Transaction volumes in the industrial and logistics sector remain at a high level, driven mainly by demand from e-commerce and retail tenants. At the same time, the market has recorded a slowdown in development dynamics—developers have delivered fewer new projects and are approaching future investments with greater caution.
Sector Growth
According to the report Review. Industrial and Logistics Real Estate Market in Poland by BNP Paribas Real Estate Poland for Q2 2025, total sector stock has exceeded 36 million sq m, representing growth of 7.5% compared with the same period last year.
By the end of June this year, several projects were completed. The largest included Panattoni’s Park Szczecin VI (Dunikowo) with 54,000 sq m; Hillwood’s 51,000 sq m facility in Grodzisk Mazowiecki in the Warsaw II zone; Panattoni’s Park Sosnowiec Expo I (47,000 sq m) in Upper Silesia; and LemonTree’s Booster Zabrze (38,000 sq m).
Projects Under Construction
Developers are cautious about starting new projects, but several large facilities are scheduled to open in the coming quarters. At the end of H1, 1.5 million sq m remained under construction, down about 26% year-on-year. The Mazovia region led with 435,000 sq m under construction.
Most projects were concentrated in the Warsaw II zone (28%), Upper Silesia (13%), and the Tri-City (12%). Major developments include 7R Park Gdańsk III (80,000 sq m) and two Panattoni projects: Park Rzeszów West (73,000 sq m) and Park Zgierz II (68,000 sq m). Prologis is also preparing to deliver Park Ujazd in Opole (63,000 sq m).
Developers More Cautious
Growth remains stable but again fell short of 10%. In H1 2025, 1.15 million sq m of new space was delivered, down about 30% year-on-year. In Q2 alone, stock expanded by 468,000 sq m—31% less than in Q1.
Tenants Stay Active
Despite lower volumes of newly delivered space, tenant activity remains strong.
– “Gross demand for industrial and logistics space in Q2 2025 exceeded 1.84 million sq m, up more than 66% quarter-on-quarter and 7% year-on-year. This was also the fifth-highest quarterly tenant activity ever recorded in the Polish warehouse market,” said Ludwika Korzeniowska, Head of Industrial and Logistics Agency, BNP Paribas Real Estate Poland.
Gross demand by region was led by Lower Silesia and Upper Silesia (17% each), followed by the Warsaw II zone at 13%. This underscores the continued importance of Silesian regions for the sector.
Leasing Structure and Major Deals
In Q2, lease renewals dominated, accounting for 54% of gross transactions. Analysts at BNP Paribas Real Estate Poland note this reflects the expiry of contracts signed during the demand boom of 2020–2021. Given geopolitical and economic uncertainty, tenants are increasingly cautious about relocation or expansion, viewing renewals as the safest option. Expansions accounted for just 5% of transactions.
Sale-and-leaseback deals are also becoming more common. The two largest Q2 transactions followed this model, covering two production facilities leased by Eko-Okna in Wodzisław Śląski (131,000 sq m) and Kędzierzyn-Koźle (131,000 sq m).
Notable new leases included SHEIN taking 79,000 sq m in ECE Kąty Wrocławskie and Schaeffler leasing 63,000 sq m in Prologis Park Ujazd in the Opole zone.
By tenant profile, logistics, distribution, and transport companies were the most active (37% of the market). Manufacturing companies generated 33% of gross transaction volume, while retail tenants accounted for 22%.
Stable Rents
At the end of Q2, rents for Class A industrial and logistics space in Poland’s main markets remained stable. Logistics and distribution tenants paid an average of EUR 4.3 per sq m/month, while urban logistics space averaged EUR 7 per sq m/month. These rates were unchanged from the previous quarter and year. Warsaw I continues to show the greatest rent variability.
– “Forecasts for the coming quarters point to continued stability in both rent levels and tenant activity. The industrial and logistics market remains balanced, with pricing pressure limited to locations with elevated vacancy,” said Piotr Załęski, Director, Industrial and Logistics Agency, BNP Paribas Real Estate Poland.
Vacancy Levels
At the end of H1, the vacancy rate stood at 8.2%, down 0.2 pp from the previous quarter and 0.1 pp year-on-year. The highest vacancy levels were in the West (17.1%), Tri-City (10.7%), and Lower Silesia (9.6%). The lowest were in Opole (1.7%), Szczecin (3.3%), and Kraków (3.4%).
Total vacant stock reached 2.8 million sq m, up 0.3% q/q and 5.8% y/y. The current vacancy level increases competition in the market and makes it easier for tenants to secure suitable facilities.
Source: CEO.com.pl
