In the first half of 2024, the Mazowieckie (Warsaw), Śląskie, and Łódzkie regions continued to dominate in terms of modern warehouse space. By the end of June, their resources amounted to 6.6 million sqm, 5.6 million sqm, and 4.6 million sqm, respectively. In terms of new supply, the Dolnośląskie (Wrocław), Pomorskie, and Mazowieckie voivodeships were the leaders. Key projects include CTPark Gdańsk Port, Panattoni Park Wrocław Logistics South Hub, and GLP Warsaw V Logistics Centre.
Decline in New Investments but Market Stabilization
As of June 2024, 2 million sqm of modern warehouse space was under construction. However, only 800,000 sqm of new space began construction in 2024, a 50% year-on-year decrease. Despite this, the volume of space under construction remains stable.
As noted by Antoni Szwech, Senior Analyst at the Advisory and Market Research Department at Colliers, "An increase in the number of new investments could occur due to the emergence of new developers or a decrease in the vacancy rate."
Increase in Warehouse Demand
Despite moderate forecasts, the Polish logistics and industrial real estate market experienced a significant revival in demand in the first half of 2024. Key transactions included LPP's deal in Białe Błota near Bydgoszcz and the expansion of an e-commerce player in the Panattoni Park Wrocław Logistics South Hub.
As commented by Dominika Jędrak, Director of the Advisory and Market Research Department at Colliers, "The share of new leases in demand reached 54%, which indicates the good condition of the market."
Stabilization of Rental Rates
Rental rates, which had been rising since 2022 due to increasing construction costs, are now stabilizing. The highest rates were recorded in Warsaw, where base rents ranged from 4.30 to 7 euros per sqm, and effective rents from 4 to 6.50 euros per sqm.
Rising Vacancies
By the end of June 2024, the vacancy rate had risen to 8.2%. This increase is mainly due to the significant volume of new supply delivered to the market between 2022 and 2024. Maciej Chmielewski, Senior Partner at the Logistics and Industrial Department at Colliers, noted that 65% of available warehouse space comes from buildings completed during this period.
Transport Infrastructure Development
A key factor supporting the further development of the logistics and industrial market in Poland is the expansion of transport infrastructure. Particularly important are investments in the expansion of seaports in Gdańsk, Gdynia, Świnoujście, and Elbląg, as well as the development of regional airports such as Kraków-Balice and Katowice.
The growth in demand for warehouse space and the stabilization of new investments indicate that the Polish warehouse market remains one of the most dynamic in Europe, offering solid prospects for the future.
