Take-up in Q4 2021 totalled 404,200 sq m, showing a decrease of 11% quarter-on-quarter and quite a notable increase of 35% year-on-year. Net demand (excluding confidential deals) in the first quarter was driven by logistics companies, accounting for 43% of the volume, followed by manufacturing companies with 36% and distribution companies accounting for 19%, with the remaining 2% distributed among companies from other sectors. In terms of volume, net take-up in Q1 2022 was the 3rd highest ever recorded in the Czech industrial market only exceeded by the 2 previous record breaking quaters of Q3 and Q4 of 2021.
At the end of Q1 2022, the total space under construction in the Czech Republic reached a record high level of 1,147,000 sq m, representing an increase of 3% compared to the previous quarter and ca. 106% increase compared to the same period last year. Around 23% of that space is situated in the Olomouc region, followed by Moravia-Silesia and South Moravia with 13%. During Q1 2022, development works commenced on a total of 285,200 sq m of industrial space. The share of speculative space under construction slightly increased to 26,5% during the quarter. In 2022, the overall new supply is expected to exceed 1.3m sq m, which is more than any previous annual volume of newly delivered industrial space ever recorded.