Take-up in Q4 2022 totalled 231,300 sq m, showing a decrease of 35% quarter-on-quarter and quite a notable decrease of 48% year-on-year. Besides confidential transactions, net demand was driven mainly by manufacturing companies, which accounted for 59% of the volume, followed by 3PL (31%) and distribution (10%). For the entirety of the year, net demand reached almost 1,500,000 sq m.
New supply in 2022 exceeded 1,107,000 sq m representing the highest amount ever delivered to the market within a calendar year. Despite this massive number of new completions, the vacancy rate remained relatively unchanged and is still below the levels of Q4 2021.
At the end of Q4 2022, the total space under construction in the Czech Republic reached a high level of 1,218,800 sq m, representing a slight increase of 4% compared to the previous quarter and a ca. 7% increase compared to the same period last year. Around 26% of this space is situated in the Karlovy Vary region, followed by the Pilsen region with 15% and the South Moravia region with 12%.
During Q4 2022, development works commenced on 231,200 sq m of industrial space. The share of speculative space under construction slightly increased to 38,6% during the quarter. In 2023, the overall new supply is expected to exceed 1.200,000 sq m. Nearly 1,000,000 sq m is already under construction, with an additional 230,000 sq m in the planning stage with planned completion through 2023.