Investment Rating - The report does not explicitly state an investment rating for the warehouse market in Upper Silesia Core Insights - The Upper Silesia region is the second-largest warehouse market in Poland, with a modern warehouse stock exceeding 6.2 million sq m, accounting for 16.9% of the country's total supply [5][6] - The region's attractiveness is attributed to its well-developed road infrastructure and convenient transport connections with neighboring countries, enhancing its position as a key logistics hub in Poland and Central Europe [5] - In 2025, total leasing activity reached nearly 1.07 million sq m, marking an increase of almost 30% compared to 2024 [9] - The vacancy rate at the end of Q4 2025 was approximately 8.2%, which is an increase of 2.3 percentage points compared to the previous year [10] Summary by Sections Supply and Demand - In 2025, more than 290,000 sq m of new warehouse space was delivered, which is below the five-year average of 465,000 sq m [6] - Approximately 190,000 sq m of modern warehouse space was under construction at the end of December 2025, representing a 50% decrease from the previous year [7] - Only 35% of the space under construction had secured lease agreements, significantly below the national average of approximately 60% [8] Leasing Activity - The largest lease agreements in 2025 included a renewal at Prologis Park Chorzów (55,900 sq m) and a new lease at Panattoni Park Katowice Airport (40,000 sq m) [9] - Tenant activity was primarily focused on renegotiations and renewals of existing agreements due to the limited volume of new supply [10] Rental Rates - Asking rents for warehouse space in Upper Silesia remained stable, ranging from EUR 4.00 to 6.00 per sq m per month [11]

Investment Rating - The report does not explicitly state an investment rating for the warehouse market in Lower Silesia, but it highlights the region's strategic importance and growth potential, suggesting a favorable outlook for investors. Core Insights - Lower Silesia is the fourth largest warehouse market in Poland, with a total warehouse stock of approximately 4.6 million square meters, accounting for 12.6% of Poland's total modern warehouse supply [6] - The region's attractiveness is bolstered by its well-developed transport network, facilitating efficient logistics connections with the Czech Republic and Germany, and its position along the New Silk Road corridor [5] - The warehouse stock in Lower Silesia increased by 8.6% year-on-year, although new supply has slowed significantly, with only 300,000 square meters completed in 2025, a drop of over 50% compared to 2024 [7] - The total volume of lease agreements signed in 2025 reached just under 850,000 square meters, with demand nearly 8% higher than the previous year [9] - The vacancy rate at the end of Q4 2025 was 9.7%, an increase of 0.7 percentage points year-on-year, attributed to a high share of renegotiations in the leasing structure [10] Summary by Sections Warehouse Market Overview - The existing warehouse stock in Lower Silesia is 4.6 million square meters, with a vacancy rate of 9.7% at the end of Q4 2025 [6][10] - The region's warehouse market is strategically located, enhancing its appeal for manufacturing and distribution activities [5] Supply and Demand Dynamics - New warehouse supply in 2025 was 300,000 square meters, significantly lower than previous years, indicating a cautious approach to new developments [7][8] - The total take-up for warehouse space in 2025 was approximately 850,000 square meters, reflecting a strong demand despite the reduced supply [9] Rental Rates and Lease Terms - Asking rents for warehouse space in the region range from EUR 10.00 to 12.50 per square meter per month, with service charges between PLN 4.00 and 4.70 per square meter per month [4][10] - A rent-free period of 1-1.5 months is common in lease agreements [5]