Rynek magazynowy w Polsce Q1-Q3 2024: Oznaki ożywienia przy utrzymującej się ostrożności

The Industrial Market in Poland Q1-Q3 2024: Signs of Recovery Amid Ongoing Caution

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Improvement in the European market environment - Summary of the first half of 2024

Poland attractive to foreign investors - the next edition of the "Made in Poland" report

***The year 2024 brought significant changes to the Polish warehouse market, demonstrating its ability to adapt in the face of global economic challenges. The latest JLL report reveals key trends that shaped the sector in the past year.***

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### Demand Dynamics and Changes in Lease Structure

2024 brought interesting changes in the demand structure of the Polish warehouse market. Despite ongoing economic challenges, total gross demand increased by 10% compared to the previous year, reaching an impressive level of 5.6 million m². Particularly noteworthy is the record volume of lease renewals, which reached 2.3 million m², accounting for 41% of total demand. This trend reflects the cautious approach of tenants who, in the face of economic uncertainty, prefer to extend existing agreements rather than take risks associated with relocation. 
At the same time, new demand remained stable at 3.3 million m², indicating a continuous need for new warehouse space. This demand structure demonstrates the maturity of the Polish warehouse market and its ability to adapt to changing economic conditions.

### Key Market Parameters:
- Total gross demand: 5.6 million m² (+10% y/y)
- New demand: 3.3 million m² (+3% y/y)
- Vacancy rate: 7.7% (-0.1 pp y/y)
- Total stock: 35.6 million m² (+8.2% y/y)

### Stabilization of Vacancy Rate

The vacancy rate decreased to 7.7%, signaling a healthy market balance. There was 2.7 million m² of available space on the market, concentrated mainly in the largest regions.

### Key Trends:

Record volume of lease renewals: 2.3 million m², accounting for 41% of total demand. Dominance of the retail sector: 39% of total demand, 45% for new leases and expansions. Focus on developed markets: Big Five markets accounted for over 75% of new demand. Limited development activity: 1.6 million m² under construction, the lowest level since 2020.

### Outlook:

Oxford Economics forecasts suggest that Poland may outperform other European economies, with projected GDP growth from 2.8% in 2024 to 3.5% in 2025. This is a positive signal for the warehouse sector.

To get a full picture of the warehouse market in Poland, including:
- **detailed regional analysis,**
- **pricing trends in specific locations,**
- **investment activity and key transactions,**
- **forecasts for 2025;**
we encourage you to download the full JLL report. The report contains in-depth analysis, expert comments, and forecasts that may prove crucial in making strategic business decisions in the dynamically changing warehouse sector.