Poland Many tenants but less space

Transaction volumes in the industrial and logistics sector remains high, driven primarily by e-commerce and retail tenants. At the same time, the market has seen a slowdown in growth – developers are delivering fewer new centres and are approaching new projects with greater caution.

Several projects were completed by the end of June this year. The largest of these include Park Szczecin VI (Dunikowo), a 54,000 sqm development by Panattoni. Hillwood completed a 51,000 sqm facility in Grodzisk Mazowiecki. In Upper Silesia, Panattoni launched Park Sosnowiec Expo I, with 47,000 sqm, and LemonTree launched Booster Zabrze (38,000 sqm).

Investments in Progress

Warehouse developers are being cautious about new investments, but further large-scale openings are planned over the coming quarters. At the end of the first half of the year, 1.5 mln sqm of space remained under construction, around 26 pct less than the same period of 2024. The largest amount of new industrial and logistics space was being built in Mazovia, where 435,000 sqm was under construction.

The areas with the largest number of projects under construction are Warsaw II (28 pct), Upper Silesia (13 pct), and the Tricity (12 pct). The three largest projects are 7R Park Gdańsk III (80,000 sqm of new space) as well as two new Panattoni developments: Park Rzeszów West (73,000 sqm) and Park Zgierz II (68,000 sqm). Prologis, in turn, is planning to deliver Park Ujazd in Opole (63,000 sqm).

Developers being Cautious

The sector's growth rate remains stable, although it once again fell short of 10 pct. In the first half of 2025, 1.15 mln sqm of new space was delivered, representing a decline of around 30 pct compared to the same period last year. In the second quarter alone, total stock increased by 468,000 sqm, which was 31 pct less than in the previous quarter.

Tenants Not Giving Up

Despite the decline in the volume of newly delivered industrial and logistics space, tenants are actively seeking modern facilities.

Total gross demand for industrial and logistics space in Q2 2025 exceeded 1.84 mln sqm, representing an increase of over 66 pct quarter-on-quarter and a 7 pct increase year-on-year. This was also the fifth-highest quarterly level of tenant activity recorded in the Polish warehouse market since statistics began.
Ludwika Korzeniowska, head of industrial and logistics at BNP Paribas Real Estate Poland

Lower Silesia and Upper Silesia accounted for the largest share of the transaction volume, each accounting for 17 pct. Warsaw Zone II came next with 13 pct. The data show that Silesia remains important for the industrial and logistics real estate market.

Lease Structure and Largest Transactions

Extensions dominated the transactions, accounting for 54 pct. BNP Paribas Real Estate Poland believe this is due to the expiration of contracts signed during the peak in 2020-2021. Given the unstable geopolitical and economic situation, tenants are increasingly cautious about relocating or expanding, and lease extensions are now often considered the safest option. Expansions comprised 5 pct of all transactions.

Sale and leaseback transactions are becoming increasingly common in Poland. In Q2, the two largest transactions were both such deals. Two manufacturing plants were sold and leased back by Eko-Okna – in Wodzisław Śląski (131,000 sqm) and Kędzierzyn-Koźle (131,000 sqm). Among the new leases, Shein stands out, leasing 79,000 sqm. 63,000 sqm at ECE Kąty Wrocławskie, and Schaeffler, which will occupy 63,000 sqm at Prologis Park Ujazd in the Opole area.

Among the tenants, the most active are companies from the logistics, distribution, and transportation sectors (37 pct of the market). Manufacturing companies generate 33 pct of the gross transaction volume for industrial and logistics space, while retail tenants account for 22 pct.

Stable Rents

At the end of Q2, rents for class A industrial and logistics space in Poland's major markets remained stable. This translates to an average of EUR 4.3 per sqm per month, while in the urban logistics sector, it's EUR 7 per sqm per month. These rates remained unchanged from the previous quarter and year. The area with the greatest variation in asking rents is Warsaw I.

Forecasts for the coming quarters indicate continued stabilisation – both in terms of rent levels and tenant activity. The industrial and logistics market remains balanced, and price adjustment pressure is limited to selected locations with elevated vacancy rates.
Piotr Załęski, industrial and logistics director, BNP Paribas Real Estate Poland

Vacancy Rate

After the first half of the year, the vacancy rate reached 8.2 pct, representing a 0.2 percentage point decrease compared to the previous quarter and a 0.1 percentage point decrease compared to the same period in 2024. The highest vacancy rates for industrial space were recorded in the Western (17.1 pct), Tricity (10.7 pct), and Lower Silesia (9.6 pct) zones. The lowest vacancy rates were recorded in Opole (1.7 pct), Szczecin (3.3 pct), and Kraków (3.4 pct).

The total vacancy rate reached 2.8 mln sqm, representing an increase of 0.3 pct quarter-on-quarter and 5.8 pct year-on-year. The current level of vacant industrial and logistics space undoubtedly increases market competitiveness and facilitates tenants' search for suitable space.