Analysis of the Colliers Q1 2026 Report
The latest Colliers report for the first quarter of 2026 confirms that the Polish warehouse market remains one of the fastest-growing segments of the commercial real estate market. Following a period of more cautious investment decisions, businesses are once again stepping up their activity, resulting in a marked increase in demand for modern warehouse and logistics space.
From BTS Development’s perspective, it is particularly significant that the market’s growth is driven primarily by new investments and the expansion of companies’ operations. This means that businesses are not focusing solely on cost optimization but are actively planning further expansion and seeking locations that will provide them with an operational advantage in the coming years.
Below we present the key indicators published by Colliers, along with commentary from BTS Development.
Indicator Q1 2026 BTS Development Commentary
| Indicator | Q1 2026 | BTS Development Commentary |
|---|---|---|
| Gross Take-up | 1.6 million sqm | An increase of approximately 40% year-on-year confirms strong market activity. |
| Net Take-up | +75% YoY | Companies are actively expanding their operations and leasing new warehouse space. |
| Share of New Leases and Expansions | 54% | More than half of market activity is driven by business growth rather than lease renewals. |
| New Supply | 650,000 sqm | Developers continue to invest in the market and launch new projects. |
| Vacancy Rate | 7.2% | Despite significant new supply, the market continues to absorb available space effectively. |
| Space Under Construction | Approx. 1.5 million sqm | Confirms expectations of further demand growth in the coming quarters. |
| Total Warehouse Stock | Over 37 million sqm | Poland remains one of the largest warehouse markets in Europe. |
Demand is growing faster than expected
The most impressive indicator is the increase in gross demand to 1.6 million m², representing an improvement of nearly 40% compared to the same period last year. An even stronger signal is the approximately 75% increase in net demand. This metric best reflects the market’s actual condition, as it includes new lease agreements and expansions by existing tenants.
From BTS Development’s perspective, this means that businesses are once again investing in the expansion of their logistics networks, increasing their warehouse space, and preparing for further growth in their operations.
New Leases Drive the Market
According to the Colliers report, new leases and expansions accounted for as much as 54% of total tenant activity. This is a very important finding, as it shows that market growth is not solely driven by the renewal of existing contracts.
An increasing number of companies are seeking new locations and additional space to support their operational growth. For warehouse developers, this signals that the market still has growth potential, particularly in regions of the country with good transportation links.
The market is effectively absorbing new supply
In the first quarter of 2026, approximately 650,000 m² of modern warehouse space was delivered. Despite such a large supply, the vacancy rate remained at a relatively safe level of about 7.2%.
This is one of the most interesting conclusions from the report. Just a few months ago, many analysts expected a significant increase in vacant space. Meanwhile, the market has shown that it continues to effectively absorb new developments, particularly those in attractive locations.
Competition between regions will intensify
The Polish warehouse market already has a stock exceeding 37 million m², with another 1.5 million m² currently under construction. This means that the mere availability of space is no longer a competitive advantage.
Tenants are increasingly analyzing locations in terms of transportation infrastructure, delivery times, access to workers, and opportunities for further business expansion. It is precisely these factors that will determine the attractiveness of individual regions in the coming years.
Commentary from BTS Development
An analysis of Colliers’ data reveals that the warehouse market in Poland has entered a new phase of development. Today, it is no longer enough simply to build a modern warehouse. What is becoming crucial is a combination of the right location, flexible lease modules, and opportunities for the tenant’s future business growth.
That is why BTS Development is consistently expanding its investments in western Poland. Locations in Świebodzin, Zielona Góra, and the planned BTS Park Gorzów Wielkopolski meet the needs of businesses seeking access to the A2 highway, the S3 expressway, the German market, and the seaports in Szczecin and Świnoujście.
Data from Colliers confirms that demand for modern warehouse space continues to grow. For BTS Development, this confirms the validity of its strategy based on the development of flexible, modern warehouse and service facilities in strategic locations across western Poland.
