sqm/mth)

*for the next 6 months

Zduny

Piątek

2.00-3.20 EUR

Vacancy rate

2

92

Łęczyca

312,800 m

Total existing stock

• Currently, the largest buildings under construction are BTS BSH (79,000 sqm), P3 Piotrków (61,100 sqm), BTS OBI (50,700 sqm) and BTS Castorama (50,000 sqm).

Witonia

1.5%

2

• There were three warehouses delivered to this market in Q3 2017 - Logistics Park Stryków (30,100 sqm), Panattoni Park Stryków II (18,600 sqm) and Goodman Łódź Logistics Centre (16,100 sqm). The first two of them were fully leased upon delivery, which is typical for the region of Central Poland.

1

1,557,300 m

Żarnów

9

AT A GLANCE - INDUSTRIAL & LOGISTICS MARKET REVIEW, POLAND - Q3 2017

SECONDARY HUBS1

TRI-CITY HUB

KEY INDICATORS & FUTURE TRENDS* ( )

• The Tri-City region is the largest industrial and logistics market in Northern Poland. The proximity of international seaports, airport and express ways contributes to the development of intermodal transport.

419,400 m

3.9%

2

• There were no new warehouse schemes delivered in this hub in Q3 2017.

Total existing stock

• A lack of completions allowed a reduction in the vacancy rate. It dropped by 1.8 p.p. and at the end of Q3 reached 3.9%.

Vacancy rate

65,300 m

2.50-3.50 EUR

2

• There are two A-class warehouses under construction; another phase of Goodman Pomeranian Logistics Centre (36,700 sqm) and Hillwood 7R Gdansk 2 (12,000 sqm).

Under construction

Rent range (per sqm/mth)

*for the next 6 months

EXISTING & UNDER CONSTRUCTION

Władysławowo Krokowa

1. 7R Tczew 2. Gdański Distribution Centre Kowale I 3. Gdański Distribution Centre Kowale II 4. Gdański Distribution Centre Kowale IV 5. Centrum Magazynowe Hutnicza 6. Goodman Pomeranian Logistics Centre 7. Hillwood 7R Kowale II 8. Logistic Center Pruszcz Gdański 9. Panattoni Park Gdańsk 10. Panattoni Park Gdańsk II 11. Port Gdynia Logistic Centre 12. Prologis Park Gdańsk 13. Segro Logistics Park Gdańsk

J. Żarnowieckie

Puck

Jastarnia

Gniewino

Zatoka Pucka

Re d a

6

Reda

E28

Hel

WEJHEROWO

Kosakowo

RUMIA

Luzino

5

11

Z a t o k a

GDYNIA

S6 S6

G d a ń s k a

Szemud 20

SOPOT

E28

Przodkowo

KARTUZY

12

Żukowo

7

rt

ła

is

Kolbudy

W

2 3

S6

J. Raduńskie Dln.

Somonino

9

7 S7

Stegna

a M

Chmielno

GDAŃSK

6

w

a

Sztutowo

E77

4

unia Rad

13

i

sł

Przywidz

W

Suchy Dąb

Trąbki Wielkie

7

Pszczółki

Nowa Karczma

Nowy Staw

91

Lichnowy

E75

1 A1

Skarszewy

ga

TCZEW

t

55 22 0

Sulkowy

1. Supply below Stara 1m sqm.Kiszewa

22

Zblewo Kaliska

91

STAROGARD GDAŃSKI

No

Liniewo

Nowy Dwór Gdański

Ostaszewo

a

20

Cedry Wielkie

8 PRUSZCZ 10 GDAŃSKI

5

10

MALBORK

22 20 km

Miłoradz 55

SZTUM Pelplin

15

Stary Targ

10

LUBLIN / RZESZÓW

AT A GLANCE - INDUSTRIAL & LOGISTICS MARKET REVIEW, POLAND - Q3 2017

• There was only one scheme delivered to the market in Q3 2017; another phase of Panattoni Park Lublin (4,900 sqm).

KEY INDICATORS & FUTURE TRENDS* ( )

• At the end of September, there was only one warehouse under construction in the Lublin / Rzeszów cluster - MLP Lublin (12,100 sqm).

2

Total existing stock

• The vacancy rate did not fluctuate significantly over the last three months. It amounted to 2.6% at the end of Q3 which translates into a 0.1 p.p. drop comparing to the previous quarter.

