Why are warehouses today one of the safest  types of commercial real estate? 

Warehouses are today considered one of the safest categories of commercial real estate because they  combine stable demand, long-term lease agreements, predictable cash flows, and strategic  importance for the economy. Modern logistics space is needed by companies regardless of the  economic cycle, as it supports retail, manufacturing, e-commerce, supply chains, 3PL operators, and  international distribution. 

Unlike some offices or retail properties, warehouses are not only places of work or sales. They are  part of economic infrastructure. Without warehouses, fast delivery, manufacturing, online retail,  food distribution, pharmaceuticals, automotive, retail, and contract logistics cannot function  properly. 

This is why investors increasingly view warehouses not only as buildings, but as stable income generating assets. 

Key reasons why warehouses are considered a safe type of  commercial real estate

Warehouses are safe because they are backed by real economic  needs 

The most important argument for the safety of warehouse investment is the source of demand.  Demand for logistics space does not come only from an investment trend. It comes from the  everyday needs of companies and consumers. 

Goods must be stored, picked, packed, sorted, delivered, and returned. Retail chains need regional  warehouses. E-commerce needs fulfilment centres. Manufacturing companies need stocks of  components. 3PL operators need space for their clients. Importers and exporters need facilities near  major transport corridors. 

This means that a warehouse is often directly connected with the tenant’s business model. A well located logistics facility is not easy to replace because changing a warehouse means reorganising  transport, people, IT systems, inventory, suppliers, and customers. 

This is why warehouse tenants often sign long-term agreements and renew leases in proven  locations. 

Lease stability: The warehouse is part of the supply chain 

In the case of office space, a company can relatively easily change the size of its premises,  introduce hybrid work, or move part of its team to another location. In the case of a warehouse, the  decision is much more difficult. 

A warehouse is connected with: 

– delivery routes, 

– travel time to customers, 

– access to employees, 

– transport costs, 

– warehouse management systems, 

– contracts with clients, 

– production schedules, 

– inventory levels, 

– returns handling, 

– technical infrastructure. 

This is why the relationship between the tenant and the warehouse property is usually more  operational and long-term than in many other commercial real estate segments. 

A tenant does not simply lease space. It leases part of its operating system.

Lease renewals show the strength of the market 

A very important indicator of warehouse safety is the share of lease renewals. If tenants renew their  agreements, it means that the location, building, and operating conditions still meet their needs. 

According to Knight Frank data, in 2025 renewals accounted for 52% of total demand for  warehouse space in Poland. New leases accounted for 41%, while expansions represented 7%. This  is a very important figure because it shows that a large part of market activity was not driven only  by one-off expansion, but by the continuation of existing lease relationships. 

From an investor’s perspective, this is an important signal. A market where tenants renew  agreements is more predictable than a market based only on new transactions. Renewals reduce  vacancy risk, limit the costs of re-commercialisation, and improve the stability of cash flows. 

Long-term lease agreements support income predictability 

One of the greatest advantages of warehouses as investment assets is long-term lease agreements. In  the case of modern logistics facilities, tenants often do not seek short-term flexibility at any cost.  They need a stable location that will support their operations for many years. 

Long-term agreements are particularly important in the case of: 

– large distribution centres, 

– BTS facilities, 

– production and warehouse space, 

– automated warehouses, 

– facilities serving e-commerce, 

– warehouses for 3PL operators, 

– projects developed for a specific tenant. 

For an investor, a longer lease means greater income predictability. The more strategic a warehouse  is for the tenant, the lower the probability of a quick relocation. 

This does not mean that every warehouse is automatically safe. Safety depends on the quality of the  tenant, location, lease length, rent indexation, the technical standard of the building, and the ability  to re-let the space. However, a well-leased warehouse with a strong tenant is usually more  predictable than many other types of commercial real estate. 

Limited new supply reduces the risk of oversupply 

One of the most important new arguments for the stability of the warehouse market in Poland is the  limitation of new supply. After the very dynamic years of 2021 to 2023, developers became more  cautious. This matters because too rapid an increase in supply could lead to excessive competition  and rising vacancy.

According to Knight Frank, in 2025 1.7 million sqm of new warehouse space was delivered to the  Polish market, which represented a 35% decrease compared with the previous year. In the fourth  quarter of 2025 alone, new supply amounted to 137,000 sqm, which was the lowest quarterly result  in more than two decades. 

For investors, this is an important signal. The market is no longer in a phase of uncontrolled supply  expansion. Developers are building more cautiously, which may support rent stability and improve  the balance between supply and demand. 

Pre-lets reduce development risk 

Another important safety indicator is the share of space secured by lease agreements before the  building is completed. If a large part of space under construction is already leased, it means lower  speculative risk. 

