Industrial and Logistics Market in Poland H1 2025 Report, the most recent publication provided by AXI IMMO Market Research department experts in the AXI IMMO real estate agency, the largest Polish consulting firm on the commercial real estate market in Poland.

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Polish Warehouse Market in H1 2025 enters phase of selection and stabilisation

In the first half of 2025, Poland’s industrial and logistics real estate market maintained steady growth. Total stock increased by 7% YoY, reaching 36.03 million sq m, despite a downward trend in new supply (1.15 million sq m; -30% YoY) and more cautious developer activity on new construction starts (1.47 million sq m; -26% YoY). The volume of lease renegotiations continued to rise, contributing to a gross take-up result of 2.95 million sq m (+10% 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 EUR 694 million, marking a 135% increase YoY. The industrial and logistics asset class accounted for 40% 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 EUR 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 sq m, up 10% YoY. A single, large sale & leaseback transaction mainly drove this increase. Net take-up (new leases and expansions only) declined 17% YoY to 1.34 million sq m, 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 sq m), Śląskie (524,000 sq m), and Dolnośląskie (429,000 sq m) voivodships. Notably, Wrocław (Dolnośląskie Voivodeship) 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 sq m (+7% YoY). New completions totalled 1.15 million sq m (-30% YoY), with the latest space delivered in Dolnośląskie (344,000 sq m), Śląskie (256,000 sq m), and Mazowieckie (155,000 sq m) voivodships. Notable completions included new phases of P3 Wrocław (95,000 sq m), GLP Wrocław V Logistics Centre (67,600 sq m), and Panattoni Park Sosnowiec Expo (62,100 sq m). 

There were 1.47 million sq m under construction (-26% YoY), with only 41% of projects being speculative. Mazowieckie Voivodship remained the top market for new development starts, with 216,000 sq m launched in Q1 and 198,000 sq m in Q2 2025. 

The vacancy rate remained stable at 8.2%, a slight decrease YoY. This reflects a shift toward build-to-suit and pre-let development rather than speculative construction. Lubuskie (18.4%) and Świętokrzyskie (17.2%) 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 sq m), Mazowieckie (477,000 sq m), and Łódzkie (452,000 sq m) voivodships. 

Rental rates remain stable across the country 

In H1 2025, headline rents remained essentially unchanged. Asking rents for big-box facilities ranged from EUR 3.6 to 6.5/sq m/month. In premium locations such as Warsaw and Kraków, rates exceeded EUR 6.0/sq m/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.” 

About AXI IMMO

AXI IMMO offers comprehensive advisory services related to commercial real estate, including warehouse and office leasing and property management, real estate valuation, land acquisition, and sales. The firm also offers B2B and B2C supply chain management services. AXI IMMO’s greatest advantage is combining international business standards with deep local market knowledge.

AXI IMMO has received numerous awards, including Best Local Agency of the Year in 2012–2019 and 2021 in the CiJ Awards and Best Team in the Warehouse Sector in 2016–2017. In 2019 and 2023, the firm was the winner in the Local Agency category, and in 2024, it was named Advisor of the Year at the CEE Investment Awards. AXI IMMO was named Local Agent of the Year in 2023 and 2024 in the CEE region at the CEEQA awards. The firm’s most recent achievement is the title of Advisor of the Year in the Prime Property Prize 2024.

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

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