In Q2 2025, the slowdown of the Slovak industrial real estate market has continued. Developers are facing several challenges, according to the Industrial Research Forum (IRF) overview of the logistics and industrial real estate market in Slovakia.
The market is expected to shift significantly towards sustainable and innovative solutions, with tenants increasingly preferring ESG-certified, technologically advanced, and flexible spaces.
“The Slovak industrial real estate market is entering the second half of 2025 with several challenges: demand has dropped significantly year-on-year, vacancy has risen substantially, yet construction continues at a strong pace, as most projects are already pre-leased, which signals developers’ confidence in the Slovak market,” comments Tomáš Kulacs, Director - Industrial Agency at iO Partners.
The largest industrial building completed in the second quarter of 2025 was SLI Park Sereď by PNK GROUP, delivering nearly 43,000 sqm. The second-largest project was VGP Park Bratislava, adding 11,800 sqm of modern warehouse and production space to the market.
The total stock of modern industrial premises for lease in Slovakia reached 4.64 million sqm. In Q2 2025, 77,800 sqm across five buildings was completed, with 26% of the space pre-leased at the time of delivery.
At the end of Q2 2025, a total of 318,600 sqm of industrial space was under construction in Slovakia, representing a year-on-year increase. Most of these projects are scheduled for completion by 2025, with nearly 58% (190,700 sqm) already pre-leased. The strongest demand for space under development comes from logistics providers (3PLs), automotive companies, and manufacturers.
Construction of five new buildings, totalling 54,300 sqm, began in Q2 2025. Despite the overall decline in demand, some developers have chosen to proceed with speculative construction; therefore, projects have been launched without pre-committed tenants. This is seen as a potentially positive signal for the market, particularly in light of the expected development of industrial parks surrounding the planned Volvo automotive plant near Košice.
Total gross take-up of industrial space in Slovakia reached 103,100 sqm in Q2 2025, based on 14 transactions. Renegotiations accounted for approximately 28% of total demand, equivalent to 30,100 sqm. Net take-up (excluding renegotiations) amounted to 73,000 sqm, of which 60,100 sqm stemmed from new lease agreements and 11,200 sqm from pre-leases.
The most significant transactions of the quarter were the relocation of Berlin Brands Group, an international e-commerce company with Slovak roots, which leased nearly 22,300 sqm in a logistics park near Senec, and a 3PL provider in the Bratislava City submarket, which took 21,000 sqm.
At the end of Q2 2025, the vacancy rate for industrial space in Slovakia reached 6.15%, representing an increase of more than 0.5 percentage points compared to the previous quarter, and more than a 100% rise year-on-year. This is the highest vacancy rate recorded in the past three years.
The highest achievable rents reached €5.50/sqm/month. In selected locations, rents range between €4.00 – 4.50/sqm/month, depending on the attractiveness of the area and availability of vacant space. Office space within industrial buildings typically commands rents of €9.00 – 11.00/sqm/month.