At the end of 2025, approximately 1.8 million sqm of warehouse space was under construction in  Poland. According to Knight Frank, 60% of this space had already been secured by pre-let  agreements. 

This is very important from an investor’s perspective. Pre-letting means that part of the  commercialisation risk is reduced even before construction is completed. For banks, funds, and  institutional investors, this is one of the key factors in assessing the safety of a project. 

Vacancies matter, but they must be interpreted correctly 

Vacancy does not always mean a weak market. Sometimes it simply means that the market is  returning to balance after a period of very rapid supply growth. The key question is whether  vacancy is rising alongside falling demand, or falling thanks to tenant activity. 

According to Knight Frank, at the end of December 2025 the vacancy rate in Poland stood at 7.4%,  down by 0.8 percentage points compared with the third quarter of 2025. Vacancy decreased in  almost all markets, which points to strong and geographically diversified demand. 

This is important information for investors. A vacancy rate of several percent is not necessarily a  problem if the market is absorbing space and demand remains active. The problem would be rising  vacancy combined with a lack of tenants. In Poland, the market appears to be going through a  process of stabilisation and selective return to balance. 

Stable rents support investment safety 

The safety of warehouse investment depends not only on whether the space is leased. It is also  important whether rents are stable. 

According to Knight Frank, headline rents for big box warehouse space in Poland remained stable  and ranged from EUR 3.8 to 5.0 per sqm per month. In the case of urban logistics space, rents  ranged from EUR 5.0 to 7.5 per sqm per month. The highest rent levels were observed within the  administrative boundaries of Warsaw, in Upper Silesia, and in Kraków. 

Stable rents are important for two reasons. 

First, they allow investors to forecast income more accurately.

Second, they show that the market does not have to compete only through price reductions. In good  locations and modern buildings, tenants are willing to pay for access to infrastructure, labour,  transport, and operational flexibility. 

Warehouses attract institutional capital 

The safety of a market segment can also be assessed by looking at who is buying the assets. If large  funds, REITs, and international capital are investing in the market, it means that the sector is being  analysed as a long-term income-generating asset. 

According to Knight Frank, the value of investment transactions in the Polish warehouse market  reached almost EUR 1.5 billion in 2025, representing an 11% year-on-year increase. The number of  transactions increased by 17%, and a significant part of the activity came from international  institutional investors looking for low-risk assets with long-term rental growth potential. 

This is a very strong argument. Institutional investors do not buy warehouses only because the  sector is fashionable. They buy them because they see recurring income, market liquidity, stable  tenants, and long-term trends supporting demand. 

Warehouses are less exposed to remote work than offices 

One of the reasons why warehouses have gained importance in investors’ portfolios is their  resilience to some of the changes that have affected other commercial real estate segments. 

The office market in many countries has had to face hybrid work, changes in work organisation, and  greater tenant selectivity. As a result, some older or poorly located offices have lost attractiveness. A  warehouse, however, cannot be replaced by a video conference. Goods still have to be physically  stored, picked, and delivered. Commercial real estate market analyses indicate that the office sector  has been more strongly affected by remote work, while warehouses and other assets connected with  the real economy continue to be supported by operational demand. 

Of course, this does not mean that every warehouse is immune to the economic cycle. However, the  function of a warehouse is much more fundamental to a company’s operations than some office  space. 

E-commerce and returns logistics strengthen demand 

E-commerce remains one of the most important drivers of demand for logistics space. Even though  the growth rate of online retail has stabilised after the pandemic, customer expectations are much  higher than a few years ago. 

Customers expect: 

– fast deliveries, 

– wide product availability, 

– easy returns, 

– short order fulfilment times,

– greater delivery transparency. 

Each of these elements requires warehouse space. What is more, returns logistics is often more  complex than the sale itself. A product must return to the system, be checked, repacked, reclassified,  and often placed back on sale. 

This creates ongoing demand for well-organised fulfilment centres, urban warehouses, regional  warehouses, and space for 3PL operators. 

3PL operators increase market stability 

3PL logistics operators are one of the most important types of warehouse tenants. They serve  manufacturers, retail chains, e-commerce businesses, importers, exporters, and distribution  companies. 

Their presence increases market stability because a 3PL operator often serves many clients within  one facility or one warehouse network. As a result, demand does not depend only on one sector. 

If a logistics operator manages a location well, the warehouse can be used by different sectors over  the following years. This increases the flexibility of the property and reduces the risk associated  with a single tenant. 

In Poland, demand for warehouse space is strongly connected with 3PL operators, retail chains, and  light manufacturing, which confirms the diversification of the tenant base. 

