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Development of the Industrial Market in Slovakia in the third quarter of 2010
28 Oct, 2010, Bratislava
Development and construction of industrial property for lease don’t expand in Q3 2010 in Slovakia. On one hand stagnation in industrial real estate and manufacture continues but on the other hand there is slight increase of industrial space rented and handed over to tenants. This is confirmed by the statistics prepared by Cushman & Wakefield.
As in the third quarter in both the second and the first, nor new projects of industrial property for rent was built, neither speculative buildings are expected in the near future. Speculative buildings would be built only if at least 50% of the hall would be built pre-leased and the rest of the hall would will available on the market. The latest construction of modern industrial space for lease was in the Q3/2009. Although the market expects the trend of the key construction for specific tenants. The vacancy rate in this third quarter is around 5.9% in Slovakia and about 5% specially for Bratislava region.
„We don’t expect any change in the industrial market not even grow of new industrial properties by the end of 2010. Due to the time necessary to permit construction and actual time for building, we expect the first industrial space based on the key for tenants to grow and expand in the market in the Q2-Q3/2011. Developers may decide to build more space than their contracted tenants need and thus the first speculative space for rent will extend" says Martin Balaz from Industrial Department at Cushman & Wakefield.
The major transactions this year, where the company Cushman & Wakefield was involved, are Industrial property of the company Movianto and Dracik in Senec. Overall, the company Cushman & Wakefield was involved in the most of the transactions in Q3/2010 in Slovakia.
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