Poland’s Warehouse Market: Strong Demand and Lower Vacancy Levels

DEMAND: Strong Occupier Activity Driven by New Lease Agreements

The Polish warehouse market continued to strengthen in H1 2026, with occupier activity gaining further momentum. Gross take-up reached 3.51 million sq m, representing a 21% year-on-year increase, while 1.93 million sq m was leased in Q2 alone. Demand in the second quarter was dominated by new lease agreements, which accounted for 63% of total transaction volume, while renewals represented 34%. Expansions (2.4%) and sale-and-leaseback transactions (1.4%) made up a much smaller share. Net take-up between April and June 2026 totalled 1.26 million sq m, up 47% year-on-year. The highest levels of occupier activity across all transaction types were recorded in the Silesian Voivodeship (448,000 sq m), the Łódź Voivodeship (344,000 sq m), and the Lower Silesian Voivodeship (327,000 sq m). A notable market trend remains the growing presence of Chinese occupiers, who accounted for more than 20% of total transaction volume.

SUPPLY: Strong Quarterly Completions, but a Shrinking Development Pipeline

Total modern warehouse stock increased to 38 million sq m, reflecting annual growth of approximately 5%. In Q2, 579,000 sq m of new warehouse space was delivered to the market, with the largest volumes completed in the Mazowieckie, Lower Silesian, and Łódź regions. The volume of space under construction fell to approximately 1.3 million sq m, down 11% year-on-year, with projects secured by lease agreements accounting for 61% of the development pipeline. This reflects the continued caution of developers, who are carefully assessing the viability of each investment and often seek to secure pre-lease agreements in the early stages of a project or even before construction begins.

VACANCY: Lowest Availability Since 2023

At the end of H1 2026, the vacancy rate stood at 6.6%, down by 0.7 percentage points quarter-on-quarter and 1.6 percentage points year-on-year. Total available warehouse space declined to approximately 2.5 million sq m, reaching its lowest level since 2023. Particularly significant decreases in availability were recorded in the Lower Silesian Voivodeship (from 8.0% to 6.2%) and the Greater Poland Voivodeship (from 7.9% to 6.1%), supported by strong absorption of large units exceeding 30,000 sq m.

RENTS: Stable Rental Levels with Potential for Growth

Prime base rents for the best warehouse assets remained stable, ranging between EUR 4.50 and EUR 5.50 per sq m per month. Only minor localised adjustments to base rental levels were observed during the second quarter. Improved occupier activity, a high share of new lease agreements, and declining vacancy rates helped limit downward pressure on rents. Looking ahead, decreasing space availability and a constrained development pipeline are expected to support rental growth, particularly in the most sought-after locations.

INVESTMENT MARKET: Sustained Investor Activity

The Polish logistics investment market maintained strong momentum, reaching a transaction volume of EUR 781.8 million compared with EUR 693.8 million a year earlier, representing an increase of nearly 13% year-on-year. The average transaction size remained at approximately EUR 43 million, supported by two significant portfolio deals valued at EUR 167.5 million and EUR 194 million. Investors from the United States, France, and the CEE region remained the most active sources of capital, while the long-income/net lease and value-add segments remained the most liquid sectors of the market. Prospects for the second half of the year remain strong, with full-year investment volume expected to exceed EUR 2 billion, which would represent growth of more than 30% year-on-year.

REGIONS: Market Leaders Remain Unchanged. Mazovia and Upper & Lower Silesia Account for Half of Poland’s Warehouse Stock, While Western Regions Record Strong Absorption

Mazovia remains the country’s largest warehouse market, with stock reaching 7.74 million sq m and the highest volume of space under construction, exceeding 381,000 sq m. Upper Silesia ranks second and remains one of Poland’s key logistics hubs, with regional stock surpassing 6.34 million sq m and gross take-up between April and June 2026 reaching 448,000 sq m, the highest result among all voivodeships. Lower Silesia stands out for its strong absorption, with net take-up of approximately 201,000 sq m and vacancy falling to 6.2%. The Łódź region has maintained its stable position thanks to its central location, recording gross take-up of 344,000 sq m and a vacancy rate of 5.3%. Similarly, Greater Poland, with warehouse stock exceeding 3.9 million sq m, saw vacancy decline to 6.1% due to strong occupier demand.