Light manufacturing increases the importance of warehouses 

Modern warehouses are increasingly not only places for storage. They also perform production and  logistics functions: assembly, packaging, labelling, servicing, quality control, product testing, kit  preparation, and spare parts handling. 

This is very important for investors. The more functions a warehouse can perform, the greater its  usefulness for tenants. 

According to Knight Frank, in 2025 warehouse space used by light manufacturing accounted for  approximately 15% of total leasing volume in Poland. The largest concentration of such  transactions was visible in the Warsaw region, Central Poland, and Upper Silesia. 

This trend increases the safety of the sector because warehouses are beginning to support not only  distribution, but also part of industrial processes. 

Nearshoring increases long-term demand 

Nearshoring, meaning the relocation of production and logistics closer to customers, is one of the  most important trends supporting the warehouse market. 

After the experience of the pandemic, transport disruptions, the war in Ukraine, and trade tensions,  companies want to keep part of their stock and processes closer to the end market. For Europe, this  means the growing importance of locations in Central Europe, including Poland. 

Nearshoring may increase demand for:

– Class A warehouses, 

– production and warehouse facilities, 

– BTS projects, 

– distribution centres, 

– warehouses near borders, 

– space along motorways, 

– facilities for 3PL operators. 

For investors, this means that demand for warehouses is not based only on short-term economic  conditions. It is supported by a change in supply chain strategies. 

Why does location still determine safety? 

Not every warehouse is equally safe. The biggest mistake an investor could make would be to  assume that the whole segment is automatically defensive. Warehouse safety depends primarily on  location. 

The safest facilities are usually located: 

– near motorways and expressways, 

– close to large consumer markets, 

– near borders and transport corridors, 

– in regions with access to labour, 

– near intermodal terminals, 

– in locations where land availability is limited, 

– in places with real tenant demand. 

A well-located warehouse is easier to re-let. A weak location, even with a good building, may mean  a higher vacancy risk. 

Western Poland and the German border 

Western Poland is particularly important for warehouse investors. It combines access to the Polish  and German markets, lower costs than on the German side, and the ability to serve several markets  from one location. 

For logistics and manufacturing companies, proximity to Germany is a major advantage. For  investors, it means a broader base of potential tenants. 

Locations along the A2 motorway and near the German border may be especially attractive for:

– 3PL operators, 

– e-commerce, 

– manufacturing companies, 

– cross-border distribution, 

– companies serving the German market, 

– buffer warehouses, 

– returns logistics. 

In this context, projects such as Gateway A2 in Świecko fit well with current market needs. A  location near the German border and the A2 corridor may be an argument both for tenants and for  investors looking for assets connected with cross-border logistics. 

https://gatewaya2.com

https://gatewaya2.de

The safety of warehouses comes from several layers of  protection 

A warehouse can be a safe investment because it has several layers of protection. The first layer is the tenant, meaning the company that needs space to run its operations. The second layer is the lease agreement, which provides predictable income. The third layer is the location, which increases the ability to re-let the space. The fourth layer is the technical standard of the building. 

The fifth layer is market demand, supported by e-commerce, 3PL, retail, manufacturing, and  nearshoring. 

The sixth layer is limited supply, which reduces the risk of excessive competition. Only the combination of these elements creates a safe investment. 

Which warehouses are the safest for investors? 

The safest warehouses usually have: 

– a good location, 

– a long lease agreement, 

– a reliable tenant, 

– stable rent,

– indexation potential, 

– a modern technical standard, 

– access to energy, 

– automation potential, 

– environmental certification, 

– a flexible layout, 

– the ability to divide space into modules, 

– good access to employees, 

– alternative re-letting scenarios. 

The greatest risk applies to facilities that are too specialised, located in weak locations, dependent  on one tenant, and difficult to re-commercialise. 

What are the risks of investing in warehouses? 

Warehouses are one of the safer categories of commercial real estate, but they are not risk-free. A  reliable investment article should also show these risks. 

The most important risks include: 

– rising vacancy in weaker locations, 

– oversupply in selected regions, 

– a decline in tenant activity during a recession, 

– rising financing costs, 

– rising construction costs, 

– problems with access to energy, 

– tenant insolvency risk, 

– technical ageing of the building, 

– insufficient ESG parameters, 

– difficulty in re-letting highly specialised facilities. 

This means that investing in warehouses requires analysis. The safest assets are not all warehouses,  but those that are well leased, well located, and technically modern.

Warehouses compared with other commercial real estate  segments 

Compared with other commercial real estate segments, warehouses have several advantages. Compared with offices, they are less exposed to remote work. 

Compared with traditional retail, they are supported by e-commerce. 

Compared with hotels, they have a more predictable income model. 

Compared with institutional rental housing, they often offer a larger scale of a single transaction. Compared with investment land, they generate current income, provided they are leased. 

