Warehouse Market_Warsaw 2025 Q4

WarsawWAREHOUSE MARKET Warsaw and its metropolitan area constitute the largest modern warehouse market inPoland. At the end of Q4 2025, the total stock in the region reached approximately 7.2m sq m,accounting for 19.7% of the country’s total supply. The existing logistics and warehouse base Q4 2025 Zone I(within 12 km of the city centre) comprises locations situated within the administrativeboundaries of Warsaw, primarily including the areas of Okęcie, Służewiec Przemysłowy,Targówek and Żerań. These locations account for approximately 20% of the metropolitan Zone II(12–50 km from the city centre) represents the dominant concentration of modernwarehouse space in the region, accounting for approximately 80% of existing stock. Itprimarily covers locations to the south-west of Warsaw, along major transport corridorssuch as European route E30, European route E67 and European route E77 leading towardsPoznań, Katowice and Kraków. Key logistics hubs within this zone include Błonie, Ożarów Warehouse stock in the region continued to expand in 2025, although the pace of growthmoderated. Over 270,000 sq m of modern warehouse space was delivered during the year,almost 40% less y/y and around 200,000 sq m below the five year annual average. Keycompletions included Hillwood Grodzisk Mazowiecki (51,400 sq m), Panattoni Park Warsaw Development activity showed signs of gradual recovery. At the end of Q4 2025, approximately640,000 sq m remained under construction, up 22% q/q. In Q4 alone, construction beganon approximately 250,000 sq m, representing 56% of all space initiated during this period Inthe Warsaw region,developers are increasingly willing to introduce speculativeconsructions. Nearly half of the space currently under development is secured by pre lease Standard lease termsin warehouse buildings Demand remained stable at a high level. In 2025, close to 1.4m sq m of warehouse spacewas leased, a slight increase of approximately 3% y/y and above the five year average. Majortransactions included new leases at Panattoni Park Grodzisk VI (47,800 sq m), P3 Błonie II 3.80-7.50Asking rentsfor warehouse spaceEUR/sq m/month The vacancy rate at the end of Q4 2025 stood at approximately 4.3%, representing a decreaseof 1.1 pp year-on-year. The decline in available space was mainly driven by limited new In Q4 2025, asking rents in the warehouse sector in the Warsaw region remained stablecompared with the previous quarter and ranged between EUR 3.80 and 5.00 per sq m per 10.00-12.50Asking rentsfor office spaceEUR/sq m/month 4.00-7.00Service chargePLN/sq m/month destinations in the region(by existing stock) Błonie820,000 sq m 1. Ożarów Mazowiecki460,000 sq m 2. Pruszków440,000 sq m 3. Teresin440,000 sq m HIGH-SPEED ROADS Mszczonów430,000 sq m CAPITAL MARKETSKrzysztof Cipiurkrzysztof.cipiur@pl.knightfrank.com RESEARCHDorota Lachowska CONTACTS IN POLAND:+48 22 596 50 50 www.KnightFrank.com.pl VALUATION & ADVISORYMałgorzata Krzystekmalgorzata.krzystek@pl.knightfrank.com INDUSTRIAL AGENCYPrzemysław Piętak 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 necessarily represent the view of Knight Frank in relation to