Investment Rating - The report does not explicitly state an investment rating for the warehouse market in Central Poland Core Insights - Central Poland is the third largest warehouse market in Poland, with a total modern logistics and warehouse stock of 5.1 million sq m, accounting for nearly 13.9% of the national supply [5] - The region benefits from strong demand from logistics operators and retail chains, bolstered by a new rail connection with Chengdu, enhancing its role in European-Asian supply chains [5] - The vacancy rate at the end of Q4 2025 was approximately 7.0%, a decrease of 2.7 percentage points year-on-year, indicating improved absorption [9] Summary by Sections Market Overview - Central Poland's warehouse market continues to function as a key national distribution hub, with significant demand from logistics and retail sectors [5] - The region's existing warehouse stock is 5.1 million sq m, with 220,000 sq m of new supply expected in 2025 [5][6] Supply and Construction - Warehouse stock grew by over 4% annually, although the pace has moderated, with 220,000 sq m delivered in 2025, down 37% year-on-year [6] - Nearly 190,000 sq m remained under construction at the end of December 2025, with a notable pre-leasing rate of approximately 85% for the space under development [7] Demand and Leasing Activity - Total leasing activity in 2025 reached 1.17 million sq m, an increase of over 17% year-on-year, marking the highest result recorded in the region [8] - Major lease transactions included significant renewals and expansions at various logistics parks, contributing to a robust demand environment [8] Rental Rates and Vacancy - Asking rents for warehouse space remained stable, ranging from EUR 3.80 to 4.50 per sq m per month in Q4 2025 [9] - The vacancy rate improved to 7.0%, reflecting a tightening market due to high tenant activity and limited speculative supply [9]