Poland’s logistics market entered 2026 with stronger demand but a more cautious approach to new development. Bartłomiej Hofman, Managing Director of P3 Logistic Parks in Poland, discusses the sectors and locations driving leasing activity, changing tenant expectations, the impact of nearshoring and ESG, and P3’s development priorities in the Polish market.
This interview was originally published in our POLAND TOP 50 publication, listing the 50 most influential people in Polish real estate.
How would you describe the current situation in the Polish warehouse market?
After several years of rapid growth, 2025 marked the first shift in the structure of market activity. Gross demand reached 6.64 million sqm that year, the third-highest figure in the market's history, but renegotiations accounted for more than half of the volume. At the same time, developers reduced new supply and took a more cautious approach to speculative projects. The beginning of 2026 brought a clear rebound. In the first quarter, gross demand came to around 1.58 million sqm, 47% more than a year earlier, while net demand rose to 850,000 sqm, the highest level since 2022, according to AXI IMMO’s report. As a result, demand is growing, but new developments are being launched more cautiously.
Which sectors and locations are currently driving demand for logistics space?
Compared with 2025, when renegotiations accounted for 52% of the space leased, their share fell to 35% in the first quarter of 2026, while new leases and expansions already made up 54%. Companies are renewing their existing leases, but they are also resuming their expansion plans. The strongest demand comes from e-commerce and omnichannel companies, distribution firms, and logistics operators. There is also greater activity in the 3PL sector. Today there is no single industry that drives the entire market on its own. We observe similar diversity in our portfolio. In the first quarter of 2026, the highest leasing volumes were recorded in the Mazovia, Greater Poland, Lower Silesia, and Łódź regions. Tenants choose locations that combine access to major transport routes, large consumer markets, labour, and adequate energy infrastructure.
How have tenants' expectations changed over the past few years?
A few years ago, the conversation usually began with space availability and the rent rate. Today, tenants look at the total occupancy cost of the facility and its impact on the company's operations. They ask about energy consumption, the building's insulation, and the automation systems in use. Working conditions and the ability to expand space without relocating the entire operation also matter. The approach to environmental standards has changed as well. A few years ago, a BREEAM certificate was sometimes treated as an additional advantage; today it is one of the basic requirements. Tenants need an energy-efficient building and verified performance data they can use in pursuing their own environmental targets.
What role does e-commerce currently play in P3's portfolio compared with the pandemic period?
E-commerce, which during the pandemic was one of the main sources of the sharp rise in demand for warehouses, now operates in a different market environment but remains an important source of demand. In the first quarter of 2026, online retail was, alongside distribution and logistics operators, among the most active tenant groups. The nature of this demand has changed, however. Leasing decisions are now more often driven by distribution network optimisation, automation, lower operating costs, and serving both online and in-store channels from a single facility. The pandemic demonstrated how strongly a single sector can drive demand, but portfolio resilience should not depend on any one tenant group. That is why at P3 we maintain diversification across retail, distribution, logistics, FMCG, and manufacturing, and we launch new projects after a thorough analysis of the location and long-term leasing potential.
Does nearshoring still create new opportunities for the Polish logistics market?
Definitely. Nearshoring is increasingly shaping decisions about where to locate production, distribution, and logistics facilities. It does not always mean relocating an entire factory. More often, companies locate in Poland selected manufacturing processes, regional distribution centres, or warehouses that serve European markets. We see interest from manufacturers and logistics operators from Germany and Scandinavia who want to shorten their supply chains and move part of their operations closer to customers. Poland is one of the main beneficiaries of this process thanks to its location, transport infrastructure, large domestic market, and strong industrial base. In our portfolio, P3 Wrocław and P3 Poznań benefit from this in particular. Both locations provide efficient distribution to the German market and further into Western Europe.
What are P3's key development priorities in Poland for the next few years?
We want to grow where we can offer tenants both space and the potential for long-term growth. Our current development potential in Poland exceeds 1.2 million sqm of leasable space in prime locations and includes, among others, P3 Gliwice, where we started construction of a project with the potential for up to 100,000 sqm under one roof. The second priority is portfolio quality, which applies to both new facilities and the modernisation of existing parks. We focus on energy efficiency, certification, smart utilities management, and infrastructure to support the continued electrification of transport. As a long-term owner, we take a whole-life view of our buildings. We choose disciplined growth that responds to clients' needs, rather than growth measured solely in square metres. Tenant relationships are also a priority for us. We want to be a partner that companies turn to with specific operational challenges, not just questions about available space.
How important are long-term tenant relationships in today's logistics market?
Long-term relationships are the foundation of a stable business. A warehouse is part of the supply chain, so relocating a warehouse operation involves much more than moving inventory. It means costs, reorganising processes, and the risk of disrupting operations. But a tenant does not renew a lease simply because relocation is demanding. They stay if the facility still meets their needs and the owner responds efficiently to changes in the company's business. This kind of cooperation allows us to identify the need for expansion or refurbishment earlier, or to determine when a bespoke facility is required.
How do ESG issues and energy efficiency affect tenants' leasing decisions?
ESG issues are increasingly decisive. Tenants analyse the rent level, future energy costs, how the facility will affect their ability to meet their environmental targets, and its ability to accommodate the company's growth plans and future regulatory requirements. When location and commercial terms are comparable, these are the elements that can determine the choice. At P3, we design all new facilities to target BREEAM Excellent certification. We are expanding solar PV, using energy-efficient lighting, and deploying advanced building management systems that monitor utility consumption and actively control lighting and other building systems. We also provide EV charging infrastructure and modernise our existing parks. For us, energy efficiency directly affects the value and attractiveness of buildings throughout their operational life. That is why we combine measurable building performance with long-term tenant relationships and an understanding of how our tenants' operations are likely to evolve over the next few years. This is where we see our competitive advantage.
