According to the latest report “Industrial and Warehouse Market in Poland”, released by real estate advisory firm Newmark Polska, in 2025, Poland’s warehouse and industrial market entered a phase of stabilisation. Significantly constrained new supply and strong occupier demand gradually reduced vacancy rates, improving overall market equilibrium. Developers became increasingly reliant on securing pre-lets before launching new projects, while leasing activity remained dominated by renegotiations. Meanwhile, prime rents held firm, with incentive packages for tenants varying considerably, depending on building location and quality.
At the end of 2025, Poland’s total warehouse and industrial stock stood at close to 36.6 million sqm, up 5.9% year-on-year. Full-year new completions totalled nearly 1.7 million sqm, marking a year-on-year decrease of over 35% and the lowest volume since 2016.
“The rapid expansion of Poland’s warehouse and industrial market in recent years has led to a more balanced demand-supply dynamic. Development activity has become more measured, with new project launches more closely aligned with actual tenant demand. In 2025, developers commenced construction of close to 1.9 million sqm of warehouse space in response to current occupier demand. Meanwhile, speculative development remained limited. More than 60% of space underway had already been pre-let, with only a handful of projects developed without secured pre-lets,” says Jakub Kurek, Head of Industrial and Warehouse, Newmark Polska.
Last year’s total take-up in Poland’s warehouse and industrial market reached nearly 6.64 million sqm, up 14% year-on-year. Both occupier and developer activity focused on the six key warehouse markets (Warsaw and its suburbs, Upper Silesia, Central Poland, Lower Silesia, Greater Poland and Tricity), which together accounted for almost 83% of all deals closed during the year.
Supply and warehouse space under construction
Nearly 1.7 million sqm of modern warehouse and industrial space was delivered to the Polish market throughout 2025. The most active development regions were Lower Silesia, Mazovia and Upper Silesia, which saw 349,800 sqm, 303,850 sqm and 294,500 sqm completed respectively.
At the end of the fourth quarter of 2025, nearly 1.8 million sqm of warehouse and industrial space was under construction. The largest volumes of new developments were underway in Mazovia (647,850 sqm), Pomerania (220,850 sqm), Upper Silesia (191,900 sqm) and Central Poland (188,750 sqm). Overall, the six core regions accounted for close to 80% of Poland’s development pipeline.
Tenant activity on the warehouse and industrial market in Poland
Nearly 6.64 million sqm of warehouse and industrial space (excluding short-term leases) was transacted throughout Poland in 2025, up 14% year-on-year. The provinces with the highest leasing activity were Mazovia, Łódzkie, Upper Silesia and Lower Silesia, which accounted for 21.2%, 17.7%, 16.2% and 13.0% of total take-up respectively.
The demand structure for the whole of 2025 was dominated by renewals, which accounted for 52.1% of total take-up. New leases, including contracts to deliver BTS projects, also had a large share of last year’s take-up at 40.8%. The remaining 7.1% came from expansions. It is also worth noting that just over 213,550 sqm was transacted in 2025 under short-term leases of up to one year.
The largest selected transactions of the past year included the renegotiation and expansion of Agata’s lease to over 128,000 sqm of warehouse space at Mapletree Piotrków II, and the renegotiation and expansion of a confidential production-sector tenant’s lease to 120,150 sqm at Segro Logistics Park Stryków. In total, more than 840 leases were finalised in 2025, with an average size of approximately 8,000 sqm. Fourteen leases exceeded 50,000 sqm and four surpassed 100,000 sqm.
Warehouses to lease
According to Newmark Polska, the available space comprised nearly 2.7 million sqm in ready-to occupy buildings and just over 690,000 sqm under construction.
At the end of the fourth quarter of 2025, Poland’s average vacancy rate stood at 7.4%, down 0.1 pp year-on-year. The highest vacancy rates were in Świętokrzyskie (17.2%), Lubuskie (16.2%) and Lubelskie (10.9%), while the lowest were recorded in Podlaskie (no vacant space), Western Pomerania (1.2%) and Opolskie (1.2%).
Rents
In 2025, prime warehouse and industrial rents remained relatively stable. That said, in regions with elevated vacancy rates, tenants held stronger bargaining power and were able to secure lower effective rents and more generous incentive packages. By contrast, landlords of modern, premium-quality facilities featuring sustainable technologies were less willing to make concessions during negotiations. The highest rents were recorded once again in Warsaw (zone 1) and Pomerania.
Investment market
In 2025, Poland’s total commercial property investment volume reached nearly EUR 4.5 billion, representing a year-on-year decrease of approximately 13%.
Industrial assets were among the most liquid segments of the commercial property market. In 2025, they accounted for over 32% of Poland’s total investment volume, the second-highest share by sector. The market recorded 34 transactions totalling nearly EUR 1.5 billion, up around 10% year-on-year. Investor focus was primarily on single core/core+ assets, logistics portfolios and production facilities with long-term leases.
“Amid ongoing geopolitical uncertainty, the expected easing of monetary policy in both the eurozone and Poland has been postponed or will be proceeded more slowly than previously anticipated. Nevertheless, Poland’s macroeconomic outlook remains positive. Investors are likely to continue targeting industrial properties with long-term leases and projects located along key logistics corridors and in major urban areas. Technical and environmental standards will play an increasingly important role in investment strategies. ESG-compliant assets will maintain their competitive advantage, while older facilities may face growing pressure to undergo upgrades or repricing. Investors will continue to prioritize assets with a relatively high level of security, and the logistics sector, which remains the most liquid segment of Poland’s investment market, should continue to attract sustained interest,” says Urszula Sobczyk, Head of Valuations, Newmark Polska.
Poland among the leaders in Europe
Modern industrial stock is undoubtedly the greatest advantage of the Polish market, with more than 70% of existing facilities at the end of 2025 being less than 10 years old and over 42% aged five or less. This is highly valued by developers, investors and tenants alike.
“Poland is a major European warehouse and industrial market, ranking just behind Germany, the United Kingdom and France in terms of total stock. With economic growth significantly outpacing that of many mature Western European countries, the country remains one of the regional leaders in logistics sector development across Central and Eastern Europe. Poland continues to strengthen its position as a key European logistics hub, with the sector expected to expand further in the coming years, although the pace of growth will largely depend on the overall economic situation in Europe and shifts in global supply chains,” comments Agnieszka Giermakowska, Research & Advisory Director, ESG Lead, Newmark Polska.
