According to the latest report by AXI IMMO, Poland’s largest commercial real estate advisory firm, titled “Industrial & Logistics Market in Poland 2025,” the industrial and logistics sector maintained a strong position despite a moderate slowdown in the first half of the year. Total stock of industrial and logistics space reached 36.58 million sqm at the end of 2025, while new supply declined to 1.68 million sqm. Gross take-up increased to 6.64 million sqm, marking the third-highest result in the market’s history, and the vacancy rate remained stable at 7.4%. On the investment market, the industrial and logistics sector recorded the second-largest transaction volume among commercial real estate sectors, reaching EUR 1.5 billion.
Monika Rykowska, Head of Research, AXI IMMO, comments: “The industrial and logistics sector is entering a phase of greater selectivity. We are observing a continued high share of lease renegotiations in the take‑up structure, tighter control of speculative supply and investment concentration in the most liquid regions — Mazowsze, Śląsk and the Łódzkie region. At the same time, the importance of cross-border hubs and port locations such as Tricity and Szczecin is increasing, supported by transport infrastructure development. In 2026, the key growth drivers will be an improvement in European industrial performance and domestic consumption”.
Take-up: Third-Highest Result in Market History
In 2025, total leasing activity in the industrial and logistics market reached 6.64 million sqm (+14% y/y). Renegotiations reached a record 3.46 million sqm, accounting for 52% of total take-up (+10 pp y/y). The highest tenant activity was recorded in the Mazowieckie (1.41 million sqm), Łódzkie (1.17 million sqm) and Śląskie (1.07 million sqm) regions. Net take-up totalled 3.18 million sqm (-6% y/y), with the leading markets being Mazowieckie (729,000 sqm), Łódzkie (475,000 sqm) and Dolnośląskie (464,000 sqm). Selected major transactions in 2025 included the extension and expansion of Agata Meble at Mapletree Piotrków II (128,200 sqm in total), ID Logistics’ lease renewal for 78,100 sqm at P3 Wrocław II, a new lease of 67,800 sqm by a 3PL operator at 7R Park Gdańsk III, and Schaeffler’s new 63,400 sqm lease at Prologis Park Ujazd.
Anna Głowacz, Head of Industrial, AXI IMMO, comments: “The take-up structure in 2025 confirms the growing maturity of the Polish market. Renegotiations of five-year leases signed in 2021–2022 became the dominant component of tenant activity. In 2026, new demand will result from both sector-specific expansions and the need to consolidate or relocate space to optimise operating costs. We are observing increased activity among retail, e-commerce and distribution companies, alongside a moderate recovery in demand from logistics operators”.
Supply: Lowest Level Since 2016
Total stock of industrial and logistics space reached 36.58 million sqm at the end of December 2025 (+6% y/y). However, new supply declined to 1.68 million sqm (-35% y/y), marking the lowest annual result since 2016. Among the largest newly delivered projects were P3 Wrocław (95,000 sqm) in the Dolnośląskie region and Hillwood Poznań-Czempiń (53,700 sqm) in Wielkopolskie. Outside the so-called “big five” markets, notable projects included 7R Park Lublin (57,500 sqm) in Lubelskie and Panattoni Park Szczecin-Dunikowo (54,400 sqm) in Zachodniopomorskie.
The development pipeline stands at 1.79 million sqm (+2% y/y), with a significant reduction in speculative projects to 38.6% (690,000 sqm; -8.6 pp y/y). The highest level of development activity is currently concentrated in Mazowieckie (648,000 sqm), Pomorskie (221,000 sqm) and Śląskie (192,000 sqm). Developers are increasingly conditioning new projects on securing 40–50% pre-lease commitments.
The vacancy rate at the end of 2025 stood at 7.4% (-0.1 pp y/y). The lowest vacancy rates were recorded in Zachodniopomorskie (1.2%) and Małopolskie (2.6%), while the largest vacancy increase was recorded in Śląskie (+2.3 pp y/y). Headline rents in big-box projects remained within the range of EUR 3.6–6.0 per sqm per month, with effective rents at EUR 3.0–4.5 per sqm per month. Competition increasingly shifted toward incentive packages, typically offering one to two months of rent-free periods per lease year.
Investment Market: EUR 1.5 Billion and Strong Sale and Leaseback Activity
Total investment volume in the industrial and logistics sector reached EUR 1.5 billion (+15% y/y), representing 34% of total investment activity in Poland and the second-largest share among commercial real estate sectors. Single-asset transactions and sale and leaseback deals dominated the market. Investors from the United States and the Czech Republic played a particularly active role in 2025.
Grzegorz Chmielak, Head of Capital Markets, AXI IMMO, comments: “The industrial and logistics sector continues to be one of the most stable segments of the investment market. In 2025, we observed a clear increase in sale and leaseback transactions, reflecting manufacturers’ need to release capital. In 2026, we expect further liquidity improvement and a slight compression of cap rates for prime assets secured by long-term leases”.
Outlook for 2026
AXI IMMO analysts expect stable levels of new supply, a gradual decline in vacancy rates and selective rental growth in prime locations. Renegotiations will remain the dominant element of the take-up structure, while new developments will largely be linked to expansions and space consolidation.
Renata Osiecka, Owner, Managing Partner, AXI IMMO, concludes: “In 2025, Poland’s industrial and logistics market once again confirmed its maturity and resilience to economic fluctuations. High demand levels, controlled supply and growing investor activity create solid foundations for continued sector development. We anticipate further growth in investment transaction volumes, including portfolio deals. In 2026, key factors will include infrastructure investment, nearshoring trends and the increasing importance of technical quality and ESG standards. Poland remains one of the most promising warehouse markets in Europe”.
