The first quarter of 2026 brought an unexpected upswing in Poland’s industrial and logistics property market. Increased tenant activity, the predominance of new lease agreements and a declining vacancy rate all confirm the sector’s strong condition and stable foundations for further growth, according to the BNP Paribas Real Estate Poland report, Review: Poland’s Industrial and Logistics Property Market – Q1 2026.
A strong start to the year
Data for the first three months of the year showed solid performance across the industrial and logistics property market. Total stock exceeded 37 million sq m, while approximately 650,000 sq m of new space was delivered in the first quarter alone.
“Although the volume of new supply remains relatively high, it is gradually declining from the record levels seen in previous years, signalling a normalisation phase in development activity,” says Ludwika Korzeniowska, Director of the Industrial and Logistics Department at BNP Paribas Real Estate Poland.
The largest projects completed at the beginning of 2026 included 7R Park Gdańsk III, with 80,000 sq m, Panattoni Park Rzeszów West, with 73,000 sq m, and Prologis Park Ujazd in Opole, offering more than 63,000 sq m of industrial and logistics space.
Tenant activity
According to first-quarter 2026 data, high tenant activity was a particularly positive signal for the market. Transactions totalling more than 1.5 million sq m were concluded, representing a 46% year-on-year increase.
Importantly, new agreements accounted for the largest share of transactions in the first quarter, at 42%. This marks a clear shift from 2025, when lease renegotiations dominated the market. Such a structure may indicate a stronger willingness among companies to expand and actively seek new locations.
The largest transactions completed by the end of March included the sale-and-leaseback of the Raben Poznań facility, covering more than 125,000 sq m, the renegotiation of a 68,000 sq m lease at Logistic City Piotrków Trybunalski, and a new lease agreement for more than 67,000 sq m at Marq Wrocław V Logistics Centre. In the latter two cases, the tenants remain confidential.
The largest volume of space was leased in the Warsaw II region, which accounted for 20% of demand, followed by Central Poland with 16% and Upper Silesia with 15%.
In terms of transaction volume, 3PL companies were among the leading occupiers in the first quarter, accounting for 39% of all signed agreements. Tenants from the electronics and household appliances sector, as well as the furniture and household goods sector, accounted for 9% and 8% of the market respectively.
New developments on the horizon
At the end of March 2026, the volume of space under construction stood at 1.5 million sq m, representing a 6% year-on-year increase. An increasing share of projects is being developed with lease agreements already secured.
“The share of projects covered by signed lease agreements rose to approximately 63%, reaching its highest level since the second quarter of 2021. This reflects stronger tenant interest and reduces the risk of rising vacancy rates, supporting market stability,” notes Ludwika Korzeniowska.
The largest projects currently under construction include Panattoni Wrocław Campus 2, with 78,000 sq m, Hillwood S8 Warsaw South, with 58,000 sq m, and Panattoni Park Grodzisk VI, with 52,000 sq m.
The highest development activity is concentrated in Warsaw II, accounting for 34% of projects under construction, followed by Upper Silesia with 15% and Central Poland with 11%.
Vacancy rates decline while rents remain stable
According to data for the first three months of 2026, the vacancy rate stood at 7.3%. This represents a slight quarter-on-quarter decrease of 0.1 percentage points and a more noticeable year-on-year improvement of 1.1 percentage points.
These figures indicate a balanced market and effective absorption of available space by tenants. The trend is supported by growing occupier demand and an appropriate adjustment of new supply to changing market conditions.
Stronger tenant activity also altered the seasonal pattern seen in previous years, when vacancy rates typically increased at the beginning of the year.
The highest availability of space was recorded in the Western Poland region, where the vacancy rate stood at 15.2%, followed by Upper Silesia at 8.4% and the Tricity area at 8.2%. The lowest vacancy rates were observed in Opole, at 1.1%, and Szczecin, at 1.4%.
According to market data, rental levels also remained stable year on year. Prime rents for industrial and logistics space in the best locations stood at EUR 5.25 per sq m per month. Rental rates remain selective and depend on the standard of the project, its location and development costs.
