2026-07-01-莱坊-Warehouse_Market_in_Poland_Q1_2026_6页_1mb

Summary of Knight Frank's Comprehensive Guide to Poland's Warehouse Market (Q1 2026)

Core Content

Knight Frank's report provides an overview of the Polish warehouse market in Q1 2026, highlighting key trends, performance metrics, and future outlook. The market is characterized by strong fundamentals, steady demand, and limited new supply, leading to a declining vacancy rate and increased investment activity.

Main Points

• Market Overview
  The Polish warehouse market remains robust, with high take-up and limited new supply contributing to a steady decline in vacancy rates.

• Existing Stock
  As of the end of March 2026, the existing warehouse stock in Poland exceeded 37.4 million square meters. In Q1 2026 alone, 650,000 square meters of new warehouse space was added.

• New Supply and Construction
  New supply in Q1 2026 increased nearly fivefold compared to the previous quarter and remained stable year-on-year (-3.9%). The largest new supply was in the Tricity region (140,000 sq m), followed by the Warsaw region (over 130,000 sq m) and Upper Silesia (100,000 sq m).
  The total development pipeline stood at 1.45 million square meters, one of the lowest figures observed in the last decade. 63% of this pipeline was secured by pre-lease agreements, with speculative construction dominating in Upper Silesia (66%) and the Warsaw region (over 52%).

• Take-Up
  The total take-up in Q1 2026 was 1.6 million square meters, a 47% increase compared to the same period in 2025. This volume is nearly double that of the previous year.
  The take-up structure indicates strong fundamentals: 13% of the leased space was for expansions, and 42% was for new leases, surpassing renewals (35%).
  The Warsaw and Wrocław regions, along with Central Poland, accounted for nearly 50% of the total take-up.

• Vacancy Rate
  The vacancy rate in Q1 2026 was 7.2%, down by 0.1 percentage points quarter-on-quarter and 1.2 percentage points year-on-year.
  The lowest vacancy rate was recorded in the Szczecin region (1.4%), while the highest was in western Poland (15%). The vacancy rate is expected to continue its decline due to strong demand and limited speculative projects.

• Rental Levels
  Asking rents for warehouse space remained stable, ranging from EUR 3.8 to 5.00 per square meter per month for big-box logistics facilities and from EUR 5.00 to 7.50 for city logistics warehouses.
  The highest rents were recorded in the Warsaw, Upper Silesia, and Kraków areas.

• Investment Activity
  The warehouse and industrial sector saw a twofold increase in investment volume compared to Q1 2025, reaching €446.5 million in Q1 2026.
  The warehouse sector accounted for 44% of the total investment volume.
  The largest warehouse transaction in Q1 2026 was Raben's sale of its portfolio, totaling over 170,000 square meters, acquired by W.P. Carey.
  Sale and leaseback transactions attracted the most investor interest, alongside build-to-suit (BTS) deals, indicating a preference for long-term lease terms and strong tenant profiles.

Key Information

• Occupancy Drivers: Logistics operators accounted for around 50% of the take-up, while manufacturing occupiers represented 24%, driven by the recovery in industrial output.
• Lease Terms: Rent-free periods typically range from 1 to 1.5 months per year of the lease term.
• Infrastructure Development: Poland is investing heavily in infrastructure, including 5,466 km of high-speed roads (planned completion in 2026) and 290 km of intermodal terminals, which are influencing location strategies.
• Regional Breakdown:
  • Warsaw area: 7.3 million sq m, 5.7% vacancy rate, 130,000 new supply, 540,000 under construction, 320,000 take-up, rents 3.8–7.5 EUR/sq m/month.
  • Upper Silesia: 6.3 million sq m, 8.4% vacancy rate, 100,000 new supply, 215,000 under construction, 180,000 take-up, rents 4.0–6.0 EUR/sq m/month.
  • Central Poland: 5.13 million sq m, 6.7% vacancy rate, 27,000 new supply, 160,000 under construction, 230,000 take-up, rents 3.8–4.5 EUR/sq m/month.
  • Wrocław region: 4.6 million sq m, 6.8% vacancy rate, 0 new supply, 110,000 under construction, 210,000 take-up, rents 4.0–4.7 EUR/sq m/month.
  • Poznań region: 3.78 million sq m, 8.0% vacancy rate, 35,000 new supply, 80,000 under construction, 300,000 take-up, rents 3.8–4.5 EUR/sq m/month.
  • Tricity region: 1.96 million sq m, 8.2% vacancy rate, 140,000 new supply, 65,000 under construction, 50,000 take-up, rents 3.8–4.5 EUR/sq m/month.
  • Szczecin region: 1.37 million sq m, 1.4% vacancy rate, 16,000 new supply, 100,000 under construction, 35,000 take-up, rents 3.8–4.5 EUR/sq m/month.
  • Kraków region: 1.2 million sq m, 4.4% vacancy rate, 8,000 new supply, 11,000 under construction, 50,000 take-up, rents 4.0–6.0 EUR/sq m/month.

Outlook

The Polish warehouse market is expected to continue its positive trajectory, with strong take-up and limited new supply likely to maintain downward pressure on vacancy rates. The market's attractiveness is supported by long-term value growth potential and robust infrastructure development, which are reshaping location strategies and increasing competition for labor.

Contacts

• Research: Dorota Lachowska (dorota.lachowska@pl.knightfrank.com)
• Capital Markets: Michał Grabara (michal.grabara@pl.knightfrank.com)
• CEO: Charles Taylor (charles.taylor@pl.knightfrank.com)
• Industrial Agency: Przemysław Piętak (przemyslaw.pietak@pl.knightfrank.com)
• Valuation & Advisory: Małgorzata Krzystek (malgorzata.krzystek@pl.knightfrank.com)

Disclaimer

This report is for general information only and not to be relied upon in any way. Knight Frank accepts no responsibility or liability for any loss or damage arising from the use of this document. Reproduction is not allowed without prior written approval.