In the first half of 2025, Poland’s industrial and logistics real estate market maintained steady growth. Total stock increased by 7 percent YoY, reaching 36.03 million sqm, despite a downward trend in new supply (1.15 million sqm; -30 percent YoY) and more cautious developer activity on new construction starts (1.47 million sqm; -26 percent YoY). The volume of lease renegotiations continued to rise, contributing to a gross take-up result of 2.95 million sqm (+10 percent YoY). Rental rates remained stable across most regional markets. Despite ongoing macroeconomic uncertainty, the sector remains one of the most attractive for investors, supported by strong fundamentals and visible acquisition activity. AXI IMMO, the largest Polish commercial real estate advisory firm, presents its latest report titled “Industrial and Logistics Market in Poland H1 2025.”
Investment Market – growing importance of sale & leaseback deals
Investment volume in the warehouse sector reached €694 million, marking a 135 percent increase YoY. The industrial and logistics asset class accounted for 40 percent of the total commercial real estate investment market. Sale & leaseback transactions played a prominent role, with the standout deal being Realty Income’s acquisition of two facilities from Eko-Okna for €253.5 million.
“We’re seeing a clear return of capital to the market, particularly in the warehouse segment. Investors continue to target modern assets with long lease agreements in prime logistics hubs. Sale & leaseback transactions are gaining traction. With the right WAULT and pricing, these properties offer attractive investment opportunities,” said Grzegorz Chmielak, Head of Capital Markets, AXI IMMO.
Take-up in H1 2025 dominated by renegotiations
Gross take-up in H1 2025 reached 2.95 million sqm, up 10 percent YoY. A single, large sale & leaseback transaction mainly drove this increase. Net take-up (new leases and expansions only) declined 17 percent YoY to 1.34 million sqm, strengthening the trend of growing lease extensions.
Anna Głowacz, Head of Industrial & Logistics, AXI IMMO, noted: “Demand patterns varied across regions, but overall we saw an increase in renegotiations due to the expiration of leases signed during the peak of demand in 2020–2021. Amid geopolitical and economic uncertainty, companies are more cautious about relocation and expansion. Still, the fundamentals of the warehouse market remain strong – vacancy rates are stable, and tenant interest from sectors like retail and e-commerce remains robust. The ‘big five’ regional markets continue to dominate, although we are seeing growing activity in smaller cities.”
The highest leasing activity was recorded in Mazowieckie (566,000 sqm), Śląskie (524,000 sqm), and Dolnośląskie (429,000 sqm) voivodships. Notably, Wrocław (Dolnośląskie voivodship) saw strong net demand from e-commerce tenants.
Supply: Lower developer activity with stable vacancy rates
As of the end of June 2025, total industrial stock reached 36.03 million sqm (+7 percent YoY). New completions totalled 1.15 million sqm (-30 percent YoY), with the latest space delivered in Dolnośląskie (344,000 sqm), Śląskie (256,000 sqm), and Mazowieckie (155,000 sqm) voivodships. Notable completions included new phases of P3 Wrocław (95,000 sqm), GLP Wrocław V Logistics Centre (67,600 sqm), and Panattoni Park Sosnowiec Expo (62,100 sqm).
There were 1.47 million sqm under construction (-26 percent YoY), with only 41 percent of projects being speculative. Mazowieckie voivodship remained the top market for new development starts, with 216,000 sqm launched in Q1 and 198,000 sqm in Q2 2025.
The vacancy rate remained stable at 8.2 percent, a slight decrease YoY. This reflects a shift toward build-to-suit and pre-let development rather than speculative construction. Lubuskie (18.4 percent) and Świętokrzyskie (17.2 percent) voivodships recorded the highest vacancy rates. At the same time, among the top five core regions, the most space available was in Dolnośląskie (542,000 sqm), Mazowieckie (477,000 sqm), and Łódzkie (452,000 sqm) voivodships.
Rental rates remain stable across the country
In H1 2025, headline rents remained essentially unchanged. Rents for big-box facilities ranged from €3.6 to €6.5 per sqm per month. In premium locations such as Warsaw and Kraków, rates exceeded €6.0/sqm/month. Developers continued to offer rent-free periods and fit-out contributions for longer lease commitments, particularly for larger occupiers. Service charges remain on an upward trend due to rising energy and labour costs.
Market maturity signals long-term stability
Renata Osiecka, Managing Partner, AXI IMMO, concluded: “In H2 2025, we expect to see continued market stabilisation on both the supply and take-up sides. Poland remains one of Europe’s leading industrial & logistics markets by volume and tenant activity, but we’re also observing a clear maturing trend. We anticipate a sustained share of renegotiations and an increased focus on pre-let deals in major logistics hubs. More portfolio and sale & leaseback transactions are expected as well. Overall, there’s a shift toward more analytical, ESG-conscious, and long-term leasing strategies.”
