How do foreign investors view the Polish  warehouse market? 

Foreign investors are looking at the Polish warehouse market with growing interest, but they are  also much more selective than they were a few years ago. Poland remains one of the most important  logistics and warehouse markets in Central Europe. However, international capital no longer buys  every warehouse asset simply because it is located in Poland. 

Today, the most important factors are location, lease length, tenant quality, the technical standard of  the building, access to power, ESG performance, re-letting potential, and real occupier demand  from logistics, e-commerce, retail, manufacturing, and 3PL companies. 

From the perspective of foreign investors, Poland is attractive for several reasons. It offers a large  and liquid warehouse market, a strategic location next to Germany, well-developed road  infrastructure, a growing role in European supply chains, and still competitive costs compared with  Western Europe. In addition, the Polish warehouse market is supported by nearshoring, e commerce, contract logistics, and the growing importance of production and warehouse facilities. 

At the same time, investors are cautious. They analyse the market cycle, financing costs, vacancy  levels, location quality, oversupply risk, and capital availability. In practice, this means that the best  warehouse assets in Poland continue to attract capital, while weaker locations and buildings without  long-term leases are assessed much more critically. 

Short answer: how do foreign investors see the Polish  warehouse market? 

Foreign investors see Poland as one of the key warehouse and logistics markets in Central Europe.  They value the scale of the market, occupier demand, proximity to Germany, competitive costs,  infrastructure development, and potential for rental growth. At the same time, they are increasingly  focused on high-quality assets: modern Class A warehouses, long-term leases, reliable tenants, and  locations along major transport corridors. 

Key factors foreign investors analyse

Poland is back on investors’ radar 

After a period of slowdown in the European commercial real estate market, Poland is once again  attracting investor attention. According to CBRE, investment volume in the Polish commercial real  estate market exceeded EUR 3.03 billion in the first half of 2026. This represented a 78% year-on year increase and the strongest first-half result since 2018. CBRE also points out that capital flowed  into all major asset classes, supported by improving financing conditions, rising capital values, and  expectations of further rental growth. Source: CBRE [1]. 

This is a very important signal. Foreign investors increasingly see Poland as an important part of the  European investment market, especially in sectors connected with logistics, retail, manufacturing,  and long-term income. 

Poland is also benefiting from a broader trend. After several years of high interest rates and lower  property valuations, some investors are once again analysing commercial real estate opportunities.  However, this does not mean a return to buying assets without careful analysis. Capital is now more  selective, more analytical, and more demanding. 

What do investment market data show? 

According to Avison Young, total investment volume in Poland reached EUR 4.5 billion in 2025,  with 151 transactions completed during the year. The fourth quarter alone accounted for more than  40% of the annual result. At the same time, the 2025 market was more fragmented than in previous  years, as numerous medium-sized transactions dominated instead of a small number of very large  deals. Source: Avison Young [2]. 

This shows that the market did not stop, but its structure changed. Investors are still buying real  estate, but they are more often choosing medium-sized transactions, income-producing assets, and  projects where risk is clearly defined. 

From the perspective of the warehouse market, JLL data are particularly important. In the first  quarter of 2026, the value of commercial real estate investment transactions in Poland exceeded  EUR 1 billion. In the warehouse sector alone, transaction volume reached almost EUR 450 million.  JLL indicates that the warehouse and logistics sector attracted the strongest investor interest, with  investors focusing on assets with long-term lease agreements. Source: JLL [3]. 

This clearly shows how foreign capital thinks. Investors want to buy not only buildings, but above  all stable income secured by a long lease and a strong tenant. 

Why are warehouses attractive to foreign investors? 

Warehouses are attractive because they combine several features that are especially important for  international capital.

First, they generate rental income based on real economic needs. 

Second, warehouse tenants often sign long-term lease agreements because the warehouse is part of  their supply chain. 

Third, modern logistics assets can be easier to re-let than highly specialised properties in other  sectors, provided they are located in the right place. 

Fourth, the sector is supported by long-term trends: e-commerce, contract logistics, nearshoring,  supply chain diversification, and the development of manufacturing in Central Europe. 

Fifth, Poland offers investors access to a large market while still maintaining competitive costs  compared with Western Europe. 

This makes Polish warehouses attractive both for core investors looking for stable income and for  core-plus or value-add investors looking for assets with potential for value growth. 

Poland is a large and liquid warehouse market 

One of the most important arguments for foreign investors is scale. A large market provides greater  liquidity, more tenants, more transactions, and a better chance of exiting the investment in the  future. 

According to CBRE, at the end of the first quarter of 2026, total modern warehouse and logistics  stock in Poland reached 37.4 million sqm, representing a 6.1% year-on-year increase. Around 1.46  million sqm was under construction, and 653,000 sqm of new warehouse space was delivered in the  first quarter of 2026. Source: CBRE [4]. 

