Poland Warehousing growth continues

Total stock increased by 7 pct y-o-y, reaching 36.03 mln sqm, despite a downward trend in new supply (1.15 mln sqm; -30 pct y-o-y) and more cautious developer activity in regard to new construction launches (1.47 mln sqm; -26 pct y-o-y). The volume of lease renegotiations continued to rise, contributing to a gross take-up of 2.95 mln sqm (+10 pct y-o-y). Rental rates remained stable across most regional markets. Despite ongoing economic uncertainty, the sector remains one of the most attractive for investors, supported by strong fundamentals and visible acquisition activity.

Investment Market – growing importance of sale & leaseback deals

Investment volume in the warehouse sector reached EUR 694 mln, marking a 135 pct increase y-o-y. The industrial and logistics asset class accounted for 40 pct of the total commercial real estate investment market. Sale & leaseback transactions played a prominent role, with the standout deal being Realty Income’s acquisition of two facilities from Eko-Okna for EUR 253.5 mln.

We’re seeing a clear return of capital to the market, particularly in the warehouse segment. Investors continue to target modern assets with long lease agreements in prime logistics hubs. Sale & leaseback transactions are gaining traction. With the right WAULT and pricing, these properties offer attractive investment opportunities.
Grzegorz Chmielak, head of capital markets at Axi Immo.

Take-up in H1 2025 dominated by renegotiations

Gross take-up in H1 2025 reached 2.95 mln sqm, up 10 pct y-o-y. A single, large sale & leaseback transaction mainly drove this increase. Net take-up (new leases and expansions only) declined 17 pct y-o-y to 1.34 mln sqm, strengthening the trend of growing lease extensions.

Anna Głowacz, Head of Industrial & Logistics, Axi Immo, noted: “

Demand patterns varied across regions, but overall we saw an increase in renegotiations due to the expiration of leases signed during the peak of demand in 2020–2021. Amid geopolitical and economic uncertainty, companies are more cautious about relocation and expansion. Still, the fundamentals of the warehouse market remain strong. Vacancy rates are stable and tenant interest from sectors like retail and e-commerce remains robust. The ‘big five’ regional markets continue to dominate, although we are seeing growing activity in smaller cities.
Anna Głowacz, head of industrial & logistics at Axi Immo

The highest leasing activity was recorded in Mazowieckie (566,000 sqm), Silesia (524,000 sqm), and Lower Silesia (429,000 sqm) regions. Notably, Wrocław (Lower Silesia) saw strong net demand from e-commerce tenants.

Supply: Lower developer activity with stable vacancy rates

As of the end of June 2025, total industrial stock reached 36.03 mln sqm (+7 pct y-o-y). New completions totalled 1.15 mln sqm (-30 pct y-o-y), with the latest space delivered in Lower Silesia (344,000 sqm), Silesia (256,000 sqm), and Mazowieckie (155,000 sqm) regions. Notable completions included new phases of P3 Wrocław (95,000 sqm), GLP Wrocław V Logistics Centre (67,600 sqm), and Panattoni Park Sosnowiec Expo (62,100 sqm).

There were 1.47 mln sqm under construction (-26 pct y-o-y), with only 41 pct of projects being speculative. Mazowieckie region remained the top market for new development launches, with work begun on 216,000 sqm in Q1 and 198,000 sqm in Q2 2025.

The vacancy rate remained stable at 8.2 pct, a slight decrease y-o-y. This reflects a shift toward build-to-suit and pre-leased developments rather than speculative construction. Lubuskie (18.4 pct) and Świętokrzyskie (17.2 pct) regions recorded the highest vacancy rates. At the same time, among the top five core regions, the most space available was in Lower Silesia (542,000 sqm), Mazowieckie (477,000 sqm), and Łódzkie (452,000 sqm) regions.

Rental rates remain stable across the country

In H1 2025, headline rents remained essentially unchanged. Asking rents for big-box facilities ranged from EUR 3.6 to 6.5 per sqm per month. In premium locations such as Warsaw and Kraków, rates exceeded EUR 6.0 per sqm per month. Developers continued to offer rent-free periods and fit-out contributions for longer lease commitments, particularly for larger occupiers. Service charges remain on an upward trend due to rising energy and labour costs.

Market maturity signals long-term stability

In H2 2025, we expect to see continued market stabilisation on both the supply and take-up sides. Poland remains one of Europe’s leading industrial & logistics markets by volume and tenant activity, but we’re also seeing a clear trend of riing maturity. We anticipate a sustained share of renegotiations and an increased focus on pre-leased deals in major logistics hubs. More portfolio and sale & leaseback transactions are expected as well. Overall, there’s a shift toward more analytical, ESG-conscious, and long-term leasing strategies.
Renata Osiecka, managing partner at Axi Immo”