Vacancy rate

12,100 m

3.20-3.30 EUR

2

• The planned completion of the S17 expressway between War48 S19 saw and Lublin in 2019 will significantly improve communication with the capital and should increase the potential for the development of the industrial and logistics sector in this area. • Route S19 between Lublin and Rzeszow is currently in the process of a public tender which is a part of the route Via Carpatia.

2.6%

343,500 m Under construction

Rent range (per sqm/mth)

*for the next 6 months

19

Kamionka

EXISTING & UNDER CONSTRUCTION

Lubartów

Abramów

Serniki

S17 S19

Niemce79 Koprzywnica 17

Staszów Wąwolnica Nałęczów Rytwiany

Tuczępy

Jastków Łoniów

Osiek

LUBLIN

73

Konopnica

Poniatowa Oleśnica Połaniec Bełżyce Łubnice 79 Ch od elk a

1 3 2 4 S17 5

Mełgiew

Milejów

ŚWIDNIK Bojanów

Nowa S17 Dęba

1. Korczowa Logistic Park

9

Tuszów Narodowy

Majdan Piaski Królewski Jabłonna

Trawniki Fajsławice

0

5

10

20 km Łopiennik Górny

15

a rw

19

y

17

Raniżów

Dzikowiec

Kolbuszowa

Niwiska

Radomyśl Wielki

rz

E371

MIELEC

Wadowice Górne Radgoszcz

P

Cmolas Szczucin

Przecław

Głogów Małopolski

Dąbrowa Tarnowska

6

Pustków 73

A4

Lisia Góra

Żyraków 19

A4 Ostrów

74

Trzebownisko

Iwierzyce

8 Pilzno

Zalew Pilzno

Jodłowa

Wielopole Skrzyńskie W

isł

ok a

Brzostek

Ryglice

Wiśniowa

0 5 STRZYŻÓW

Tyczyn

Lubenia 10

15

20 km

Niebylec

Frysztak

Brzyska Rzepiennik Strzyżewski

9

Czudec

73

Tuchów

10

S19

ok

Skrzyszów

1

Boguchwała

E40

is ł

4

RZESZÓW

Ropczyce

W

TARNÓW

DĘBICA

9 7

Sędziszów Młp. Świlcza

Czarna

PLANNED

12

a

Borzechów

STALOWACyców WOLA

Jakubowice Murowane

Gawłuszowice

Wisł o k

isła W Chodel

ca

zy

Puchaczów

82 Grąbów Łęczna

Padew Narodowa

Borowa Niedrzwica Duża

Pacanów

Spiczyn TARNOBRZEG

str

By

Baranów Sandomierski

Wojciechów

Ludwin iep rz

a

Garbów Szydłów

W

9

Łęg

Markuszów

isł

Końskowola

W

12

Kurów

11

Kołaczyce Szerzyny

1. Centrum Logistyczne Mełgiewska 2. Centrum Logistyczne Tokarska 3. Goodman Lublin Logistics Centre 4. MLP Lublin 5. Panattoni Park Lublin 6. Centrum Logistyczne Rogoźnica 7. Panattoni Park Rzeszów 8. Skalski Logistic Park Podgrodzie 9. Waimea Cargo Terminal Rzeszów-Jesionka 10. Waimea Logistic Park Korczowa

Domaradz

CRACOW HUB

AT A GLANCE - INDUSTRIAL & LOGISTICS MARKET REVIEW, POLAND - Q3 2017

KEY INDICATORS & FUTURE TRENDS* ( )

• There was no new delivery in the Cracow region in Q3 2017. • The pace of growth in the Cracow hub will increase significantly in the following years on the back of launching several new projects: Goodman BTS Skawina (33,200 sqm), Panattoni Park Kraków IV (33,000 sqm) and another phase of Logistics Park Kokotów (10,000 sqm).

305,800 m

7.9%

81,200 m

2.70-3.60 EUR

2

Total existing stock

• Vacancy rate in the hub fell by 1 p.p. and stood at 7.9%, which is still one of the highest results among the analysed clusters. • Issues connected with attracting occupiers to Cracow Hub have put pressure on the rental ranges. Due to a shortage of modern space, Cracow remains the second most expensive warehouse market after Warsaw.

