Poland's industrial and logistics market recorded a significant increase in leasing activity in the first half of 2026, according to a new report by AXI IMMO. Gross take-up rose by 21% year-on-year, while net take-up climbed by 58% year-on-year to exceed 2.1 million sqm. Total modern stock reached 38.01 million sqm at the end of June, with developers delivering 1.23 million sqm of new space during the period. Space under construction fell to 1.30 million sqm, down 11% year-on-year and the lowest level in more than nine years, with speculative projects accounting for 38.6% of the pipeline.
Total gross take-up reached 3.51 million sqm, the second-highest first-half leasing volume on record, with new leases and expansions representing 60% of that total. The Silesian Voivodeship led regional performance with 621,000 sqm leased, of which 74% comprised new leases and expansions. Strong results were also recorded in the Dolnośląskie Voivodeship (581,000 sqm), Łódź Voivodeship (572,000 sqm), Mazowieckie Voivodeship (554,000 sqm) and Wielkopolskie Voivodeship (533,000 sqm).
"For the first time in several quarters, we are seeing new leases regain the upper hand over renegotiations," said Renata Osiecka, Owner and Managing Partner at AXI IMMO. "Companies are not only securing their existing locations but are also expanding their operations and distribution networks, covering not only the domestic market but also the wider European market." Osiecka also noted that the availability of large warehouse units, particularly those exceeding 15,000 sqm, is declining rapidly, adding that occupiers seeking large volumes of space in selected locations may find it increasingly difficult to secure suitable options in the coming months.
The vacancy rate declined to 6.3% at the end of June 2026, down 1.8 percentage points year-on-year. The sharpest fall was recorded in the Lubuskie Voivodeship, where vacancy dropped by 10 percentage points, while the Dolnośląskie Voivodeship saw availability fall by 5 percentage points to 5.0%. On the investment side, transaction volume in the sector reached €782 million in the first half of 2026, up 13% year-on-year and representing 26% of total commercial real estate investment. Portfolio transactions accounted for nearly half of that total. "The return of portfolio transactions demonstrates that investors continue to view the industrial and logistics sector as one of the most resilient segments of the real estate market," said Grzegorz Chmielak, Head of Capital Markets and Head of Valuation and Advisory at AXI IMMO.
AXI IMMO forecasts continued high occupier activity in the second half of 2026, alongside a further decline in vacancy rates and gradual rental growth in selected markets. Occupiers requiring large volumes of space are expected to turn increasingly to pre-let developments, which may in turn support broader development activity. The warehouse sector is anticipated to remain one of the more attractive segments of commercial real estate for institutional investors.
