Around 4.54 million sqm of industrial space was leased in Poland during the first nine months of 2025, with renegotiations accounting for 52% of the volume, according to a report by Axi Immo. This reflects high overall take-up levels, as occupiers increasingly focus on long-term cost efficiency and portfolio optimisation. Developer caution and a slowdown in new completions (1.55 million sqm) point to continued growth, albeit at a slower pace. The vacancy rate remains steady at 8.2%.
The report notes renewed momentum in Poland's commercial real estate investment market. Between January and September 2025, industrial and logistics assets accounted for 35% of total transaction volume, reaching over €870 million – up 18% year-on-year. The top transactions included a record-breaking CEE sale & leaseback deal, in which Realty Income Corporation acquired two properties from Polish window manufacturer Eko-Okna for €253.5 million.
Grzegorz Chmielak, Head of Capital Markets at Axi Immo, explains: "After a period of limited activity and pricing uncertainty between buyers and sellers, 2025 has brought stabilisation and a return of liquidity. Industrial & logistics remain a haven for investors due to their resilience in times of macroeconomic volatility."
Gross take-up between January and September 2025 reached 4.54 million sqm (+20% y/y). Renegotiations accounted for 52% of this volume – a 13 percentage point increase year-on-year. The most active regions included Mazowieckie (1.03 million sqm), Dolnośląskie (709,000 sqm), Śląskie (699,000 sqm), and Łódzkie (625,000 sqm). Net take-up totalled 2.19 million sqm, representing a slight 6% drop from the previous year.
Anna Głowacz, Head of Industrial & Logistics at Axi Immo, comments: "Poland's industrial & logistics sector remains resilient to broader macroeconomic challenges. Take-up is being driven primarily by consumer-facing industries such as e-commerce, retail, and logistics. New leases are typically signed as a result of cost optimisation efforts or operational constraints in existing facilities."
Total modern warehouse stock in Poland reached 36.45 million sqm as of the end of September 2025 (+7% y/y). New deliveries from January to September 2025 amounted to 1.55 million sqm, down 26% year-on-year. At the end of Q3, 1.56 million sqm was under construction. Speculative development is down 22% year-on-year to 705,000 sqm, as developers adopt a more cautious approach.
Renata Osiecka, Owner, Managing Partner at Axi Immo, concludes: "The past several months have shown that the warehouse sector in Poland has reached maturity. Take-up remains solid, and the limited new supply is helping stabilise vacancy and rental levels. Looking ahead, improving liquidity and falling interest rates should support greater investor activity and gradual yield compression."
