In the first half of 2025, Poland’s industrial and logistics real estate market maintained steady growth. Total stock increased by 7% year-on-year to 36.03 million sqm, despite a decline in new supply (1.15 million sqm; -30% YoY) and lower developer activity on new construction starts (1.47 million sqm; -26% YoY). Lease renegotiations rose, pushing gross take-up to 2.95 million sqm (+10% YoY). Rental rates remained stable across most regional markets. Despite macroeconomic uncertainty, the sector continues to attract investors, supported by solid fundamentals and visible acquisition activity. Axi Immo presents these findings in its latest report, “Industrial and logistics market in Poland H1 2025.
Investment market: rise of sale & leaseback deals
Investment volume in the warehouse sector reached €694 million, up 135% YoY, with industrial and logistics assets accounting for 40% of total commercial real estate investment. Sale & leaseback transactions played a key role, including Realty Income’s acquisition of two facilities from Eko-Okna for €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 leases in prime logistics hubs. Sale & leaseback transactions are gaining traction, and with the right WAULT and pricing, these properties remain attractive,” said Grzegorz Chmielak, Head of Capital Markets at Axi Immo.
Leasing activity: renegotiations drive take-up
Gross take-up reached 2.95 million sqm (+10% YoY), driven mainly by a large sale & leaseback deal. Net take-up (new leases and expansions only) fell 17% YoY to 1.34 million sqm, highlighting the trend of lease extensions.
“Demand patterns varied across regions, but renegotiations increased as leases signed during the 2020–2021 peak came up for renewal. Companies remain cautious about relocation and expansion, yet market fundamentals are strong – vacancy is stable and tenant demand from retail and e-commerce persists. The ‘big five’ regional markets continue to dominate, though smaller cities are also gaining activity,” said Anna Głowacz, Head of Industrial & Logistics at Axi Immo.
The highest leasing volumes were recorded in Mazowieckie (566,000 sqm), Śląskie (524,000 sqm), and Dolnośląskie (429,000 sqm). Wrocław (Dolnośląskie) saw strong net demand from e-commerce tenants.
Supply and vacancy
By the end of June 2025, total industrial stock stood at 36.03 million sqm (+7% YoY). New completions amounted to 1.15 million sqm (-30% YoY), concentrated in Dolnośląskie (344,000 sqm), Śląskie (256,000 sqm), and Mazowieckie (155,000 sqm). Key completions included phases of P3 Wrocław (95,000 sqm), GLP Wrocław V Logistics Centre (67,600 sqm), and Panattoni Park Sosnowiec Expo (62,100 sqm).
There were 1.47 million sqm under construction (-26% YoY), with only 41% speculative. Mazowieckie led in new development starts, launching 216,000 sqm in Q1 and 198,000 sqm in Q2.
The vacancy rate remained stable at 8.2%, slightly down YoY. Lubuskie (18.4%) and Świętokrzyskie (17.2%) had the highest vacancy rates, while among the top five regions, Dolnośląskie (542,000 sqm), Mazowieckie (477,000 sqm), and Łódzkie (452,000 sqm) offered the most space.
Rental levels
Headline rents remained stable, ranging from €3.6 to €6.5/sqm/month for big-box facilities. In premium locations such as Warsaw and Kraków, rents exceeded €6.0/sqm/month. Developers continued to offer rent-free periods and fit-out contributions for longer commitments, while service charges trended upward due to higher energy and labour costs.
Outlook
“In H2 2025, we expect continued market stabilisation on both supply and demand sides. Poland remains one of Europe’s leading industrial and logistics markets, but we also see signs of maturity. Renegotiations will stay significant, and pre-let deals in major hubs will gain importance. More portfolio and sale & leaseback transactions are likely, alongside a stronger focus on analytical, ESG-conscious, and long-term leasing strategies,” said Renata Osiecka, Managing Partner at Axi Immo.
