Poland A period of stabilisation in the Łódź region 

In 2024, the Łódź Voivodeship strengthened its position as a key location on Poland's logistics map. Despite a decline in new supply and a slowdown in development activity, the Łódź region remains the first-choice market for central operations of the country's leading retail and distribution companies. Stable rental rates, the availability of large units, and favourable geographic location ensure that the region maintains its position as one of Poland's most competitive and mature industrial markets.

In 2024, the Łódź region experienced its highest level of tenant activity to date. Gross take-up totalled 1 mln sqm, with net take-up reaching 495,000 sqm – increases of 61 pct and 56 pct year-on-year, respectively. Notably, over half of the transactions involved lease renewals, reflecting the market’s maturity and companies’ strong commitment to the location. Among all transactions in 2024, the retail sector led tenant activity, overtaking the previously dominant logistics (3PL) operators. Retail chains accounted for 37 pct of gross and 58 pct of net take-up. According to Axi Immo analysts, this shift is driven by changes in supply chain management, with retailers increasingly opting to manage their logistics operations in central Poland. This strategy allows for internal control of distribution processes, greater responsiveness to consumer needs and changing market conditions. Key transactions included a 105,700 sqm lease renewal and expansion by an e-commerce client at Hillwood Stryków II, a 72,000 sqm lease renewal by a retail client at Central European Logistics Hub, and a new 62,000 sqm lease at Hillwood Łódź II (Chocianowice).

Compared to other regions in Poland, the Łódź industrial market stands out in terms of transaction scale. Last year, of the 75 recorded lease agreements, 75 pct involved spaces exceeding 10,000 sqm. This unusually high average lease size is rare across other markets and confirms the region’s role as the primary hub for central warehouse operations of major companies operating in Poland. The largest leases are now being signed not only in Stryków – traditionally the region’s central warehouse cluster – but also in Zgierz, south of Łódź near Tuszyn, and to the east at the Nowosolna junction.
Hubert Wojtera, director, Industrial & Logistics, Axi Immo

In line with the nationwide trend, development activity in the Łódź region declined. New supply in 2024 amounted to 343,000 sqm (-17 pct y/y), while the pipeline under construction fell to 232,000 sqm (-42 pct y/y). Nevertheless, the region remains one of the top markets in terms of the number of projects. Among the largest completions were Hillwood Park Zgierz II (nearly 77,000 sqm) and MDC2 Park Łódź South (52,000 sqm). By the end of 2024, the region’s total modern industrial and logistics stock reached 4.9 mln sqm. It is also worth noting that 51 pct of the space under construction was speculative, exceeding the national average and indicating developers’ continued confidence in the market’s potential. The vacancy rate stood at 9.7 pct at the end of 2024 – the highest among Poland’s five major industrial markets. In absolute terms, approximately 475,000 sqm was available for lease, primarily in large units over 10,000 sqm.
Rents in the Łódź Voivodeship remain stable, ranging from EUR 3.60 to EUR 4.60 per sqm per month. The lowest rents are available in Piotrków Trybunalski, while the highest is found in Łódź.

2025 is expected to be a period of stabilisation. We anticipate continuing of the lease renegotiation trend, although the expected improvement in economic conditions may result in increased expansion activity. Developers will assess locations and projects more cautiously but are unlikely to abandon speculative investments in the region’s key areas.
Hubert Wojtera