New Launch - India Real Estate Report 2026.
Poland's industrial and logistics market recorded a sharp rise in leasing activity in the first half of 2026. Net take-up exceeded 2.1 million sqm, up 58% year-on-year.
Gross take-up reached 3.51 million sqm, the second-highest first-half leasing volume on record.
New leases and expansions accounted for 60% of gross activity. The data comes from AXI IMMO's H1 2026 market report.
The Key Numbers at a Glance
- Gross take-up: 3.51 million sqm, up 21% year-on-year
- Net take-up: over 2.1 million sqm, up 58% year-on-year
- Total modern stock: 38.01 million sqm at end of June 2026
- New space delivered: 1.23 million sqm in H1
- Space under construction: 1.30 million sqm, down 11% year-on-year
- Construction pipeline: lowest level in more than nine years
- Speculative projects: 38.6% of the pipeline
- Vacancy rate: 6.3%, down 1.8 percentage points year-on-year
- Investment volume: €782 million, up 13% year-on-year
Where the Leasing Is Happening
The Silesian Voivodeship led regional performance with 621,000 sqm leased. Of that, 74% came from new leases and expansions a strong signal of genuine occupier growth rather than lease management.
Other leading markets included the Dolnośląskie Voivodeship at 581,000 sqm, Łódź at 572,000 sqm, Mazowieckie at 554,000 sqm and Wielkopolskie at 533,000 sqm.
Vacancy fell sharply in two regions. The Lubuskie Voivodeship saw a drop of 10 percentage points. The Dolnośląskie Voivodeship fell 5 percentage points to 5.0%.
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New Leases Are Back in the Lead
Renata Osiecka, Owner and Managing Partner at AXI IMMO, said it is the first time in several quarters that new leases have regained the upper hand over renegotiations.
She said companies are not only securing existing locations but actively expanding their operations and distribution networks covering both the domestic market and the wider European market.
Osiecka also flagged a supply concern worth tracking. The availability of large warehouse units exceeding 15,000 sqm is declining rapidly in selected locations.
Occupiers seeking significant volumes of space may find suitable options increasingly hard to come by in the months ahead.
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Investment and the Road to H2
Portfolio transactions accounted for nearly half of the €782 million industrial investment recorded in H1.
Grzegorz Chmielak, Head of Capital Markets and Head of Valuation and Advisory at AXI IMMO, said the return of portfolio transactions confirms that investors view the industrial and logistics sector as one of the most resilient segments of Polish commercial real estate.
AXI IMMO forecasts continued high occupier activity through H2 2026. Vacancy rates are expected to fall further. Rental growth is anticipated in selected markets.
Occupiers requiring large volumes of space are expected to turn increasingly to pre-let developments, which may in turn support broader development activity in a pipeline that has already reached its lowest level in over nine years.
The supply constraint that is tightening the market today is likely to become more visible before it begins to ease.
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