Vacancy rate

2

Under construction

Rent range (per sqm/mth)

*for the next 6 months

Sędziszów Pińczów

ZAWIERCIE

Wodzisław

Żarnowiec

Kozłów

Ogrodzieniec

Książ Wielki 7

Pilica Wolbrom

Słaboszów

E77

Charsznica

Działoszyce

Miechów Gołcza

Trzyciąż

OLKUSZ

9

Bukowno

Pałecznica

Sułoszowa Iwanowice Włościańskie

94

Trzebinia Krzeszowice

A4 Babice

4

Zabierzów

E462 Alwernia

Spytkowice

5

KRAKÓW

a aw Sk

Kalwaria Zebrzydowska

Lanckorona

Mucharz

Sucha Beskidzka Stryszawa Zawoja

75

Raba

Dobczyce

J. Dobczyckie

Sułkowice

BOCHNIA

Nowy Wiśnicz

Gdów

Siepraw

Rzezawa

E40

1

E77

Łapanów

Raciechowice

Lipnica Murowana Trzciana

Myślenice

Żegocina Wiśniowa

Budzów

S7

Laskowa

Jodłownik

Pcim

Maków Podhalański S kawa

Kłaj

Świątniki Górne

Świnna Poręba (bud.)

Zembrzyce

1

Drwina

75 Niepołomice

Wieliczka

52

Stryszów

3

7

Tomaszkowice

8

Mogilany 7

28 Tomice

Wadowice

2

79

A4

Skawina

44

Brzeźnica

Wawrzeńczyce

Wisła

Czernichów

Nowe Brzesko

Zielonki

10 Liszki

Proszowice Luborzyca

6

PLANNED

1. Centrum Logistyczne Kraków III

Michałowice

S7

E40

Kazimierza Wielka

Słomniki Koniusza

Wielka Wieś

79

Radziemice

S7

Skała

Jerzmanowice

CHRZANÓW

Czarnocin Skalbmierz

ba

Bolesław

Racławice

1. Centrum Logistyczne Kraków Kokotów 2. Centrum Logistyczne Kraków I 3. Centrum Logistyczne Kraków II 4. Goodman Kraków Airport Logistics Centre 5. Logicor Kraków 6. MARR Business Park 7. MG Logistic 8. Panattoni Park Kraków II, III, IV 9. RB Logistic Olkusz 10. Witek Airport Logistic Centre

Ra

Klucze

EXISTING & UNDER CONSTRUCTION

Michałów

Tokarnia Tymbark Limanowa

Dobra

28

Lubień

Bystra

Mszana Dolna

Jordanów

0

28

Rabka-Zdrój 7

Raba Wyżna

47

Niedźwiedź

28

Słopnica 5

10

15

20 km

Łukowica

12

BYDGOSZCZ / TORUŃ

AT A GLANCE - INDUSTRIAL & LOGISTICS MARKET REVIEW, POLAND - Q3 2017

KEY INDICATORS & FUTURE TRENDS* ( )

• In 2017 alone, the industrial and logistics market in the Bydgoszcz / Toruń hub increased by 74%. It was caused by the delivery of three large-scale warehouse schemes in Q1, the largest of which was Panattoni BTS Kaufland (45 650 sqm). Wi sła

55

Brd a

Papowo Biskupie

Chełmża

Dąbrowa Chełmińska

10

1

S5 na Ka tec No ł

3

4

80

E75

2

Zławieś Wielka

Wielka Nieszawka

Nowa Wieś Wielka 25

eć Not

SZCZECIN HUB Złotniki Kujawskie

Barcin

80

0

Gniewkowo

5

Gowienica

Under construction

*for the next 6 months

E28

J. Dąbie

10

1

1. 2. 3. 4.

S3

2

EXISTING & UNDER CONSTRUCTION

Goleniów

Maszewo

S6

SZCZECIN Małe Dąbie

5

A6 10

15

20 km

Odr aZ ac h .

E28

Penkun 2

Gartz sch .

0

Gryfino

20 10 Kobylanka S10

nia Pło

ow nd Ra

S3 E65

1. Waimea Logistic Park Port Morski Szczecin 2. Waimea Logistic Park Statgard

Stara Dąbrowa

E65

Exeter Park Szczecin North-West Logistic Park II Panattoni Park Szczecin I, II Prologis Park Szczecin

PLANNED

3

31 E28

Rent range (per sqm/mth)

Nowogard

Ina

ow

1

Kołbaskowo

2.50-3.60 EUR

E28

Osina

4

13

Vacancy rate

2

Odra

nd

POLICE

Brüssow

3.7%

2

Roztoka Odrzańska

10

Ciechocinek

31,800 m

E65

Dobra

20 km

Total existing stock

Stepnica

104

15

Wisła

2

Zalew Szczeciński

Ra

10

1. Diamond Business Park Toruń 2. Hillwood Bydgoszcz

506,800 m

• The vacancy rate fell rapidly over Q3 on the back of delivery of an enormous volume of fully leased warehouse space. J. Nowowarpieńskie

Obrowo

KEY INDICATORS & FUTURE TRENDS* ( )

• Completion of two large-scale BTS schemes: the largest warehouse in Poland – Panattoni BTS Amazon Szczecin (161,000 sqm) and Goodman BTS Zalando Szczecin (130,000) increased the Szczecin hub by over 140%.

