International advisory firm Cushman & Wakefield has summarized the situation on Poland’s warehouse and industrial real estate market at the end of the third quarter of 2025. Tenant activity in the January–September period increased by nearly 20% year-on-year, but was dominated by lease renegotiations. Developer activity improved slightly compared with the first half of the year, although it remains on a downward trajectory.
DEMAND: Tenant Activity Remains High
In the first three quarters of 2025, demand for modern industrial space reached over 4.54 million m², representing 19% growth year-on-year and 7% above the average for the same period in 2020–2024, when tenant activity amounted to around 4.24 million m², comments Szczepan Gowin, Head of Industrial & Logistics, Cushman & Wakefield.
The demand structure continues to be dominated by renegotiations, which accounted for 52% of all leasing transactions. Although their share fell slightly quarter-on-quarter, this continues the trend observed since the second half of 2022, with renewal activity rising from approximately 30% in 2012–2021, to 40% in 2023–2024, and expected to reach around 50% by the end of 2025.
The volume of new leases and expansions in January–September totaled nearly 2.2 million m²:
- 480,000 m² in Q1
- 863,000 m² in Q2
- 850,000 m² in Q3
Year-on-year, this represents a 7% decline. At the same time, the demand structure continues shifting toward non-standard, built-to-suit projects, with rising emphasis on automation of logistics processes. Companies increasingly require the implementation of advanced technologies, which in the longer term may reshape investment geography and open new locations outside the largest metropolitan areas, adds Ewa Derlatka-Chilewicz, Head of Research.
SUPPLY: Moderate Uptick in Developer Activity
In Q3 2025, developers delivered nearly 400,000 m² of new warehouse space, bringing total market stock to approximately 36.45 million m². The largest warehouse clusters remain in:
- Mazowieckie (nearly 7.3 million m²)
- Śląskie (nearly 6.2 million m²)
- Dolnośląskie (5.3 million m²)
At the end of Q3 2025, 1.56 million m² of warehouse space was under construction—a slight improvement compared with the first half of the year, yet still aligned with the overall downward trend and 20% lower year-on-year. Speculative projects account for 45% of ongoing construction, equivalent to 706,000 m² available for lease, indicating moderate developer optimism, comments Vitalii Arkhypenko, Market Analyst.
The Mazowieckie region remains the leader, accounting for 34% of Poland’s total construction pipeline. High activity levels were also recorded in:
- Pomorskie (14%)
- Śląskie (12%)
- Dolnośląskie (8%)
Together, these four regions make up almost 70% of all space under development.
Between July and September, construction began on nearly 480,000 m² of new industrial projects, with the highest activity in:
- Mazowieckie (147,000 m²)
- Łódzkie (65,000 m²)
Reduced developer activity—especially in speculative projects—is increasing tenant interest in projects already under construction, adds Renata Krzyżanowska, Associate, Cushman & Wakefield.
VACANCY: Stable but Uneven
In Q3 2025, available warehouse space in Poland totaled 2.98 million m², translating to a vacancy rate of 8.2%. This represents:
- no change compared with the previous quarter, and
- a slight 0.2 percentage point increase year-on-year.
The highest vacancy levels were reported in:
- Lubuskie (17.2%)
- Świętokrzyskie (17.2%)
- Lubelskie (13.2%)
The lowest vacancy rates were recorded in regions with limited supply:
- Opolskie (0%)
- Podlaskie (0%)
- Zachodniopomorskie (2.1%)
A smaller share of speculative development should limit further vacancy growth, helping the market stabilize in the coming quarters.
RENTS: No Change in Rental Rates
In Q3 2025, rental rates remained stable, with no significant changes recorded. Broader negotiation opportunities for tenants—mainly in the form of more attractive non-rent incentives—are observed particularly in markets with high vacancy levels.
