Friday, 22 August 2025
Poland’s industrial and logistics real estate sector maintained steady growth in the first half of 2025, with total stock increasing by 7% year-on-year to 36.03 million square metres. Despite this expansion, developer activity slowed, with new completions falling by 30% year-on-year to 1.15 million square metres, and new construction starts declining by 26% to 1.47 million square metres.
Leasing activity reflected a changing market dynamic. Gross take-up reached 2.95 million square metres, up 10% year-on-year, but the growth was largely driven by renegotiations rather than new leases. Net take-up, covering new leases and expansions only, dropped by 17% to 1.34 million square metres. Analysts note that many companies have opted to renew contracts signed during the 2020–2021 demand peak rather than pursue relocation or expansion in the current economic climate.
The highest leasing activity was recorded in Mazowieckie, Śląskie, and Dolnośląskie voivodships, with Wrocław standing out for strong demand from e-commerce occupiers. Vacancy rates remained stable at 8.2% nationwide, with regional disparities: Lubuskie and Świętokrzyskie reported double-digit vacancy rates, while core markets such as Dolnośląskie, Mazowieckie, and Łódzkie accounted for the largest volumes of available space.
Investment activity strengthened, with transaction volumes in the warehouse segment reaching €694 million, a 135% increase year-on-year. The sector accounted for 40% of total commercial real estate investment, supported by a growing number of sale-and-leaseback transactions. The largest deal in the first half involved Realty Income’s €253.5 million acquisition of two facilities from window manufacturer Eko-Okna.
Rental rates remained broadly stable, with big-box facilities ranging from €3.6 to €6.5 per square metre per month. Prime locations such as Warsaw and Kraków continued to command higher rates, often above €6.0. Incentives such as rent-free periods and fit-out contributions were common, particularly for larger tenants, while service charges rose in response to higher energy and labour costs.
AXI IMMO’s latest report highlights that the Polish warehouse sector is entering a phase of selection and stabilisation. Analysts point to a maturing market characterised by a higher share of renegotiations, a preference for pre-let and build-to-suit projects over speculative development, and a growing emphasis on ESG criteria in leasing decisions. Despite macroeconomic uncertainties, Poland remains one of Europe’s most active logistics markets, supported by strong fundamentals and continuing investor demand.
Source: AXI IMMO
