Poland warehouse market sees recovery as vacancy rates drop

Poland's modern warehouse and industrial real estate market saw a recovery in the first half of 2026. Total stock exceeded 38 million square meters by the end of June, representing a 5.5% year-on-year increase. While the market is expanding, the pace of growth has slowed compared to the 7.5% growth recorded the previous year.

Tenant activity has strengthened, with demand rising by over 21% year-on-year. This surge in demand has driven vacancy rates down to below 7%, the lowest level since the second quarter of 2023.

On the supply side, developers delivered over 1.23 million square meters of new space in the first half of the year, a 7.3% increase over the same period in 2025. The Mazowieckie Voivodeship led new supply with nearly 396,100 square meters, followed by Silesia, Pomerania, and Lower Silesia.

Despite the increase in completed projects, developers are maintaining a cautious approach. New investment starts in the first half of 2026 were approximately 25% lower than in the same period last year, and the total volume of space currently under construction stands at approximately 1.30 million square meters.