International advisory firm Cushman & Wakefield has summarized investor activity in Poland’s warehouse real estate market during the first half of 2025. The value of investment transactions between January and June more than doubled year-on-year, reaching €694 million. Alongside the growing volume, investors are increasingly willing to close large-scale deals – a positive signal for the quarters ahead.
Rising Momentum in the Logistics Market
Buyer and seller activity in the warehouse segment accelerated sharply in H1 2025, with transaction volume reaching €694 million – up from €294 million in the same period last year. The turning point came in Q2, when a €250 million deal was finalized and the pipeline of large-scale transactions grew, explained Robert Tomaszewski, Associate Capital Markets Poland, Cushman & Wakefield.
While overall deal flow remains selective, market activity is clearly gaining pace, supported by improved liquidity and a greater readiness among both buyers and sellers to engage in larger-scale transactions.
Stable Yields Amid Mixed Compression Signals
Prime logistics yields in Poland remain broadly stable at around 6.25%, with most deals closing between 6.50% and just under 7.00%. Although sub-6.00% yields are cautiously considered for top-tier assets with long WAULTs, no such levels have yet been confirmed in completed transactions.
Lower interest rates and improved financing conditions could support yield compression, but this is offset by relatively high product supply, which continues to restrain upward price pressure. “In this environment, value-add assets with clear income growth potential attract the strongest competition,” Tomaszewski noted.
“We are still seeing landlord pressure to increase incentives and longer tenant decision-making timelines, which push effective rents downward. This makes investors more conservative. Today, asset values are increasingly shaped not only by location and technical parameters, but also by tenant quality, WAULT length, and regional absorption levels,” commented Marcin Malmon, Head of Valuations & Advisory, Cushman & Wakefield.
Debt Markets Reopen with Renewed Interest
Cushman & Wakefield’s analysis shows that debt markets are gradually reopening, with lenders showing renewed appetite for the logistics sector – particularly for well-located, income-generating assets.
“Banks’ appetite for financing logistics remains stable, even as developer activity slows. Margins have improved and financing is more accessible, but risk assessment standards remain conservative. Lenders prefer partners with a strong track record and clear business plans, while speculative developments are still harder to finance. Particular attention is given to location, lease structure, and ESG parameters. The strongest interest is in new projects in established logistics hubs, leased to multiple reputable tenants. Financing single-tenant assets is possible, but requires long lease terms or highly attractive locations and specifications that allow easy re-letting,” said Mira Kantor-Pikus, Partner, Equity, Debt & Alternative Investments, Capital Markets, Cushman & Wakefield.
Growing Popularity of Sale-and-Leaseback
The market is also seeing rising popularity of Sale & Leaseback (S&LB) transactions, where owners sell their properties to investors and lease them back on a long-term basis. This allows companies to unlock capital for both investment and operational purposes.
Source: Cushman & Wakefield / CEO.com.pl
