> **来源：[研报客](https://pc.yanbaoke.cn)** # Warehouse market in Poland Q4 2025 Knight Frank's Comprehensive Guide to Poland's Warehouse Market knightfrank.com.pl/en/research # Poland # Q4 2025 Existing warehouse stock 36.6m sq m take-up (2025) 图 6.6m sq m New supply (2025) ↓1.7msq m Supply under construction 1.8m sq m Vacancy rate 7.4% # Standard lease terms in warehouse buildings for warehouse space EUR/sq m/month BIG-BOX 3.80-5.00 City Logistics 5.00-7.50 For office space EUR/sq m/month Service charge PLN/sq m/month 4.00-7.00 Rent-free period 1-1.5 miesiaca Warehouse occupier and investment activity remained robust in 2025. Total warehouse take-up reached 6.6 million sqm, representing the third-highest annual result on record and standing only $7\%$ below the 2021 peak. At the same time, the investment market demonstrated continued strength, with warehouse transaction volumes increasing by $11\%$ year-on-year to EUR 1.5 billion. Sustained participation from international investors confirms Poland's position as one of the most attractive and stable logistics markets in the region. # SUPPLY At the end of 2025, total modern warehouse stock in Poland exceeded $36.6\mathrm{m}$ sq m and continued to grow, although the pace of development slowed markedly compared with the record period of 2021-2023, when annual new supply ranged between 3.4 and $4.4\mathrm{m}$ sq m. In 2025, only $1.7\mathrm{m}$ sq m of warehouse space was delivered to the market, representing a $35\%$ decrease compared with the previous year. In Q4 alone, new supply totaled 137,000 sqm, the lowest quarterly figure recorded in more than two decades. The highest volume of new space was delivered in Wroclaw region (approx. 300,000 sq m), Upper Silesia (approx. 295,000 sq m) and Warsaw region (approx. 270,000 sq m). The largest completions in 2025 included the third building at P3 Wroclaw (92,300 sq m), a new facility at GLP Wroclaw V Logistics Centre (67,500 sq m), and a BTS project at 7R Park Lublin (57,500 sq m). Development activity remains limited. At year-end, approximately $1.8\mathrm{m}$ sq m was under construction, maintaining a level similar to that recorded at the end of 2024. The most active period was Q4 2025, when construction commenced at an additional $440,000~\mathrm{sq~m}$ , reflecting improving demand conditions. The largest schemes currently under development include Panattoni Park Grodzisk VI (86,200 sq m), 7R Park Gdańsk III (80,000 sq m), and Panattoni Wroclaw Campus 2 (78,600 sq m). 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 development declined slightly in 2025 compared with the previous year, when it accounted for $47\%$ of total construction volume. # DEMAND In 2025, the demand for warehouse space in Poland remained strong. Total take-up reached $6.6\mathrm{m}$ sq m, representing the third-highest result in the history of the market and a $14\%$ increase compared with 2024. The most active markets in terms of tenant activity continued to be the country's key logistics hubs: Warsaw, Central Poland and Upper Silesia, which together accounted for more than half of all lease transactions. The final quarter of 2025 was particularly dynamic, with nearly $2.2\mathrm{m}$ sq m leased, an increase of over $40\%$ compared with Q3. Demand for warehouse and logistics space in Poland is driven primarily by 3PL operators and retail chains. In 2025, demand from light production occupiers leasing modern warehouse space increased, reflecting growth in Poland's sold industrial output. Light production-oriented warehouse space accounted for approximately $15\%$ of total leasing volume, with the highest concentration of such transactions recorded in the Warsaw region, Central Poland and Upper Silesia. The largest lease transactions signed a renewal and expansion for a retail tenant at Mapletree Piotrków II (86,500 sq m and 41,600 sq m), a renewal and expansion for a manufacturing tenant at SEGRO Logistics Park Stryków (82,300 sqm and 37,850 sq m), as well as a new lease agreement for a retail tenant at ECE Káty Wroclawskie (79,200 sq m). Overall, renewals accounted for $52\%$ of total take-up in 2025, new leases for $41\%$ , and expansions for $7\%$ . # VACANCY Limited speculative supply, combined with strong demand, led to a decline in the vacancy rate. At the end of December 2025, the vacancy rate stood at $7.4\%$ , down by 0.8 pp. compared with Q3 2025. Vacancy levels decreased across nearly all markets, reflecting robust and geographically diversified demand. # RENTS Asking rental rates remain stable. For big-box logistics facilities, asking rents range from EUR 3.8/sq m/month to EUR 5.0/sq m/month, while city logistics warehouse schemes command between EUR 5.0/sq m/month and EUR 7.5/sq m/month. The highest rental levels are observed within the administrative boundaries of Warsaw, Upper Silesia and Krakow. # INVESTMENT MARKET The warehouse investment market in 2025 reached nearly EUR 1.5 billion, representing an $11\%$ increase compared with the previous year. This growth in transaction value was accompanied by improved market liquidity, as evidenced by a $17\%$ rise in the number