• At the end of s.

PLANNED

Aleksandrów Kujawski

15

Drwęca

Lubicz Dolny

S10

Mała Nieszawka

Rojewo

1

TORUŃ

10

EXISTING & UNDER CONSTRUCTION

1. Logistic and Business Park Bydgoszcz 2. Goodman Toruń Logistics Centre 3. Panattoni Park Bydgoszcz 4. Waimea Logistic Park Bydgoszcz

15

Łysomice Solec Kujawski

Łabiszyn

Kowalewo Pomorskie

Łubianka

S5 S10

ki

E261

Rent range (per sqm/mth)

Under construction A1

*for the next 6 months

2

Białe Błota

2.40-3.10 EUR

2

Lisewo

Osielsko

BYDGOSZCZ

Vacancy rate

35,500 m

Sicienko

5

Total existing stock

Płużnica

• A lack of completions in Q3 allowed the absorption of some free Dobrcz space. The vacancy rate dropped by 0.5 p.p. and at the end of Q3 amounted to 7.0%. Unisław S5

7.0%

2

• Currently, there are two schemes construction: BTS 91 Pruszcz under E261 Stolno Kongsberg Brześć (19,300 sqm) and Waimea Logistic Park ByKijewo dgoszcz (16,200 sqm) consisting of two 5 buildings. Królewskie 25

278,600 m

J.

Stare Miedwie Czarnowo

2

STARGARD SZCZECIŃSKI Ina

13

AT A GLANCE - INDUSTRIAL & LOGISTICS MARKET REVIEW, POLAND - Q3 2017

Selected schemes delivered, Q3 2017 Scheme

Hub

Developer

Area (sqm)

Panattoni BTS Amazon Szczecin

Szczecin

Panattoni

161,000

Goodman BTS Zalando Szczecin

Szczecin

Goodmann

130,000

P3 Poznań

Poznań

GIC

54,600

Panattoni Park Gliwice III

Upper Silesia

Panattoni

51,000

Panattoni Park Grodzisk III

Warsaw II

Panattoni

45,600

Panattoni Park Grodzisk II

Warsaw II

Panattoni

42,700

Panattoni Park Pruszków II

Warsaw II

Panattoni

38,600

BTS HM Grodzisk

Warsaw II

Panattoni

37,400

Panattoni Park Janki II

Warsaw II

Panattoni

36,500

Panattoni Park Sosnowiec IV

Upper Silesia

Panattoni

35,800

Source: BNP Paribas Real Estate

Selected lease transactions, Q3 2017 Tenant

Scheme

Hub

Area leased (sqm)

Type of lease

confidential

Prologis Park Piotrków

Central Poland

50,303

renewal

confidential

Prologis Park Chorzów

Upper Silesia

36,892

renewal

eMAG

P3 Błonie

Warsaw II

33,127

new

DHL

Panattoni Park Szczecin I

Szczecin

31,000

new

confidential

Panattoni Park Łódź East II

Central Poland

26,800

new

Whirpool

Goodman Wrocław Logistics Centre

Lower Silesia

25,895

renewal

Vive Transport

Panattoni Park Kielce

others

26,187

new

Source: BNP Paribas Real Estate

Selected schemes under construction, Q3 2017 Scheme

Hub

Developer

Area (sqm)

Panattoni BTS Amazon Sosnowiec

Upper Silesia

Panattoni

135,000

BTS BSH

Central Poland

Panattoni

79,000

P3 Piotrków

Central Poland

GIC

61,108

BTS HM Bolesławiec

Lower Silesia

Panattoni

60,000

Panattoni BTS OBI

Central Poland

Panattoni

50,692

BTS Castorama

Central Poland

Panattoni

50,000

Hillwood Marki 1

Warsaw I

Hillwood

38,500

Goodman Pomeranian Logistics Centre

Tri-City

Goodman

36,733

Panattoni Park Łódź East II

Central Poland

Panattoni

36,000

Source: BNP Paribas Real Estate

DEFINITIONS Industrial and logistics stock (sqm) – a term covering the following subtypes of existing space: Light Manufacturing and Warehousing (including Logistics), delivered to the market by professional developers. Take-up (sqm) – transactions regarding industrial and logistics space including: pre-lets, built-to-suit, new transactons, renegotiations and sub-lease.

