Thursday, 27 November 2025
Poland’s warehouse market maintained overall stability in the first three quarters of 2025, with supply, take-up and vacancy levels remaining broadly balanced, according to AXI IMMO’s latest report summarising the period January–September 2025.
Gross take-up reached 4.54 million sqm, up 20% year-on-year, with renegotiations accounting for 52% of total leasing activity. The structure of demand reflects occupiers’ ongoing focus on cost control and operational optimisation. The most active regions included Mazowieckie (1.036 million sqm), Dolnośląskie (709,000 sqm), Śląskie (699,000 sqm) and Łódzkie (625,000 sqm).
New completions amounted to 1.55 million sqm, marking a slowdown compared with high delivery volumes in earlier years. Despite the reduced pace of development, the national vacancy rate remained stable at 8.2% at the end of Q3 2025, a level similar to that recorded in previous quarters.
Investment activity also strengthened. Industrial and logistics assets accounted for 35% of all commercial real estate transactions concluded in Poland between January and September, totalling more than €870 million. The largest transaction was a record-breaking sale & leaseback deal in which Realty Income Corporation acquired two properties from manufacturer Eko-Okna for €253.5 million. Other significant deals included Reico IS’s purchase of the LPP distribution centre near Bydgoszcz and Adventum’s acquisition of Tenneco’s portfolio in Upper Silesia.
“After a period of limited activity and pricing uncertainty between buyers and sellers, 2025 has brought long-awaited stabilization and a return of liquidity. Industrial & logistics remain a haven for investors due to their resilience in times of macroeconomic volatility,” says Grzegorz Chmielak, Head of Capital Markets at AXI IMMO. “This year’s surge was largely driven by sale & leaseback transactions, which helped corporates free up capital while securing long-term income for buyers.”
Several notable leasing deals shaped the market in the first three quarters, including Agata Meble’s renewal and expansion at Mapletree Piotrków II for 128,200 sqm, a lease renewal of 78,100 sqm at P3 Wrocław II, and a 67,800 sqm new lease at 7R Park Gdańsk III.
“Poland’s industrial & logistics sector remains resilient to broader macroeconomic challenges,” says Anna Głowacz, Head of Industrial & Logistics at AXI IMMO. “Take-up is being driven primarily by consumer-facing industries such as e-commerce, retail, and logistics. Manufacturing expansions are more selective and largely dependent on sector-specific demand.”
Total modern warehouse stock reached 36.45 million sqm at the end of September 2025, an increase of around 7% year-on-year. At that time, 1.56 million sqm was under construction, with most activity concentrated in Mazowieckie, Pomorskie and Śląskie. Developers continue to apply cautious strategies, reducing speculative development compared to previous years.
Headline rents remained stable across core logistics locations. Big-box facilities continued to command between €3.60 and €6.00 per sqm per month, with modest upward pressure in select new schemes.
According to Renata Osiecka, Managing Partner at AXI IMMO, “The past several months have shown that the warehouse sector in Poland has reached maturity. Emotions have given way to strategic planning and long-term thinking. Take-up remains solid, and the limited new supply is helping stabilize vacancy and rental levels.”
AXI IMMO expects renegotiations linked to leases signed in 2021–2022 and ongoing space optimisation to continue influencing market activity into the end of the year.