of deals concluded. International institutional investors accounted for a significant share of activity, typically seeking low-risk assets with long-term rental growth potential. This underlines the stability and positive outlook of the Polish warehouse market, as well as its central role in the Central and Eastern European region. Key transactions reflect these trends. The U.S. REIT Realty Income acquired the Eko Okna assets for EUR 253 million (264,000 sq m, SLB), while Hillwood took over industrial-logistics parks in Bierun and Tychy from DEKA for EUR 100 million (153,000 sq m). These two largest transactions of 2025 were executed with U.S. capital, which dominated the warehouse investment market with a $38\%$ share of total volume. The second-largest source of capital was the Czech Republic, accounting for $16\%$ of total investment. Growth of warehouse stock in Poland Development pipeline: under construction and pre-let Warehouse investment volume (EUR million) Polish warehouse market dynamics: new supply, take-up and vacancy rate # Heat map of warehouse stock in Poland Source: Knight Frank High-speed roads 5,466 km High-speed roads under construction (Planned completion in 2026) 290 km Intermodal terminals 45 Cargo ports 4 Cargo airports 7 # Regional breakdown of Poland's warehouse market Q4 2025 <table><tr><td>Region</td><td>Existing stock (sq m)</td><td>Vacancy rate</td><td>New supply (sq m)</td><td>Under construction (sq m)</td><td>Take-up (sq m)</td><td>Asking rents (EUR/sq m/ month)</td><td>Unemployment rate</td><td>Average monthly salaries in transport and warehouse sector (PLN)</td></tr><tr><td>Warsaw area</td><td>7,200,000</td><td>5.7%</td><td>61,000</td><td>642,000</td><td>413,000</td><td>3.8-7.5</td><td>4.3%</td><td>10,500</td></tr><tr><td>Upper Silesia</td><td>6,200,000</td><td>8.2%</td><td>19,000</td><td>190,000</td><td>400,000</td><td>4.0-6.0</td><td>4.4%</td><td>9,400</td></tr><tr><td>Central Poland</td><td>5,100,000</td><td>7.0%</td><td>0</td><td>190,000</td><td>550,000</td><td>3.8-4.5</td><td>6.3%</td><td>8,500</td></tr><tr><td>Wroclaw region</td><td>4,600,000</td><td>9.7%</td><td>6,000</td><td>110,000</td><td>180,000</td><td>4.0-4.7</td><td>5.3%</td><td>8,600</td></tr><tr><td>Poznań region</td><td>3,600,000</td><td>8.5%</td><td>1,000</td><td>34,500</td><td>310,000</td><td>3.8-4.5</td><td>3.5%</td><td>8,700</td></tr><tr><td>Tricity region</td><td>1,830,000</td><td>6.7%</td><td>5,700</td><td>220,000</td><td>81,000</td><td>3.8-4.5</td><td>5.3%</td><td>10,900</td></tr><tr><td>Szczecin region</td><td>1,350,000</td><td>1.2%</td><td>0</td><td>73,000</td><td>55,000</td><td>3.8-4.5</td><td>7.7%</td><td>10,400</td></tr><tr><td>Krakow region</td><td>1,180,000</td><td>2.8%</td><td>0</td><td>8,000</td><td>48,600</td><td>4.0-6.0</td><td>4.7%</td><td>7,960</td></tr><tr><td>Poland</td><td>36,600,000</td><td>7.4%</td><td>137,000</td><td>1,800,000</td><td>2,185,000</td><td>3.8-7.5</td><td>5.7%</td><td>9,500</td></tr></table> The modern warehouse market in Poland is concentrated across eight major regions: Warsaw and its surroundings, Upper Silesia, Central Poland, Greater Poland, Lower Silesia, Szczecin region, the Tricity and Kraków. However, rapid infrastructure development and increasing competition for labour are reshaping location strategies. Developers are moving beyond traditional hubs, targeting emerging locations such as western Poland (near the German border), Rzeszów, Kielce, Lublin and the Kuyavian region. Sold production of industry (average monthly $2021 = 100$ ) Retail sales in Poland Online retail sales growth (previous year's corresponding period = 100) Purchasing Managers' Index Labour costs (EUR/hour) Minimal wage (EUR/month) # CONTACTS IN POLAND: +48 22 596 50 50 www.KnightFrank.com.pl # RESEARCH Dorota Lachowska dorota.lachowska@pl.knightfrank.com # CAPITALMARKETS 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 As one of the largest and most experienced research teams operating across Polish commercial real estate markets, Knight Frank Poland provides strategic advice, forecasting and consultancy services to a wide range of commercial clients including developers, investment funds, financial and corporate institutions as well as private individuals. We offer: $\diamond$ strategic consulting, independent forecasts and analysis adapted to clients' specific requirements, $\diamond$ market reports and analysis available to the public, tailored presentations and market reports for clients. Reports are produced on a quarterly basis and cover all sectors of commercial market (office, retail, industrial, hotel) in major Polish cities and regions (Warsaw, Kraków, Łódź, Poznan, Silesia, Tricity, Wroclaw, Lublin, Szczecin) and PRS sector in Poland. Long-term presence in major local markets has allowed our research team to build in-depth expertise of socio-economic factors affecting real estate market in Poland. Knight Frank Research Reports are available at # © Knight Frank Sp. z o.o. 2026 This report is published for general information only and not to be relied upon in any way. 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