As logistics real estate continues to adjust to post-pandemic realities and shifting capital markets, developers are reassessing where growth, resilience and long-term value will come from. In this interview, Martin Polák, Managing Director CEE at Garbe Industrial Real Estate, shares his expectations for leasing demand, financing conditions and ESG priorities across CEE as the market looks ahead to 2026.
Looking ahead to 2026, how do you prioritise markets across CEE within GARBE’s development and leasing pipeline? Are there any locations where you expect momentum to accelerate or slow down?
We don’t really prioritise markets in a strict sense. Each team in each country is at a different stage of its evolution and faces different challenges, and every market has its own specifics. That said, I expect stronger leasing momentum in the Czech Republic, while in Poland, I believe capital markets will be stronger this year.
Which occupier segments do you expect to be the main drivers of logistics demand in 2026, and what factors will shape their space requirements over the next cycle?
I don’t see a fundamental change compared to recent years. In some locations, we see stronger demand from manufacturing companies, while in others, it comes more from 3PLs. That’s not an issue for us — our focus is on attracting strong companies and projects with a long-term vision and a clear story. We want to create long-term value.
I also believe it’s time for the market to grow again, not just optimise. For that reason, I expect expansion and relocations to be the main drivers of space requirements.
How do you see financing conditions evolving across CEE through 2026? What impact could changes in funding availability or cost have on development activity?
I expect a status quo in financing. Terms are already relatively favourable, and it doesn’t seem realistic to count on a significant decline in Euribor in the near term.
What are the key risks you see for the logistics real estate market in 2026 — from macroeconomic or geopolitical factors to construction costs — and how is GARBE preparing for them?
Based on the last major disruptions we experienced — Covid and the war in Ukraine — I think the biggest risk is something unexpected. Some kind of disruptor that we simply cannot foresee today. If the world moves toward peace and stability, then I don’t expect any major surprises.
How important will ESG considerations be in shaping development decisions in 2026, and how are tenant expectations evolving in this area?
In my opinion, ESG is a bit on hold at the moment, even though this may be an unpopular view. We see both investors and tenants largely following a consensus approach, focusing on ticking the required boxes. I think we need more overall stability for ESG to return to the very top of the priority list.
If you look at when ESG became such a strong focus, it was during a period when Europe was at its peak in terms of well-being and stability, without major disruptors. That context has clearly changed.
