{"id":5499,"date":"2026-05-26T17:51:05","date_gmt":"2026-05-26T17:51:05","guid":{"rendered":"https:\/\/ceo.com.pl\/en\/?p=5499"},"modified":"2026-05-26T17:51:05","modified_gmt":"2026-05-26T17:51:05","slug":"strong-start-to-the-year-on-the-industrial-market-in-poland-with-a-clear-increase-in-new-leases-and-expansions-12768","status":"publish","type":"post","link":"https:\/\/ceo.com.pl\/en\/strong-start-to-the-year-on-the-industrial-market-in-poland-with-a-clear-increase-in-new-leases-and-expansions-12768\/","title":{"rendered":"Strong start to the year on the industrial market in Poland with a clear increase in new leases and expansions"},"content":{"rendered":"<p><strong>According to AXI IMMO\u2019s latest report, \u201cIndustrial &amp; Logistics Market in Poland, Q1 2026\u201d, the industrial and logistics sector began the year with strong momentum on both the leasing and investment sides. Between January and March 2026, gross take-up reached 1.58 million sq m (+47% <\/strong><strong>year-on-year<\/strong><strong>), while net take-up increased to 850,000 sq m (+78% <\/strong><strong>year-on-year<\/strong><strong>), marking the best result since 2022. At the same time, the trend of limited new supply continued \u2013 developers delivered 653,000 sq m (-4% <\/strong><strong>year-on-year<\/strong><strong>) of modern warehouse space, and the vacancy rate decreased to 7.3% (-1.2 percentage points <\/strong><strong>year-on-year<\/strong><strong>). The investment market also recorded the highest share of the industrial and logistics sector in total transaction volume, reaching 44%.<\/strong><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/ceo.com.pl\/en\/strong-start-to-the-year-on-the-industrial-market-in-poland-with-a-clear-increase-in-new-leases-and-expansions-12768\/#Tenants_return_to_new_projects\" >Tenants return to new projects<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/ceo.com.pl\/en\/strong-start-to-the-year-on-the-industrial-market-in-poland-with-a-clear-increase-in-new-leases-and-expansions-12768\/#Controlled_supply_and_further_decline_in_vacancy_rates\" >Controlled supply and further decline in vacancy rates<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/ceo.com.pl\/en\/strong-start-to-the-year-on-the-industrial-market-in-poland-with-a-clear-increase-in-new-leases-and-expansions-12768\/#Warehouses_lead_the_investment_market\" >Warehouses lead the investment market<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/ceo.com.pl\/en\/strong-start-to-the-year-on-the-industrial-market-in-poland-with-a-clear-increase-in-new-leases-and-expansions-12768\/#Outlook_selective_growth_and_continued_market_stabilisation\" >Outlook: selective growth and continued market stabilisation<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Tenants_return_to_new_projects\"><\/span>Tenants return to new projects<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Analysts at AXI IMMO, Poland\u2019s largest advisory firm in the commercial real estate market, highlight that the first quarter of 2026 brought a clear rebound in occupier activity in the Polish industrial and logistics market. A total of 1.58 million sq m of industrial and logistics space was leased, representing a 47% year-on-year increase and the best Q1 result since 2021. Particularly notable was the rise in net take-up \u2013 including new leases and expansions \u2013 which exceeded 850,000 sq m (+78% year-on-year). New leases and expansions accounted for 54% of total take-up, while renegotiations made up 35% and sale &amp; leaseback transactions represented 11%.<\/p>\n<p>The highest leasing activity was recorded in the Mazowieckie (316,000 sq m), Wielkopolskie (309,000 sq m), Dolno\u015bl\u0105skie (255,000 sq m) and \u0141\u00f3dzkie (228,000 sq m) regions. E-commerce, distribution and logistics companies remained the dominant tenant groups, with a noticeable return of logistics operators to the market. The largest transactions included a new lease (67,600 sq m) by a manufacturing company at Marq Wroc\u0142aw V Logistics Centre in Lower Silesia, a lease renewal by a retail company in Logistic City Piotrk\u00f3w Trybunalski (\u0141\u00f3dzkie) for 68,300 sq m, and a renewal combined with expansion by a logistics operator for 48,000 sq m at Panattoni Park Warsaw South Janki (III) in Mazowieckie.<\/p>\n<p><strong>Renata Osiecka, Owner, Managing Partner, AXI IMMO,<\/strong> commented: \u201c<em>The first quarter of 2026 brought an improvement in sentiment, particularly in the area of new leases and expansions. Companies are increasingly returning to development decisions that were postponed in previous quarters, focusing primarily on optimising distribution networks and improving operational efficiency. We are also seeing increased activity among logistics operators, whose share in the leasing structure is starting to grow. The market remains selective, however, with tenants paying greater attention to technical quality, infrastructure availability and the ability to scale operations flexibly\u201d.<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Controlled_supply_and_further_decline_in_vacancy_rates\"><\/span>Controlled supply and further decline in vacancy rates<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>At the end of March 2026, total modern warehouse stock in Poland reached 37.4 million sq m (+6% year-on-year). In the first three months of the year, developers delivered 653,000 sq m, the best result in four quarters, although still 4% lower than a year earlier. The highest volumes of new supply were delivered in the Mazowieckie, Pomorskie and \u015al\u0105skie regions.