2026年第一季度波兰仓库市场

WAREHOUSE MARKETPoland Q1 2026 The fundamentals of the Polish warehouse market remain strong.Take-upcontinues at a high level and,combined with limitednew supply, is driving a steady decline in the vacancy rate. In Q12026,1.6m sq m was leased,representing a 47%increase year-on-year.If this pace continues in the remaining quarters of 37.4m sqmExistingwarehouse stock 1.6m sqmTake-up(Q1 2026) 650,000sqmNew supply(Q1 2026) STOCK As of the end of March 2026, the stock of modern warehouse space in Poland exceeded37.4m sq m, of which 650,000 sq m was completed in Q1 2026. The rate of new space growth 1.45m sqmSupplyunder construction New supply in Q1 2026 increased nearly fivefold compared to the previous quarter, whileremaining at a similar level (-3.9%) compared to the same period of the previous year. Thelargest number of space in Q1 2026 were delivered in the Tricity region (140,000 sq m),Warsaw region (over 130,000 sq m), and Upper Silesia (100,000 sq m), and the largest 7.2%Vacancy rate Development activity remains limited, with only 1.45m sq m currently under construction,which is one of the lowest figures observed in the last decade. Furthermore, most of the spaceunder construction (63%) is secured by pre-lease agreements. Speculative constructionprojects predominate primarily in the largest and most mature markets, namely Upper Standard lease termsin warehouse buildings Asking rentsfor warehouse spaceEUR/sq m/month TAKE-UP Take-up for warehouse space remains strong; in the first quarter, the total volume of leasedspace exceeded 1.6m sq m, nearly double that of the same period last year. At the sametime, compared to the previous quarter, the leasing volume recorded a 28% decline, which, 5.00-7.50 Asking rentsfor office spaceEUR/sq m/month The structure of take-up points to strong fundamentals in the Polish warehouse market.In Q1 2026, as much as 13% of leased space consisted of expansions. At the same time, new The largest share of space (nearly 50% of total leasing volume) was leased in the country’smain warehouse hubs, namely the Warsaw and Wrocław regions, as well as Central Poland. 4.00-7.00Service chargePLN/sq m/month In Q1 2026, take-up was driven primarily by logistics operators, which accounted for aroundhalf of the leased space. Leasing activity from manufacturing occupiers also increased, 1-1.5monthRent-free periodper each year of lease term VACANCY RATE Limited new supply and strong demand haveled to a continued decline in the vacancy rate,which stood at 7.2% at the end of Q1 2026(down by 0.1 pp quarter-on-quarter and 1.2pp year-on-year). The lowest vacancy rate wasrecorded in the Szczecin area, where it stands RENTAL LEVELS Asking rents remain stable, ranging from EUR3.8/sq m to EUR 5/sq m for big-box logisticsfacilities and from EUR 5 to EUR 7.5/sq mforcity warehouses.The highest rents are INVESTMENT MARKET Warehouseinvestment volume has beengrowingfor the third consecutive year;inQ12026,it reached€446.5m,representinga twofold increase compared with the same Inthe first quarter,the warehouse sectordominated the investment market, accountingfor44%of the total volume.The largestwarehousetransaction and the largest deal Sale and leaseback transactions are attractingthe most investor interest, which, combinedwiththe high share of build-to-suit(BTS)transactions,confirms investors’continued RESEARCHDorota Lachowskadorota.lachowska@pl.knightfrank.com CAPITAL MARKETSMichał Grabaramichal.grabara@pl.knightfrank.com CONTACTS IN POLAND:+48 22 596 50 50www.KnightFrank.com.pl VALUATION & ADVISORYMałgorzata Krzystekmalgorzata.krzystek@pl.knightfrank.com INDUSTRIAL AGENCYPrzemysław Piętakprzemyslaw.pietak@pl.knightfrank.com CEOCharles Taylorcharles.taylor@pl.knightfrank.com 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-termpresence in major local markets has allowed our research team to build in-depth expertise of socio-economic factors affecting real © 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 fr