Stock Surpasses the 38 Million sqm Mark
At the end of June 2026, Poland’s modern industrial and logistics stock exceeded 38 million sqm, further strengthening the country’s position as the largest logistics market in Central and Eastern Europe. Approximately 0.6 million sqm was delivered in Q2, down 11.4% quarter-on-quarter. Over the past four quarters, developers completed around 1.8 million sqm of new space, representing a 16.2% decline year-on-year. While total stock continues to reach record levels, the market has clearly shifted from rapid expansion towards a more selective and sustainable growth model.
"The results of the first half of the year point to a more balanced market environment. New space continues to be absorbed by occupiers, but investment decisions are becoming more cautious and increasingly tailored to specific business needs. This helps reduce the risk of oversupply and supports market stability," says Ludwika Korzeniowska, Head of Industrial and Logistics, BNP Paribas Real Estate Poland.
Demand Gains Strong Momentum
Demand for logistics space accelerated significantly in Q2. Occupiers leased more than 1.9 million sqm, up 35.7% quarter-on-quarter and 4.9% year-on-year. Total take-up in the first half of 2026 reached approximately 3.31 million sqm.
The leasing structure was equally noteworthy. New leases accounted for 63.5% of gross take-up, while renewals represented 34%. The strong share of new agreements indicates that companies are not only extending existing commitments but are also expanding operations and entering new locations. This reflects continued confidence in the prospects of Poland’s warehouse market.
"The increase in leasing activity and the predominance of new agreements confirm that companies are actively expanding their logistics networks. Demand continues to be supported by e-commerce, contract logistics and the reorganisation of supply chains. Poland remains an attractive hub for regional distribution and servicing European markets," comments Ludwika Korzeniowska.
Availability Continues to Decline
Rising occupier activity combined with a slower pace of new development translated into a further decline in vacancy levels. At the end of Q2 2026, the vacancy rate stood at 6.6%, down 0.7 percentage points quarter-on-quarter and 1.6 percentage points year-on-year. Available warehouse space totalled approximately 2.5 million sqm.
Despite falling vacancy rates, occupiers continue to benefit from a relatively broad range of options. However, availability is becoming increasingly limited in mature, well-connected locations, particularly within modern buildings that meet advanced technical and environmental standards.
"Occupiers still have a choice of locations, but the selection process is becoming increasingly focused on quality. This is especially true for energy-efficient facilities offering adequate infrastructure and automation potential. As vacancy rates continue to decline, early planning of relocations and expansion projects will become even more important," adds Ludwika Korzeniowska.
Developers Scale Back New Construction
Development activity remains measured. At the end of June 2026, approximately 1.3 million sqm of industrial and logistics space was under construction, marking a decline both quarter-on-quarter and year-on-year. New projects are concentrated in the largest and most liquid markets, including Upper Silesia and the Warsaw II zone. The pre-let rate within the development pipeline reached 61.4%, pointing to a growing share of schemes secured by lease agreements or confirmed occupier demand. This significantly reduces the risk of rising vacancy levels.
Stable Rents Amid Growing Focus on Asset Quality
Industrial and logistics rents remain broadly stable, although rental levels continue to vary depending on location and project characteristics. Prime rents are sustained in key logistics hubs, where limited land availability and a shortage of modern space continue to support pricing. More competitive conditions can be found in mature markets offering a larger existing logistics stock.
Rental levels are increasingly influenced by factors such as technical building specifications, access to power capacity and features supporting ESG objectives. As a result, occupiers are placing greater emphasis on total occupancy costs and operational efficiency rather than focusing solely on headline rental rates.
"Occupancy costs remain an important consideration, but they are increasingly assessed in the context of overall operational efficiency. Access to energy, infrastructure, technical specifications and opportunities to reduce operating expenses are becoming more important. Properties that address these requirements are gaining a competitive advantage," notes Piotr Załęski, Director, Industrial and Logistics Agency, BNP Paribas Real Estate Poland.
Market Outlook Remains Positive
The fundamentals of Poland’s industrial and logistics market remain strong. Continued growth in
e-commerce and the 3PL sector, ongoing nearshoring trends and the reorganisation of European supply chains are expected to support demand for modern warehouse space. The importance of logistics automation and energy-efficient building solutions is also set to increase.
A shrinking development pipeline, a high proportion of pre-let projects and sustained occupier activity are helping to maintain a healthy balance between supply and demand. Facilities located in major logistics hubs, offering strong transport connectivity, adequate power infrastructure and ESG-compliant solutions, are expected to remain particularly sought after.