<\/p>\n<p>A total of 1.46 million sq m of industrial and logistics space remains under construction (+6% year-on-year), although developers continue to take a cautious approach to speculative projects. Their share of the total pipeline has decreased to 37%, continuing a trend observed over recent quarters.<\/p>\n<p>A positive signal for the market is the continued decline in vacancy rates. At the end of March 2026, the vacancy rate stood at 7.3%, down by 1.2 percentage points year-on-year. The greatest declines were observed in Dolno\u015bl\u0105skie and \u0141\u00f3dzkie regions.<\/p>\n<p><strong>Monika Rykowska, Head of Research, AXI IMMO,<\/strong> explained: \u201c<em>The Polish industrial &amp; logistics market entered 2026 with a clearly improved balance between take-up and new supply. We are seeing a gradual recovery in occupier activity alongside a continued cautious approach from developers, particularly regarding speculative projects. This is leading to further declines in vacancy levels and increasing market stability. Differences between regions are also becoming more pronounced, both in terms of take-up structure and the availability of modern space\u201d.<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Warehouses_lead_the_investment_market\"><\/span>Warehouses lead the investment market<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The investment market also recorded a very strong start to the year. Transaction volume in the industrial and logistics sector reached EUR 445 million (+120% year-on-year), representing the highest result among all commercial real estate sectors. The sector\u2019s share of total investment volume stood at 44%. Sale &amp; leaseback transactions are also gaining in importance.<\/p>\n<p>Among the largest deals were the acquisition of a logistics portfolio from Raben Group by W. P. Carey for approximately EUR 169 million, and the sale of the BOOSTER Zabrze project by LemonTree to the Korean fund Vestas Investment Management.<\/p>\n<p><strong>Grzegorz Chmielak, Head of Capital Markets, AXI IMMO,<\/strong> commented: \u201c<em>The first quarter of 2026 confirmed that the industrial and logistics sector remains one of the most liquid and sought-after segments of the Polish investment market. Investment capital is currently focused on two poles: on the one hand, new assets offering long-term \u2013 preferably 20-year \u2013 stable income and top-quality tenants, where investors are willing to accept lower yields; on the other hand, older assets requiring active management. We are also observing growing acceptance of projects located outside the main logistics hubs. Sale &amp; leaseback transactions are playing an increasingly important role, addressing companies\u2019 needs to release capital while maintaining operational control over their properties.\u201d<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Outlook_selective_growth_and_continued_market_stabilisation\"><\/span>Outlook: selective growth and continued market stabilisation<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>According to AXI IMMO experts, the coming quarters of 2026 are expected to maintain stable occupier activity, although development decisions will remain dependent on the macroeconomic environment and the performance of individual sectors. On the supply side, the market will continue to grow in a controlled manner, with new developments largely dependent on pre-leasing levels.<\/p>\n<p><strong>Renata Osiecka, AXI IMMO, <\/strong>added: <em>\u201cThe start of 2026 confirms that the Polish industrial and logistics market is entering a phase of greater balance and maturity. On the one hand, we are seeing a clear return of occupier activity, particularly in new leases and expansions; on the other, continued discipline on the supply side and a more selective approach by developers to new investments. This structure supports further stabilisation of vacancy levels and maintains relatively solid fundamentals for the sector in the coming quarters. Warehouses remain one of the most resilient segments of the commercial real estate market, particularly from an investment perspective, supported by sustained activity of both international and regional capital and a gradual narrowing of pricing expectations between buyers and sellers.\u201d<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to AXI IMMO\u2019s latest report, \u201cIndustrial &amp; Logistics Market in Poland, Q1 2026\u201d, the industrial and logistics sector began the year with strong momentum on both the leasing and investment sides. Between January and March 2026, gross take-up reached 1.58 million sq m (+47% year-on-year), while net take-up increased to 850,000 sq m (+78% [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2911,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[8],"tags":[128,2772,2529,2688,2855,4601,295,64,127,82,71,2684],"class_list":["post-5499","post","type-post","status-publish","format-standard","has-post-thumbnail","category-real-estate","tag-axi-immo","tag-e-commerce","tag-grzegorz-chmielak","tag-leasing","tag-panattoni","tag-panattoni-park-warsaw-south-janki","tag-piotrkow-trybunalski","tag-poland","tag-renata-osiecka","tag-warsaw","tag-wroclaw","tag-zabrze"],"jetpack_publicize_connections":[],"_links":{"self":[{"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/posts\/5499","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/comments?post=5499"}],"version-history":[{"count":0,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/posts\/5499\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/media\/2911"}],"wp:attachment":[{"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/media?parent=5499"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/categories?post=5499"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/tags?post=5499"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}