The first quarter of 2026 brought an unexpected rebound to the industrial and logistics space market. Increased tenant activity, a predominance of new agreements, and a declining vacancy rate confirm the sector’s good condition and stable foundations for further development, according to the BNP Paribas Real Estate Poland report “Review. Industrial and Logistics Space Market in Poland – Q1 2026.”
A good start to the year
Data for the first three months of this year delivered good results in the industrial and logistics space market. Total stock exceeded 37 million sqm, and approximately 650,000 sqm of new space was delivered in Q1 alone.
“Although the volume of new supply remains relatively high, its scale is gradually decreasing compared to the record levels recorded in previous years, indicating a phase of normalisation in development activity,” says Ludwika Korzeniowska, Head of Industrial and Logistics at BNP Paribas Real Estate Poland.
Among the largest projects completed at the beginning of 2026 were: 7R Park Gdańsk III (80,000 sqm), Panattoni Park Rzeszów West (73,000 sqm), and Prologis Park Ujazd in Opole, offering more than 63,000 sqm of industrial and logistics space.
Tenant activity
As indicated by data from Q1 2026, high tenant activity was a positive signal for the market. In total, transactions exceeding 1.5 million sqm were concluded, which represents an increase of 46% year-on-year.
Importantly, new contracts dominated the transaction structure in Q1 (42%). This is a clear change compared to 2025, when renegotiations prevailed. This structure may indicate a greater willingness among companies to expand and actively search for new locations.
Among the largest transactions concluded by the end of March were the sale-and-leaseback of the Raben Poznań facility covering over 125,000 sqm, a renegotiation of a lease for 68,000 sqm in Logistic City Piotrków Trybunalski, and a new lease agreement for over 67,000 sqm in Marq Wrocław V Logistics Centre – in both cases concluded by confidential tenants. The largest volume of space was leased in warehouse regions: Warsaw II (20%), Central Poland (16%), and Upper Silesia (15%).
In the structure of transaction volume for Q1, 3PL companies were at the forefront, accounting for 39% of the volume of concluded agreements. Tenants from the electronics and household appliances sector, as well as furniture and home goods sectors, accounted for 9% and 8% of the market, respectively.
New projects on the horizon
At the end of March 2026, the volume of space under construction amounted to 1.5 million sqm – representing a 6% increase year-on-year. An increasing share of investments is being developed with already signed lease agreements.
“The share of projects secured with lease agreements increased to approx 63%, reaching its highest level since Q2 2021. This indicates greater tenant interest and limits the risk of rising vacancy, supporting market stability,” notes Ludwika Korzeniowska.
The largest projects currently under construction include: Panattoni Wrocław Campus 2 (78,000 sqm), Hillwood S8 Warsaw South (58,000 sqm), and Panattoni Park Grodzisk VI (52,000 sqm). The highest development activity is concentrated in the following zones: Warsaw II (34%), Upper Silesia (15%), and Central Poland (11%).
Vacancy declines, rents remain stable
According to data for the first three months of 2026, the vacancy rate stands at 7.3%. This represents a slight decrease (by 0.1 pp) compared to the previous quarter and a more noticeable improvement year-on-year (by 1.1 pp).
These figures indicate market balance and effective absorption of available space by tenants. This is supported by increased tenant demand and appropriate adjustment of new supply to changing market conditions.
Increased tenant activity also altered the seasonal rise in the vacancy rate typically observed at the beginning of the year in previous years.
The highest availability was recorded in the Western region (15.2%), Upper Silesia (8.4%), and the Tri-City (8.2%). The lowest vacancy rates were observed in the Opole region (1.1%) and Szczecin (1.4%).
According to market data, rent levels also remain stable on a yearly basis. Prime rents for industrial and logistics space in the best locations amounted to €5.25 per sqm per month. Rental levels are selective and depend on the standard of the project, location, and construction costs.
