Demand for warehouse space in Poland remains very strong. In the first three quarters of 2025, tenants leased 4.5 million sq m of space, a result 20% higher than a year earlier. At the same time, the investment market continues to show high activity, with the value of warehouse transactions rising by 18% to reach €873 million. The strong presence of global investors confirms the stability and attractiveness of Poland as a key logistics market in the region.
“Once again, the Polish warehouse market proves its resilience. Tenant demand has been growing for the second consecutive year, while investors are clearly strengthening their presence. This is a sign of confidence in the market’s long-term fundamentals,” says Szymon Sobiecki, Analyst, Research at Knight Frank.
Supply – Moderate Growth and Cautious Developer Optimism
The stock of modern warehouse space in Poland has exceeded 36.4 million sq m. Although the pace of expansion has slowed compared with the record years of 2021–2023, developers are gradually increasing their activity. In Q1–Q3 2025, 1.55 million sq m of new space was delivered to the market—26% less than a year earlier.
Since the second quarter, however, a slight revival has been observed. The volume of space under construction increased by 6% quarter-on-quarter, currently standing at 1.5 million sq m (still 20% below last year’s level). The largest concentrations of new projects are found in the Warsaw region (527,000 sq m), the Tri-City area (221,000 sq m), and Upper Silesia (190,000 sq m).
Developers are increasingly willing to undertake speculative construction, although the share of such projects remains lower than during the 2021–2023 boom. At the end of Q3, 55% of space under construction was secured with pre-lease agreements, compared with 59% at the beginning of the year (after Q1). In the most mature markets, such as Warsaw and Upper Silesia, this figure stands at around 30%.
Demand – Another Year of Growth, Renegotiations Dominate
In the first three quarters of 2025, total tenant activity reached 4.5 million sq m, representing a 20% y/y increase. Q3 alone accounted for 1.6 million sq m of leased space—42% more than a year earlier.
Renegotiations dominated market activity, accounting for 47% of total volume, with new leases representing 44%. The highest demand comes from the Warsaw region, Central Poland, and Wrocław—together generating more than 60% of all leasing activity.
The structure of demand continues to be shaped primarily by logistics and retail, whose activity grows in line with strengthening retail sales. At the same time, the share of tenants from the light manufacturing sector is increasing. In the first three quarters of 2025, they accounted for 16% of total demand, particularly in western and southwestern Poland.
“Companies are becoming more confident in returning to strategies focused on growth and supply chain security. Expected improvements in industrial production and strong consumer spending will further stimulate demand for warehouse space in the coming quarters,” emphasizes Przemysław Piętak, Head of the Industrial and Logistics Agency at Knight Frank.
Vacancy – Stabilization with Potential for Further Declines
At the end of Q3, the vacancy rate stood at 8.21%, remaining virtually unchanged from the previous quarter (8.19%). Rising demand in the coming months is expected to translate into reduced availability of vacant space.
Rents – Stable Levels in Key Locations
Headline rents remain stable. For big-box facilities, they range from €3.8 to €5 per sq m, while urban warehouses fall within the €5–€7.5 per sq m range.
The highest rents continue to be recorded within the administrative boundaries of Warsaw and Kraków.
Investment Market – Dominance of Global Players
Investment volume in the warehouse sector reached €873 million in Q1–Q3 2025, an 18% y/y increase. Warehouses account for 34% of Poland’s total real estate investment volume.
Transactions are dominated by global investors pursuing long-term strategies and seeking stable, low-risk assets.
Source: ceo.com.pl
