Industrial Market Enters Stabilisation Phase

The first half of 2025 saw nearly 3 million sqm of industrial space transacted, representing a 10% year-on-year increase and exceeding the first-half average for 2020-2024 by more than 4%,” 

comments Anita Mikusek, Senior Research Consultant, Cushman & Wakefield.

While we are seeing a high number of enquiries about industrial space, the take-up structure – dominated by renegotiations – suggests that many enquiries are still made for benchmarking purposes, with a view to optimising leasing conditions in existing locations. As a result, it remains uncertain whether this uptick in activity will translate into a genuine increase in net take-up or new developments. Meanwhile, the growing importance of nearshoring and infrastructure projects provides a solid foundation for expectations of a rebound in the second half of the year. Although the PMI, which provides a snapshot of the health of the manufacturing sector, fell from 47.1 in May to 44.8 in June – signalling a deterioration of economic conditions and a temporary slowdown in the sector – ongoing and planned investments in energy and digital infrastructure are expected to drive additional demand for warehouse and industrial space,” 

adds Anita Mikusek, Senior Research Consultant, Cushman & Wakefield.

Approximately 470,000 sqm of new industrial space was completed during the second quarter of 2025, bringing Poland’s total stock to over 36 million sqm. The Polish market has more than doubled over the past six years, reflecting the impressive growth of the logistics sector in Poland. If all industrial and logistics buildings were placed side by side, they would cover an area equivalent to 7% of Warsaw, 11% of Krakow or 12% of Wrocław,” 

explains Anita Mikusek, Cushman & Wakefield.

In the second quarter of 2025, construction work began on nearly 660,000 sqm of industrial space – more than double the amount in the first quarter, bringing Poland’s total development pipeline to approximately 1.5 million sqm at the end of the first half of 2025. While this indicates a slight rebound relative to the first quarter, it is 26% lower year-on-year, confirming the ongoing downward trend in development activity. The share of speculative construction remained at 41%, equivalent to 603,000 sqm available for lease, reflecting developers’ moderate optimism about future occupier demand,” 

adds Anita Mikusek, Cushman & Wakefield.

The outlook for the coming months points to continued stability in both rental rates and leasing activity. The market holds steady, with pressure on price adjustments limited to locations with elevated vacancy levels,” 

concludes Anita Mikusek, Cushman & Wakefield.

Wage disparities across regions are driven, among other factors, by the level and pace of regional growth and population density. Notably, registered employee turnover remains stable. However, this stability is not a result of overall satisfaction with employment conditions, as might be expected, but rather reflects a limited number of job opportunities and the conditions offered by employers. According to Q1 data, the average job search duration reached a record high of 3.3 months,” 

comments Dagmara Żuromska, National Sales and Key Account Manager, Randstad Polska.