Vacancy rate (%) – ratio representing the percentage of physically vacant space in existing properties. Rent range (in Euro per sqm) – Rental rates for a 2,000 sqm unit ranging from the top to average modern industrial and logistic schemes in a given hub.

14

Source: Library BNP Paribas Real Estate

AT A GLANCE - INDUSTRIAL & LOGISTICS MARKET REVIEW, POLAND - Q3 2017

AUTHOR Szymon Dołęga Junior Consultant, Research & Consultancy Department, Central & Eastern Europe, [email protected]

CONTACTS Patrycja Dzikowska Head of Research & Consultancy, Central & Eastern Europe, [email protected] Katarzyna Pyś-Fabiańczyk Head of Industrial & Logistics Department, Central & Eastern Europe, [email protected] Marcin Żuchniewicz Associate Director, Industrial & Logistics Department, [email protected] Martyna Kajka Consultant, Industrial & Logistics Department, [email protected] Tomasz Gnich Consultant, Industrial & Logistics Department, [email protected] Erik Drukker Managing Director, Agency & Valuation, Central & Eastern Europe, [email protected] Anna Baran MIRCS acting Director, Head of Valuation, Central & Eastern Europe, [email protected] John Palmer FRICS SIOR Director, Industrial Investments & Valuations, Central & Eastern Europe, [email protected]

BNP Paribas Real Estate Poland Sp. z o.o. al. Jana Pawła II 25, 00-854 Warsaw Tel. +48 22 653 44 00 www.realestate.bnpparibas.pl

All rights reserved. At a Glance is protected in its entirety by copyright. No part of this publication may be reproduced, translated, transmitted, or stored in a retrieval system in any form or by any means, without the prior permission in writing of BNP Paribas Real Estate.

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busiNess liNes

in Europe a 360°vision

Alliances*

Main locations* EuROPE FRANCE Headquarters 167, Quai de la Bataille de Stalingrad 92867 Issy-les-Moulineaux Tel.: +33 1 55 65 20 04 BELGIuM Avenue Louise 235 1050 Brussels Tel.: +32 2 290 59 59 CZECH REPuBLIC Pobřežni 620/3 186 00 Prague 8 Tel.: +420 224 835 000 GERMANY Goetheplatz 4 60311 Frankfurt Tel.: +49 69 2 98 99 0 HuNGARY 117-119 Vaci ut. A Building 1123 Budapest, Tel.: +36 1 487 5501 IRELAND 20 Merrion Road, Ballsbridge, Dublin 4 Tel.: +353 1 66 11 233 ITALY Piazza Lina Bo Bardi, 3 20124 Milano Tel.: +39 02 58 33 141 JERSEY 3 Floor, Dialogue House 2 - 6 Anley Street St Helier, Jersey JE4 8RD Tel.: +44 (0)1 534 629 001

ALGERIA

NORWAY

NETHERLANDS Antonio Vivaldistraat 54 1083 HP Amsterdam Tel.: +31 20 305 97 20

AuSTRIA

PORTuGAL

CYPRuS

SERBIA

DENMARK

SWEDEN

POLAND Al. Jana Pawła II 25 Atrium Tower 00-854 Warsaw Tel.: +48 22 653 44 00

ESTONIA

SWITZERLAND

FINLAND

TuNISIA

GREECE

uSA

ROMANIA Banul Antonache Street n°40-44 Bucharest 011665 Tel.: +40 21 312 7000

HuNGARY ** IVORY COAST LATVIA LITHuANIA

SPAIN C/ Génova 17 28004 Madrid Tel.: +34 91 454 96 00

MOROCCO

uNITED KINGDOM 5 Aldermanbury Square London EC2V 7BP Tel.: +44 20 7338 4000

* March 2017 ** Coverage In Transaction, Valuation & Consulting

NORTHERN IRELAND

MIDDLE EAST / ASIA DuBAI Emaar Square Building n° 1, 7th Floor P.O. Box 7233, Dubai Tel.: +971 44 248 277 HONG KONG 25 /F Three Exchange Square, 8 Connaught Place, Central, Hong Kong Tel.: +852 2909 2806

LuXEMBOuRG Axento Building Avenue J.F. Kennedy 44 1855 Luxembourg Tel.: +352 34 94 84 Investment Management Tel.: +352 26 26 06 06

p r o p e rt y d e v e lo p m e N t

@BNPPRE_PL

www.realestate.bnpparibas.pl

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Real Estate for a changing world