High tenant activity in the fourth quarter and the second-best annual result in the market’s history confirm that the industrial and logistics sector remains one of the most resilient segments of commercial real estate in Poland. Despite limited new supply, the market continues to maintain a stable balance, according to the report “Review: Industrial and Logistics Market” for the fourth quarter of 2025 prepared by BNP Paribas Real Estate Poland.
An analysis of the data contained in the report indicates a revival in the industrial and logistics property market at the end of 2025. Rising demand and stable market fundamentals confirm that this segment remains one of the most resistant to economic fluctuations.
“Despite ongoing geopolitical and macroeconomic challenges, the sector has demonstrated strong resilience and stability, and growth has remained solid. As a result, Poland continues to strengthen its position as one of the key markets in the region for both investors and tenants,” said Ludwika Korzeniowska, Head of Industrial and Logistics Agency at BNP Paribas Real Estate Poland.
New Supply Adjusting to Market Conditions
The past year brought a clear adjustment in developer activity to market conditions. In recent quarters, new supply has gradually declined, with 137,000 sq m delivered in the fourth quarter. This dynamic reflects the ongoing process of market stabilisation.
The largest industrial and logistics projects delivered toward the end of the year were primarily located in the Warsaw II zone, where the two largest investments were completed: Panattoni Park Warsaw North III (32,000 sq m) and Warsaw Logistic Park (28,000 sq m).
Other significant developments included CTPark Toruń (22,000 sq m), Hillwood Częstochowa–Miasto (18,000 sq m) and Park Lublin II (11,000 sq m).
In total, around 1.7 million sq m of new space was delivered in 2025, representing a 35% decline compared with the previous year.
Development Activity Continues
Developers have not completely withdrawn from launching new projects. By the end of December, 1.8 million sq m of industrial and logistics space was under construction, with nearly 40% consisting of speculative developments.
In the fourth quarter alone, construction began on 444,000 sq m, indicating continued market growth at a stable pace while maintaining ongoing developer investment activity.
In terms of the scale of projects under construction, the Warsaw region accounts for 36% of all industrial and logistics space currently being built, although regional markets remain dominant overall.
Among the largest ongoing projects are Panattoni Park Grodzisk VI in the Warsaw II zone, offering 86,000 sq m, and 7R Park Gdańsk III in the Tri-City region, which will deliver 80,000 sq m of modern warehouse space.
Tenants Continue to Seek Space
In the fourth quarter of 2025, gross transaction volume in the industrial and logistics market reached 2.2 million sq m, representing an increase of approximately 8% year-on-year and significantly contributing to the strong annual result.
Three regions accounted for the largest share of transactions: Central Poland (25%), Lower Silesia (18%), and Warsaw II (16%).
High tenant activity was also evident on an annual basis. In 2025, lease transactions covering a total of 6.64 million sq m of modern warehouse space were finalised, representing a 14% increase compared with 2024.
The result achieved between January and December is the second-highest in the history of the Polish market, surpassed only by the record set in 2021.
The largest lease transaction in the fourth quarter of 2025 involved a confidential tenant, who leased 120,000 sq m in SEGRO Logistics Park Stryków in Central Poland (a renegotiation combined with expansion). Another major agreement was signed by Terg at Panattoni Park Łódź, covering 75,000 sq m (renegotiation).
The structure of transactions shows a notable share of renegotiations. In the fourth quarter of 2025, lease renewals accounted for 53% of agreements, while new leases represented 41%.
This structure reflects tenant caution but also the maturity of the market, where a significant portion of activity is generated by existing tenants optimising their portfolios.
Between October and September, 3PL operators accounted for the largest share of gross demand, representing 36% of all lease transactions. They were followed by companies from the Electronics & Home Appliances sector (16%) and the FMCG sector (15%).
Market Absorbing Vacancies
In terms of space availability, 2.7 million sq m of industrial and logistics space was available for lease in the fourth quarter of 2025, representing an increase of nearly 5% year-on-year.
By the end of the year, the vacancy rate stood at 7.4%, only 0.1 percentage points lower than a year earlier. This confirms the continued balance between supply and demand and the market’s ability to absorb available space.
Analysts at BNP Paribas Real Estate also highlighted the commercialisation level of projects under construction. Between October and December, 61% of newly developed space had already been leased, an increase of 8.6 percentage points compared with the same period last year.
The limited scale of new development activity has helped keep rental rates stable, although increases may appear in the longer term.
“Upward pressure on rental rates is still noticeable, especially in key locations and in newly delivered projects, which is reflected in the gradual rise of top asking rents,” said Karolina Galas, Associate Director, Industrial and Logistics Agency at BNP Paribas Real Estate Poland.
Source: managerplus.pl
