2025年第三季度波兰仓库市场

Q3 2025 knightfrank.com.pl/en/research Knight Frank’s Comprehensive Guide to Poland’s Warehouse Market Poland Q3 2025 The demand for logistics space in Poland remains robust. In thefirst three quarters of 2025, 4.5 million m² were leased, marking a20% increase compared to the same period in 2024. The investmentmarket continues to demonstrate strong activity, with the volume oflogistics transactions rising by 18% to EUR 873 million. The continueddominance of global investors underscores Poland’s position as oneof the most attractive and stable logistics markets in the region. 36.4m sqmExistingwarehouse stock 1.6m sqmSupplyunder construction SUPPLY Poland’s modern logistics stock currently exceeds 36.4 million sq m and continues togrow, although the pace of expansion has moderated compared with the record years of2021–2023, when annual deliveries ranged between 3.4 and 4.4 million sq m. 8.2%Vacancy rate In Q1–Q3 2025, 1.55 million sq m of new warehouse space was delivered, representinga 26% decline compared with the same period in 2024. The volume of space underconstruction remains below the levels observed in previous peak years. Nevertheless,sinceQ2 2025,a gradual revival in developer activity has been noted,with thevolume under construction increasing to 1.5 million sq m, reflecting a 6% growthquarter-on-quarter, despite being 20% lower than the same period last year. 1.5m sqmNew supply(Q1-Q3 2025) The largest share of new developments is concentrated in the Warsaw region (approx.527,000 sq m), the Tricity area (221,000 sq m), and Upper Silesia (190,000 sq m). 4.5m sqmTake-up(Q1-Q3 2025) Amodest improvement in developer sentiment is also reflected in an increasedwillingnessto commence speculative developments,although their share remainsbelow the levels recorded during the peak years of 2021–2023. Standard lease termsin warehouse buildings At the end of Q3 2025, almost 55% of space under construction was pre-let, comparedwith nearly 59% in Q1. Notably, this ratio is significantly lower in the most maturemarkets, with the Warsaw region and Upper Silesia reporting only about 30% of pre-letspace. 3.80-5.005.00-7.50Asking rentsfor warehouse spaceEUR/sq m/monthBIG-BOXCity Logistics TAKE-UP Take-up in the Polish warehouse and logistics market continued to strengthen for thesecond consecutive year. In the first three quarters of 2025, nearly 4.5 million sq m ofspace was leased, a 20% increase compared with the same period in 2024. Q3 aloneaccounted for 1.6 million sq m, reflecting a 42% year-on-year rise. Despite the solid occupier momentum, leasing activity remains heavily focused onrenegotiations, which accounted for 47% of total volume in Q1–Q3 2025, while newleases represented 44%. 10.00-12.50Asking rentsfor office spaceEUR/sq m/month The highest leasing volumes in Q3 were recorded in Warsaw, Central Poland, andWrocław regions, together representing more than 60% of total take-up. In Warsaw andCentral Poland, demand was driven primarily by logistics operators and retail chains,consistent with ongoing growth in retail sales. 4.00-7.00Service chargePLN/sq m/month Light manufacturing also continued to gain importance, accounting for 16% of leasedspace over the first three quarters of 2025, with demand concentrated in western andsouth-western Poland. Lookingahead,the expected rebound in industrial production,combined with aresilient consumer market, is likely to support further strengthening of demand forlogistics space in the coming quarters. 1-1.5miesiącaRent-free period VACANCY RATE At the end of Q3 2025, the vacancy rate stoodat 8.21%. Despite the constrained level of newsupply,the rate declined only marginally,reflectingthe fact that tenant activityremainedpredominantly focused on leaserenegotiationsrather than expansions.Asdemand continues to firm, further reductionsin vacancy are anticipated over the comingquarters. RENTAL LEVELS Headline rental rates remain stable. For big-box logistics facilities, rents range from EUR3.8 to EUR 5.0 per sq m per month, whileurban city logistics space is priced betweenEUR 5.0 and EUR 7.5 per sq m. The highestrental levels continue to be recorded withintheadministrative boundaries of Warsawand Kraków. INVESTMENT MARKET Total investment volume in the warehousesector reached EUR 873 million in the firstthree quarters of the year, representing an18% increase compared with the same periodin the previous year. The sector accounted for34% of all real estate investment activity overthis period, maintaining its strong positionwithin the broader market. EUR873mWarehouse investment volumeQ1-Q3 2025 The majority of transactions were completedby large global investors, typically targetingstable, low-risk assets with solid long-termgrowthprospects.This trend highlightsthe continued attractiveness of the Polishlogistics market. Primeyields remained stable in Q3,atapproximately 6.25%. The modern warehouse market in Poland is concentrated across eight m