2026-03-04-莱坊-Warehouse_Market_in_Poland_Q4_2025_6页_757kb
报告摘要
Summary of Poland's Warehouse Market in Q4 2025
Core Content
The warehouse market in Poland during Q4 2025 showed resilience and continued growth, despite a slowdown in new supply compared to previous years. The market is characterized by strong demand, stable rents, and increased investment activity, particularly from international investors. The report highlights key regional dynamics, infrastructure developments, and economic indicators influencing the market.
Key Statistics
- Total Existing Warehouse Stock: 36.6 million sq m
- Total Take-up in 2025: 6.6 million sq m (third-highest annual result)
- New Supply in 2025: 1.7 million sq m (down 35% from 2024)
- Supply Under Construction: 1.8 million sq m (similar to 2024)
- Vacancy Rate: 7.4% (down 0.8 percentage points from Q3 2025)
- Warehouse Investment Volume: EUR 1.5 billion (up 11% year-on-year)
- Number of Deals: Increased by 17% compared to 2024
Main Points
Supply Trends
- The supply of modern warehouse space in Poland grew, but at a slower pace than in 2021-2023.
- In Q4 2025, only 137,000 sq m of new warehouse space was delivered, the lowest quarterly figure in over 20 years.
- The most active regions in terms of new supply were Wroclaw, Upper Silesia, and Warsaw.
- The largest completions in 2025 included P3 Wroclaw, GLP Wroclaw V Logistics Centre, and BTS 7R Park Lublin.
- The development pipeline remained stable, with 1.8 million sq m under construction, and 60% of this space secured through pre-let agreements.
Demand Trends
- Demand remained strong, with total take-up of 6.6 million sq m in 2025.
- The final quarter of 2025 saw a 40% increase in lease activity, with nearly 2.2 million sq m leased.
- The top three logistics hubs (Warsaw, Central Poland, Upper Silesia) accounted for more than half of all lease transactions.
- Demand was driven by 3PL operators, retail chains, and light production occupiers.
- The largest lease transactions involved retail and manufacturing tenants in key locations such as Piotrków II, Stryków, and Káty Wroclawskie.
Vacancy Rate
- The vacancy rate decreased to 7.4%, reflecting strong and diversified demand across the market.
- Vacancy levels dropped in nearly all regions, with the lowest in the Szczecin region at 1.2%.
Rent Trends
- Asking rental rates remained stable, ranging from EUR 3.8 to EUR 7.5 per sq m per month.
- Big-box logistics facilities had lower rents (EUR 3.8–5.00), while city logistics warehouses had higher rents (EUR 5.00–7.50).
- The highest rental levels were observed in Warsaw, Upper Silesia, and Krakow.
Investment Market
- The warehouse investment market reached EUR 1.5 billion in 2025, a 11% increase compared to 2024.
- Market liquidity improved, with a 17% rise in the number of deals.
- International institutional investors, especially from the U.S., dominated the market, accounting for 38% of total investment volume.
- Key transactions included the acquisition of Eko Okna by Realty Income (EUR 253 million) and the purchase of industrial-logistics parks in Bierun and Tychy by Hillwood (EUR 100 million).
Regional Breakdown
| Region | Existing Stock (sq m) | Vacancy Rate | New Supply (sq m) | Under Construction (sq m) | Take-up (sq m) | Asking Rents (EUR/sq m/month) | Unemployment Rate | Average Monthly Salaries (PLN) |
|---|---|---|---|---|---|---|---|---|
| Warsaw area | 7,200,000 | 5.7% | 61,000 | 642,000 | 413,000 | 3.8–7.5 | 4.3% | 10,500 |
| Upper Silesia | 6,200,000 | 8.2% | 19,000 | 190,000 | 400,000 | 4.0–6.0 | 4.4% | 9,400 |
| Central Poland | 5,100,000 | 7.0% | 0 | 190,000 | 550,000 | 3.8–4.5 | 6.3% | 8,500 |
| Wroclaw region | 4,600,000 | 9.7% | 6,000 | 110,000 | 180,000 | 4.0–4.7 | 5.3% | 8,600 |
| Poznań region | 3,600,000 | 8.5% | 1,000 | 34,500 | 310,000 | 3.8–4.5 | 3.5% | 8,700 |
| Tricity region | 1,830,000 | 6.7% | 5,700 | 220,000 | 81,000 | 3.8–4.5 | 5.3% | 10,900 |
| Szczecin region | 1,350,000 | 1.2% | 0 | 73,000 | 55,000 | 3.8–4.5 | 7.7% | 10,400 |
| Krakow region | 1,180,000 | 2.8% | 0 | 8,000 | 48,600 | 4.0–6.0 | 4.7% | 7,960 |
| Poland (Total) | 36,600,000 | 7.4% | 137,000 | 1,800,000 | 2,185,000 | 3.8–7.5 | 5.7% | 9,500 |
Infrastructure and Economic Drivers
- High-speed Roads: 5,466 km in total, with 290 km under construction (planned completion in 2026).
- Intermodal Terminals: 45 in total.
- Cargo Ports: 4.
- Cargo Airports: 7.
- Industrial Production Growth: Strong growth in Poland's sold industrial output influenced demand from light production occupiers.
- Retail Sales: Continued growth, with a significant increase in online retail sales.
- Labour Market: Labour costs and unemployment rates varied across regions, with lower unemployment in traditional logistics hubs like Warsaw and Upper Silesia.
Conclusion
Poland's warehouse market in Q4 2025 demonstrated stability and growth, supported by strong demand, improved liquidity, and a diversified supply. While new supply slowed, the market remained attractive to international investors, reinforcing Poland's position as a key logistics hub in Central and Eastern Europe. Regional dynamics, infrastructure development, and economic indicators all contributed to the continued positive outlook for the warehouse sector.
Contacts and Research
- Research: Dorota Lachowska – dorota.lachowska@pl.knightfrank.com
- Capital Markets: Krzysztof Cipiur – krzysztof.cipiur@pl.knightfrank.com
- CEO: Charles Taylor – charles.taylor@pl.knightfrank.com
- Industrial Agency: Przemysław Pietak – przemyslaw.pietak@pl.knightfrank.com
- Valuation & Advisory: Małgorzata Krzystek – malgorzata.krzystek@pl.knightfrank.com
Knight Frank Poland provides comprehensive research, market analysis, and consultancy services across all sectors of the commercial real estate market, including warehouse, office, retail, and industrial. The reports are available quarterly and offer insights into major Polish cities and regions.
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