This is why warehouses are often treated as income-generating assets for investors seeking stability  and exposure to the real economy. 

Key takeaways 

Warehouses are today one of the safest categories of commercial real estate, provided they have a  good location, a strong tenant, and an appropriate lease agreement. 

Lease stability comes from the fact that a warehouse is part of the tenant’s supply chain. Long-term lease agreements provide more predictable cash flows. 

In 2025, renewals accounted for 52% of total demand for warehouse space in Poland, showing  tenants’ attachment to existing locations. 

New supply in Poland fell to 1.7 million sqm in 2025, down 35% year on year, reducing the risk of  excessive supply. 

At the end of 2025, 60% of warehouse space under construction was secured by pre-let agreements. 

The vacancy rate decreased to 7.4% at the end of December 2025, indicating an improvement in  market balance. 

The value of investment transactions in the Polish warehouse market reached almost EUR 1.5  billion in 2025, an 11% year-on-year increase. 

Warehouses are supported by e-commerce, 3PL, retail, light manufacturing, nearshoring, and  shorter supply chains. 

The greatest potential lies in modern Class A warehouses located along major transport corridors,  including near the German border. 

FAQ: Why are warehouses a safe type of commercial real  estate?

Are warehouses a safer investment than offices? 

In many cases, yes, because warehouses are less exposed to remote work and directly support trade,  manufacturing, e-commerce, and distribution. However, this does not mean that every warehouse is  safe. Location, tenant quality, and lease length are crucial. 

Where does warehouse lease stability come from? 

Stability comes from the fact that the warehouse is part of the tenant’s supply chain. Changing a  warehouse location may require the reorganisation of transport, employees, inventory, and customer  service, which is why companies often prefer to extend leases in proven facilities. 

Why do tenants sign long-term agreements? 

Tenants sign long-term agreements because a warehouse performs an operational function. The  more the facility is adapted to the tenant’s processes, the more beneficial it is to maintain a stable  location for many years. 

Are vacancies a threat to investors? 

Vacancies are a risk, but they must be analysed in the context of location and demand. If vacancies  are falling and demand remains active, the market may be in a stabilisation phase. The greatest  problems are usually properties in weak locations or with a low technical standard. 

Which warehouses are the safest? 

The safest warehouses are modern Class A facilities located near motorways, major cities, borders,  intermodal terminals, and in regions with access to labour. A reliable tenant and a long lease  agreement are also very important. 

Are warehouses still attractive to investors? 

Yes. Knight Frank data shows that in 2025 the value of investment transactions in the Polish  warehouse market increased to almost EUR 1.5 billion, while the number of transactions grew by  17%. This confirms investor interest in this segment. 

Does e-commerce still support the warehouse market? 

Yes. E-commerce requires fulfilment centres, regional warehouses, returns logistics, and fast  distribution. Even if the pace of online retail growth is more stable than during the pandemic,  customer expectations regarding fast delivery continue to support demand for warehouse space. 

Does Gateway A2 fit the trend of safe warehouse assets? 

Gateway A2 in Świecko fits the trend of modern logistics space located along important transport  corridors. Its location near the German border and the A2 motorway may be attractive for  companies serving the Polish and German markets, 3PL operators, e-commerce companies, and  manufacturers. 

https://gatewaya2.com

https://gatewaya2.de

Summary 

Warehouses are today one of the safest categories of commercial real estate because they combine  long-term demand, lease stability, multi-year agreements, and strategic importance for the economy.  Modern logistics space supports trade, manufacturing, e-commerce, 3PL operators, nearshoring, and  shorter supply chains. 

At the same time, the market is becoming more mature. Developers are building more cautiously, a  larger share of space under construction is secured by pre-lets, and institutional investors continue  to actively buy good warehouse assets. 

This does not mean that every warehouse investment is automatically safe. Location, tenant quality,  lease length, technical standard, re-letting potential, and the infrastructure environment are all  crucial. 

The greatest potential lies in modern warehouses located along major transport corridors, near large  consumer markets and borders. In this context, western Poland and locations along the A2  motorway and near the German border may be particularly interesting for investors and tenants. 

What comes next? 

Since warehouses are today considered one of the safest categories of commercial real estate, it is  worth asking the next question: how do foreign investors view the Polish warehouse market? 

International capital plays a major role in the development of modern logistics parks, the financing  of warehouse projects, and the selection of locations with the strongest growth potential. 

In the next article, we will analyse the topic: How do foreign investors view the Polish warehouse  market? We will discuss what attracts foreign capital to Poland, the importance of stable tenants,  long-term leases, location, yields, market scale, and why western Poland and the A2 corridor may  be particularly interesting from an investor’s perspective.