According to the latest report “Warehouse and Industrial Market in Poland” published by advisory firm Newmark Polska, the third quarter of 2025 brought a slight slowdown in both new supply and tenant activity on the Polish warehouse and industrial market. Developers delivered the lowest volume of new space since the end of 2020, while quarterly demand fell by nearly 14%. Nevertheless, the total leasing volume recorded in the first three quarters exceeded 4.54 million sq m, marking an increase of almost 20% compared with the same period last year.
At the end of Q3 2025, Poland’s total stock of modern warehouse and industrial space reached almost 36.45 million sq m, up 7.3% year-on-year. Nearly 81% of this stock is located in the country’s six main warehouse markets (Mazowieckie, Śląskie, Dolnośląskie, Łódzkie, Wielkopolskie and Pomorskie).
“Since the beginning of January, just under 1.55 million sq m of new space has been delivered—26% less than in the first nine months of 2024. The most active development regions during this period were Dolnośląskie, Śląskie, Mazowieckie and Łódzkie. In the third quarter alone, developers supplied 398,400 sq m—15% less than in Q2 and over 12% less than a year earlier. It was also the lowest quarterly result for new supply since Q4 2020. According to Newmark Polska’s forecasts, the national warehouse and industrial market will expand by around 2 million sq m in the full year 2025,” says Jakub Kurek, Head of Industrial and Warehouse Department at Newmark Polska.
Warehouse space under construction
At the end of September 2025, nearly 1.56 million sq m of warehouse and industrial space was under construction—6.1% more than in Q2, but nearly 20% less than a year earlier. This is the highest level of development activity so far in 2025, though still almost 70% lower than the record-breaking first quarter of 2022 (around 4.75 million sq m under construction).
“As in previous quarters, most new warehouses are being developed in the six largest markets, which account for almost 77% of all ongoing projects, with more than one-third located in the Mazowieckie region,” adds Kurek.
Tenant activity in the Polish warehouse and industrial market
After a rebound in leasing activity in Q2 2025—when tenants leased more than 1.84 million sq m—the third quarter brought a mild slowdown. Total demand reached just over 1.59 million sq m, a decrease of nearly 14% quarter-on-quarter but a strong increase of more than 42% year-on-year.
“Between January and September 2025, tenants signed contracts for a combined 4.54 million sq m, up 19.6% from the previous year. Almost 70% of demand is concentrated in the Mazowieckie, Dolnośląskie, Śląskie and Łódzkie regions. Renegotiations dominated transaction structures in the first three quarters (51.7%). New leases, including BTS projects, accounted for 41.1% of demand, while expansions represented 7.2%. It is also noteworthy that tenants leased a total of 195,300 sq m on short-term contracts (up to one year),” says Kurek.
The strongest demand since January was recorded in Q2, which also saw the largest transactions of the year. These included two sale-and-leaseback deals involving production facilities leased by Eko-Okna—131,200 sq m in Wodzisław Śląski and 131,100 sq m in Kędzierzyn-Koźle. In Q3, the third-largest transaction of the year was signed: the renegotiation and expansion of the space occupied by Agata S.A. at Mapletree Piotrków II to over 128,000 sq m.
Warehouse space for lease
In Q3 2025, the average vacancy rate in Poland remained stable at 8.2%, although year-on-year it increased by 0.2 pp. By the end of September, tenants had access to a total of more than 2.98 million sq m of vacant space—the second-highest level in the history of the Polish market. Meanwhile, warehouse and industrial space available in buildings under construction slightly exceeded 705,750 sq m.
The highest vacancy rates were recorded in the Lubuskie and Świętokrzyskie regions (17.2% each), Lubelskie (13.2%) and Dolnośląskie (10.7%). The lowest vacancy levels were found in Podlaskie and Opolskie (zero available space) and in Zachodniopomorskie (2.1%).
Rents
From June to the end of September 2025, rents for prime warehouse and industrial space in the main Polish markets remained relatively stable for yet another quarter.
“In regions with high vacancy levels, tenants could expect more favourable terms, including lower rental rates or more attractive incentive packages. Conversely, owners of modern facilities with environmentally friendly and energy-efficient solutions, located in the most sought-after areas, were less willing to make concessions—resulting in slightly higher costs for tenants. At the end of Q3 2025, the highest rental rates were recorded in Warsaw Zone I, as well as in the Pomorskie, Śląskie and Małopolskie regions,” summarises Agnieszka Giermakowska, Head of Research and Advisory, ESG Lead at Newmark Polska.
Source: https://ceo.com.pl/magazyny-w-polsce-2025-mniejsza-podaz-wiekszy-popyt-i-stabilne-koszty-najmu-88284
