房地产 -华沙仓库市场 - 2025 年第四季度 Warehouse market-Warsaw - Q4 2025

Warehousemarket

Q42025

ThecomprehensiveguidetothewarehousemarketinWarsaw

.pl/en/research

WAREHOUSEMARKET

Warsaw

Q42025

Existing

warehousestock7.2msqm

Take-up

(2025)

1.4msqm

Newsupply

(2025)

270,000sqm

Supply

underconstruction640,000sqm

Vacancyrate

4.3%

Standardleasetermsinwarehousebuildings

Askingrents

forwarehousespace

EUR/sqm/month

3.80-7.50

Askingrents

forofficespace

EUR/sqm/month

10.00-12.50

Servicecharge

PLN/sqm/month

4.00-7.00

Rent-freeperiod

1-1.5month

WarsawanditsmetropolitanareaconstitutethelargestmodernwarehousemarketinPoland.AttheendofQ42025,thetotalstockintheregionreachedapproximately7.2msqm,accountingfor19.7%ofthecountry’stotalsupply.Theexistinglogisticsandwarehousebaseishighlydiversifiedintermsoftechnicalstandards,functionsandlocationswithintwomainconcentrationzones.

ZoneI(within12kmofthecitycentre)compriseslocationssituatedwithintheadministrativeboundariesofWarsaw,primarilyincludingtheareasofOkęcie,SłużewiecPrzemysłowy,TargówekandŻerań.Theselocationsaccountforapproximately20%ofthemetropolitanwarehousestockandmainlyserveurbandistributionandlast-milelogisticsfunctions.

ZoneII(12–50kmfromthecitycentre)representsthedominantconcentrationofmodernwarehousespaceintheregion,accountingforapproximately80%ofexistingstock.Itprimarilycoverslocationstothesouth-westofWarsaw,alongmajortransportcorridorssuchasEuropeanrouteE30,EuropeanrouteE67andEuropeanrouteE77leadingtowardsPoznań,KatowiceandKraków.KeylogisticshubswithinthiszoneincludeBłonie,OżarówMazowiecki,Piaseczno,Nadarzyn,Pruszków,Mszczonów,TeresinandSochaczew.Thisareaisprimarilydesignatedforlarge-scalelogisticsparkswithpotentialforfurtherexpansion.

Warehousestockintheregioncontinuedtoexpandin2025,althoughthepaceofgrowthmoderated.Over270,000sqmofmodernwarehousespacewasdeliveredduringtheyear,almost40%lessy/yandaround200,000sqmbelowthefiveyearannualaverage.KeycompletionsincludedHillwoodGrodziskMazowiecki(51,400sqm),PanattoniParkWarsawNorthIII(32,900sqm)andWarsawNorthLogisticPark(28,500sqm),alllocatedinZoneII.

Developmentactivityshowedsignsofgradualrecovery.AttheendofQ42025,approximately640,000sqmremainedunderconstruction,up22%q/q.InQ4alone,constructionbeganonapproximately250,000sqm,representing56%ofallspaceinitiatedduringthisperiodacrossmajorwarehousemarkets.ThelargestschemecurrentlyunderconstructionisPanattoniParkGrodziskVI(86,200sqm),withcompletionscheduledforQ32026.

IntheWarsawregion,developersareincreasinglywillingtointroducespeculativeconsructions.Nearlyhalfofthespacecurrentlyunderdevelopmentissecuredbypreleaseagreements,comparedwiththenationalaverageofaround60%.

Demandremainedstableatahighlevel.In2025,closeto1.4msqmofwarehousespacewasleased,aslightincreaseofapproximately3%y/yandabovethefiveyearaverage.MajortransactionsincludednewleasesatPanattoniParkGrodziskVI(47,800sqm),P3BłonieII(41,100sqm)andChlebniaDistributionCenter(35,700sqm).

ThevacancyrateattheendofQ42025stoodatapproximately4.3%,representingadecreaseof1.1ppyear-on-year.Thedeclineinavailablespacewasmainlydrivenbylimitednewsupplyandcontinuedstrongtenantdemand.

InQ42025,askingrentsinthewarehousesectorintheWarsawregionremainedstablecomparedwiththepreviousquarterandrangedbetweenEUR3.80and5.00persqmpermonthinBIGBOXfacilities,andbetweenEUR5.00and7.50persqmpermonthincitylogisticsschemes.

Newwarehousesupply,annualtake-up,vacancyrateinWarsaw

NewsupplyTake-upVacancyrate

1,600,00010%

1,400,000

8%

1,200,000

1,000,0006%

800,0004.3%

600,0004%

2%

400,000

200,000

sqm0%

20182019202020212022202320242025

Source:KnightFrank

2KNIGHTFRANK

Locationofwarehousedevelopmentsintheregion

NOWYDWÓRMAZOWIECKI

LEGIONOWO

S8

S7

WOŁOMIN

OŻARÓW

WARSZAWA

SOCHACZEW

A2

S2

PRUSZKÓW

A2MICHAŁOWICE

OTWOCK

GRODZISKMAZOWIECKI

MSZCZONÓW

GÓRAKALWARIA

GRÓJEC

MAZOWIECKIBŁONIE

MIŃSK

MAZOWIECKI

C

ŻYRARDÓW

RADZYMIN

Source:KnightFrank

Existing,underconstructionandplannedwarehousespace

●%shareofexistingstock

●%shareofunderconstructionandplannedsupply

TOP5warehouse

destinationsintheregion

(byexistingstock)

Błonie

1.820,000sqm

OżarówMazowiecki

2.460,000sqm

3.sqm

Teresin

4.440,000sqm

Mszczonów

5.430,000sqm

MazowieckieVoivodeship

Voivodeshiparea35,559sqkm

Population5.5m

ECONOMICDATA

(12.2025,STATISTICSPOLAND)

Unemploymentrate

4.3%

Averagemonthlysalary

(enterprisesector)

Averagemonthlysalary

(transportationandstoragesector)

PLN10,900(gross)

PLN10,500(gross)

HIGH-SPEEDROADS

Highways80km

Expressways500km

A2

S2,S7,S8,S17,S61

WAREHOUSEMARKET-WARSAW3

knightFrank

CONTACTSINPOLAND:

+48225965050

www.KnightF.pl

CEO

CharlesTaylor

charles.taylor@

RESEARCH

DorotaLachowska

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INDUSTRIALAGENCY

PrzemysławPiętak

przemyslaw.pietak@

CAPITALMARKETS

KrzysztofCipiur

krzysztof.cipiur@

VALUATION&ADVISORY

MałgorzataKrzystek

malgorzata.krzystek@

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