2025年第三季度波兰仓库市场

WAREHOUSE MARKETPoland 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 investment Q3 2025 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 of 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, 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). Amodest improvement in developer sentiment is also reflected in an increasedwillingnessto commence speculative developments,although their share remains 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 mature TAKE-UP 3.80-5.00Asking rentsfor warehouse spaceEUR/sq m/monthBIG-BOXCity Logistics 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 of Despite the solid occupier momentum, leasing activity remains heavily focused onrenegotiations, which accounted for 47% of total volume in Q1–Q3 2025, while new 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 and 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 and Lookingahead,the expected rebound in industrial production,combined with aresilient consumer market, is likely to support further strengthening of demand for 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 activity 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 between 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 period EUR873Warehouse investment volumeQ1-Q3 2025The majority of transactions were completed by large global investors, typically targetingstable, low-risk assets with solid long-term Primeyields remained stable in Q3,at CAPITAL MARKETSKrzysztof Cipiurkrzysztof.cipiur@pl.knightfrank.com RESEARCHDorota Lachowska CONTACTS IN POLAND:+48 22 596 50 50www.KnightFrank.com.pl INDUSTRIAL AGENCYPrzemysław Piętak VALUATION & ADVISORYMałgorzata Krzystek As one of the largest and most experienced research teams operating across Polish commercial real estate markets, Knight FrankPoland provides strategic advice, forecasting and consultancy services to a wide range of commercial clients including developers, strategic consulting, independent forecasts and analysis adapted to clients’ specific requirements,market reports and analysis available to the public, Reports are produced on a quarterly basis and cover all sectors of commercial market (office, retail, industrial, hotel) in major Polishcities and regions (Warsaw, Kraków, Łódź, Poznań, Silesia, Tricity, Wrocław, Lublin, Szczecin) and PRS sector in Poland. Long-term Knight Frank ResearchReports are available at © Knight Frank Sp. z o.o. 2025 This report is published for general information only and not to be relied upon in any way. Althoughhigh standards have been used in the preparation of the information, analysis, views and projectionspresented in this report, no responsibility or liability whatsoever can be accepted by Knight Frank for anyloss or damage resultant from any use of, reliance on or reference to the contents of this document.As a general report, this material does not necessarily represent the view of Knight Frank in relation to