2025年第四季度波兰仓库市场

WAREHOUSE MARKETPoland Warehouseoccupier and investment activity remained robust in2025. Total warehouse take-up reached 6.6 million sqm, representingthethird-highest annual result on record and standing only 7%belowthe 2021 peak.At the same time,the investment market SUPPLY At the end of 2025, total modern warehouse stock in Poland exceeded 36.6m sq m andcontinued to grow, although the pace of development slowed markedly compared with therecord period of 2021–2023, when annual new supply ranged between 3.4 and 4.4m sq m.In 2025, only 1.7m sq m of warehouse space was delivered to the market, representing a 35% The highest volume of new space was delivered in Wrocław region (approx. 300,000 sq m),Upper Silesia (approx. 295,000 sq m) and Warsaw region (approx. 270,000 sq m). The largestcompletions in 2025 included the third building at P3 Wrocław (92,300 sq m), a new facility Development activity remains limited. At year-end, approximately 1.8m sq m was underconstruction, maintaining a level similar to that recorded at the end of 2024. The most activeperiod was Q4 2025, when construction commenced at an additional 440,000 sq m, reflectingimproving demand conditions. The largest schemes currently under development include In line with developers’ cautious approach, the majority of space under construction(60%) had been secured with pre-let agreements. Consequently, the share of speculative 3.80-5.00Asking rentsfor warehouse spaceEUR/sq m/monthBIG-BOXCity Logistics DEMAND In 2025, the demand for warehouse space in Poland remained strong. Total take-up reached6.6m sq m, representing the third-highest result in the history of the market and a 14% The most active markets in terms of tenant activity continued to be the country’s key logisticshubs: Warsaw, Central Poland and Upper Silesia, which together accounted for more thanhalf of all lease transactions. The final quarter of 2025 was particularly dynamic, with nearly 10.00-12.50Asking rentsfor office spaceEUR/sq m/month Demand for warehouse and logistics space in Poland is driven primarily by 3PL operators andretail chains. In 2025, demand from light production occupiers leasing modern warehousespace increased, reflecting growth in Poland’s sold industrial output. Light production- 4.00-7.00Service chargePLN/sq m/month The largest lease transactions signed a renewal and expansion for a retail tenant at MapletreePiotrków II (86,500 sq m and 41,600 sq m), a renewal and expansion for a manufacturingtenant at SEGRO Logistics Park Stryków (82,300 sqm and 37,850 sq m), as well as a new lease 1-1.5miesiącaRent-free period Overall, renewals accounted for 52% of total take-up in 2025, new leases for 41%, and VACANCY Limitedspeculative supply,combined withstrong demand, led to a decline in the vacancyrate. At the end of December 2025, the vacancyrate stood at 7.4%, down by 0.8 pp. compared Asking rental rates remain stable. For big-boxlogisticsfacilities,asking rents range fromEUR 3.8/sq m/month to EUR 5.0/sq m/month,whilecitylogisticswarehouseschemes INVESTMENT MARKET Thewarehouse investment market in 2025reachednearly EUR 1.5 billion,representingan 11% increase compared with the previousyear.This growth in transaction value wasaccompanied by improved market liquidity, as Key transactions reflect these trends. The U.S.REIT Realty Income acquired the Eko Oknaassets for EUR 253 million (264,000 sq m, SLB),whileHillwood took over industrial-logisticsparksin Bieruńand Tychy from DEKA forEUR 100 million (153,000 sq m). These two CAPITAL MARKETSKrzysztof Cipiurkrzysztof.cipiur@pl.knightfrank.com RESEARCHDorota Lachowska CONTACTS IN POLAND:+48 22 596 50 50www.KnightFrank.com.pl VALUATION & ADVISORYMałgorzata Krzystek INDUSTRIAL AGENCYPrzemysław Piętakprzemyslaw.pietak@pl.knightfrank.com CEOCharles Taylor 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, 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 Sp. z o.o. 2026 Knight Frank ResearchReports are available at 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 necessaril