The Polish industrial & logistics market entered a new phase of the cycle in the first half of 2026. Gross take-up increased by 21% y/y, while net take-up rose by as much as 58% y/y, and the vacancy rate declined to 6.3%. The volume of space under construction fell to its lowest level in more than nine years.

According to AXI IMMO experts, growing occupier activity combined with limited new supply will support a further decline in space availability and gradual rental growth in selected markets, which in turn is expected to encourage an increase in speculative development. More in AXI IMMO’s latest industrial and logistics market report, “Industrial and Logistics Market in Poland – H1 2026.”

Download report [EN]
Raport w języku polskim dostępny jest tutaj

Estimated reading time: 7 minutes

Poland’s total stock of modern industrial and logistics space increased to 38.01 million sq m at the end of June 2026. Developers delivered 1.23 million sq m of new space in the first half of the year. Development activity, however, remains cautious. A total of 1.30 million sq m was under construction, 11% less than a year earlier. Speculatively developed space accounted for just 38.6% of all projects under construction.

Warehouse take-up rises as new leases once again outpace renegotiations

Occupiers signed lease agreements for a total of 3.51 million sq m of space. This represents the second-highest first-half leasing volume in the history of the Polish industrial and logistics market. The strongest first-half result to date was recorded in 2022. Particularly significant was the increase in net take-up, comprising new leases and expansions, whose share of total leasing volume rose to 60%.

 Expert’s comment – Renata Osiecka, Owner, Managing Partner, AXI IMMO:

Renata Osiecka AXI IMMO

“For the first time in several quarters, we are seeing new leases regain the upper hand over renegotiations.

Net take-up exceeded 2.1 million sq m, demonstrating that companies are not only securing their existing locations but are also expanding their operations and distribution networks, covering not only the domestic market but also the wider European market.

This is a positive sign of changing occupier sentiment and a favourable outlook for the continued growth of Poland’s industrial and logistics sector.”

Renata Osiecka, Owner, Managing Partner,
AXI IMMO

E-commerce and logistics drive take-up for warehouse space

The highest occupier activity was recorded in the Silesian Voivodeship, where 621,000 sq m of space was leased, with new leases and expansions accounting for as much as 74% of the total. Strong results were also recorded in the Dolnoślaskie Voivodeship (581,000 sq m), Łódź Voivodeship (572,000 sq m), Mazowieckie Voivodeship (554,000 sq m) and Wielkopolskie Voivodeship (533,000 sq m).

The logistics and e-commerce sectors remain among the key drivers of growth. Asian e-commerce platforms expanding their logistics operations across Europe were particularly active. In the first half of the year alone, they accounted for more than 400,000 sq m of warehouse space leased in Poland.

 Renata Osiecka, Owner, Managing Partner, AXI IMMO, adds:

Renata Osiecka AXI IMMO

“Poland remains one of the most important logistics hubs in Central and Eastern Europe.

We are seeing strong activity from companies serving international e-commerce, logistics operators and retailers. At the same time, the availability of large warehouse units, particularly those exceeding 15,000 sq m, is declining rapidly.

In the coming months, occupiers seeking large volumes of space in selected locations may find it increasingly difficult to secure suitable options.”

Renata Osiecka, Owner, Managing Partner,
AXI IMMO

Polish industrial & logistics market: vacancy rates fall as large units become increasingly scarce

Declining space availability is reflected in key market indicators. At the end of June 2026, the vacancy rate stood at 6.3%, down by 1.8 percentage points year-on-year. The largest decline in availability was recorded in the Lubuskie Voivodeship, where the vacancy rate fell by 10 percentage points y/y. Among Poland’s largest industrial and logistics markets, the strongest decrease in vacant space was recorded in Dolnośląskie Voivodeship, where the vacancy rate declined by 5 percentage points y/y to 5.0%.

On the supply side, developers continue to favour projects secured by pre-let agreements. However, rising net take-up and falling vacancy rates may gradually encourage the launch of new developments with a higher proportion of speculative space.

Investment market gains momentum as large portfolio transactions return

At the same time, conditions in the investment market are improving. In the first half of 2026, transaction volume in the industrial and logistics sector reached EUR 782 million, representing an increase of 13% y/y and accounting for 26% of total commercial real estate investment volume. Particularly notable was the return of large portfolio transactions, which represented almost half of the sector’s total investment volume.

Expert’s comment – Grzegorz Chmielak, Head of Capital Markets, AXI IMMO

“The return of portfolio transactions demonstrates that investors continue to view the industrial and logistics sector as one of the most resilient segments of the real estate market.

Investor attention is focused primarily on modern assets with long-term lease agreements, BTS developments and cross-dock facilities.

At the same time, limited new supply and the prospect of rental growth are strengthening the market’s investment fundamentals.”

Grzegorz Chmielak, Head of Capital Markets Department,
AXI IMMO
Grzegorz Chmielak AXI IMMO

Outlook: strong take-up and upward pressure on rents

According to AXI IMMO forecasts, the second half of 2026 should see continued high occupier activity, a further decline in vacancy rates and gradual rental growth in selected markets. Occupiers seeking large volumes of space will increasingly need to consider pre-let developments, which may provide additional support for development activity in the coming quarters. At the same time, the industrial and logistics sector is expected to remain one of the most attractive segments of the commercial real estate market for institutional investors.

About AXI IMMO

AXI IMMO is the largest Polish commercial real estate advisory firm, providing services in leasing and investment transactions, industrial & logistics and office property management, property valuation, and the acquisition and disposal of development land. AXI IMMO’s key strength lies in combining international service standards with in-depth knowledge of local markets. The company has received numerous international and domestic awards, including Advisor of the Year and Local Advisor of the Year titles from organisations such as CEEQA, CEE Investment Awards, CIJ Awards and Prime Property Prize. Most recently, in 2025, AXI IMMO was awarded the title of Warehouse Agency Team of the Year by the Eurobuild Awards jury.

The AXI IMMO’s Research Department team conducts regular market analyses and provides reports and publications on the commercial real estate market.

You might be interested in:

Fill out the form to download the full “Industrial and Logistics Market in Poland – H1 2026” report and gain valuable insights.