Poland Leasing up but developer activity down

In comparison, developers scaled back speculative construction (new supply at 680,000 sqm, -20 pct y-o-y), focusing instead on quality and user-specific solutions. Following a slowdown, investors are gradually re-entering the market, with Q1 investment volume in the warehouse and logistics sector totalling EUR 202 mln (+47 pct y-o-y).

Between January and March 2025, over 1.1 mln sqm of logistics and industrial space was leased across Poland. The volume of lease renewals surged by 73 pct y-o-y – the highest rate in market history – and accounted for 56 pct of all leasing activity. Meanwhile, net take-up (new leases and expansions only) came to 485,000 sqm, reflecting a 19 pct decline year-over-year. The Mazowieckie (267,000 sqm), Śląskie (228,000 sqm), and Łódzkie (152,000 sqm) regions saw the highest leasing volumes. Among the largest transactions were a 67,800 sqm lease by a 3PL company at 7R Park Gdańsk III, a 50,300 sqm renewal by a major retailer at P3 Łódź II, and a 38,400 sqm renewal by an e-commerce company at Accolade Funds Park Szczecin I. Asking rents in Q1 2025 ranged from EUR3.60 to EUR5.50 per sqm/month for big-box space in non-urban logistics hubs, with effective rates averaging 20–25 pct below headline rents.

The reversal of the previously dominant trend—where new leases led market activity—clearly illustrates a shift in operational strategy among tenants. Companies are more cautious. They're not withdrawing from the market but are less inclined to relocate. In today's environment, where uncertainty around costs, workforce availability, and supply chain efficiency is a factor, extending leases in proven locations has become a pragmatic, risk-averse choice.
Anna Głowacz, head of industrial & logistics, Axi Immo

Poland's total warehouse stock surpassed 35.3 mln sqm at the end of Q1 2025 (+8 pct y-o-y), placing the country among Europe's top logistics markets. Developers delivered 680,000 sqm of new space during the quarter (–20 pct y-o-y). The highest new supply was delivered in the Dolnośląskie region (319,000 sqm), followed by Śląskie (118,000 sqm) and Wielkopolskie (60,000 sqm). 1.4 mln sqm is currently under construction – down 41 pct year-over-year. Most of this pipeline is concentrated in the Mazowieckie (368,000 sqm), Śląskie (270,000 sqm), and Łódzkie (253,000 sqm) regions. This restrained development approach had a modest effect on vacancy rates, which stood at 8.5 pct at the end of March (+30 bps y-o-y). The highest vacancy levels were recorded in Lubuskie (22.9 pct), Świętokrzyskie (17.2 pct), Dolnośląskie (11.6 pct), and Łódzkie (9.9 pct).

Q1 2025 saw a clear rebound in investment activity. Transaction volume in the industrial sector reached EUR 202 mln, up 47 pct year-over-year, accounting for roughly one-third of all commercial real estate deals. Investors again view industrial and logistics assets as stable and yielding predictable returns. Single-asset transactions dominated the market, but portfolio deals are expected to increase later in the year. Major Q1 2025 deals included the acquisition of Panattoni Park Tricity South II by Clarion, Prologis's acquisition of P3 Park Grodzisk, and the sale of Panattoni Park Tricity East V to South Africa's Fortress REIT.