For a foreign investor, this scale is very important. A market with tens of millions of square metres  of warehouse stock is more transparent, more professional, and more comparable with Western  European markets. It is also easier to benchmark rents, vacancy rates, yields, construction costs, and  investment transactions. 

Occupier demand remains one of the main arguments 

A foreign investor always asks one fundamental question: will there be demand for this space in 5,  10, or 15 years? 

In the case of Poland, the answer remains positive. According to CBRE, tenants leased a total of  1.58 million sqm of warehouse space in the first quarter of 2026. The highest activity was recorded  in the Mazowieckie, Wielkopolskie, Dolnośląskie, and Łódzkie regions. At the end of March 2026,  the vacancy rate stood at 7.3%, which CBRE interpreted as a continuing balance between supply  and demand. Source: CBRE [4]. 

For foreign investors, the level of demand is important, but the structure of demand matters just as  much. The most attractive locations are those where demand comes from many sectors: 3PL, retail,  e-commerce, FMCG, automotive, light manufacturing, pharmaceuticals, electronics, and  international distribution. 

The more diversified the tenant base, the lower the risk that a slowdown in one sector will affect the  entire project.

Long-term leases are critical for foreign capital 

For a foreign investor, a long-term lease agreement is often more important than the building itself.  It determines cash flow predictability, asset value, and the possibility of financing the acquisition. 

This is why investors are particularly interested in warehouses with: 

– long-term lease agreements, 

– strong tenants, 

– rent indexation, 

– good lease security, 

– clear service charge rules, 

– extension options, 

– technical flexibility, 

– alternative re-letting scenarios. 

JLL indicates that in the first quarter of 2026, investors in the warehouse and logistics sector  focused on assets with long-term lease agreements. One example was the acquisition of a portfolio  of five logistics complexes by the US fund W.P. Carey from Raben Group for approximately EUR  170 million. Source: JLL [3]. 

This is an important example because it shows American capital’s interest in logistics assets in  Poland, especially where a good location can be combined with long-term income. 

Sale and leaseback is gaining importance 

One trend closely watched by foreign investors is sale and leaseback. In this type of transaction, a  company sells its own property to an investor and then remains in the building as a long-term  tenant. 

For the company, this means releasing capital from real estate and using it to develop its core  business. 

For the investor, it means acquiring an asset with a tenant, a long lease, and predictable income. 

JLL indicates that sale and leaseback has become an important trend in the industrial sector. One  example was a record transaction in which Eko Okna sold two modern factories with a total area of  264,000 sqm to Realty Income. According to JLL, this was the largest sale and leaseback  transaction in the history of Central and Eastern Europe. Source: JLL [5]. 

For foreign investors, this type of transaction is attractive because it combines an industrial property  with long-term income from an operator that actually uses the asset in its business. 

Foreign capital is returning, but it is more selective

The Polish warehouse market remains strongly supported by foreign capital. In 2026, international  investors continue to play a major role in the industrial and logistics sector. At the same time, the  first signs of a return of Western institutional investors are visible. 

This means that foreign investors still see potential in Poland, but they are no longer acting as  aggressively as they did during the period of very low interest rates. Today, every acquisition must  make sense on several levels: financial, technical, locational, and operational. 

Investors analyse: 

– whether the rent is at market level, 

– whether the tenant is financially stable, 

– whether the building meets ESG requirements, 

– whether there is access to power, 

– whether the location has real tenant demand, 

– whether refinancing is possible, 

– whether the asset will remain liquid at exit, 

– whether the purchase makes sense at the current cost of debt. 

This approach is more mature. The Polish warehouse market is no longer only a “buy the growth”  market. It is becoming a “buy quality” market. 

European investor preferences: location and quality 

The CBRE European Investor Intentions Survey 2025 shows that the Industrial & Logistics sector  remains one of the most important asset classes for European investors. The survey included 781  investors, and 209 of them identified Industrial & Logistics as their main asset class for acquisitions  in 2025. CBRE reports that 27% of respondents selected Industrial & Logistics as their main asset  class, while 68% of investors focused on I&L planned to buy more in 2025. Source: CBRE [6]. 

This shows that interest in logistics is not only a Polish phenomenon. It is part of a broader  European trend. 

CBRE also indicates that I&L investors clearly prioritise location and quality. 73% of investors  target facilities in major markets, while approximately 60% focus on modern buildings. Source:  CBRE [6]. 

For Poland, this is a very important message. It is not enough to own a warehouse. It has to be a  warehouse in the right location, with the right technical standard and the right tenant profile. 

Foreign investors are looking for quality, not only higher  yields 

In the past, some investors looked at Poland mainly through the lens of higher yields compared with  Western Europe. Today, this argument is still important, but it is no longer enough.

Foreign investors do not ask only: what is the yield? 

They also ask: 

– does this yield reflect an attractive opportunity or real risk? 

– will the tenant stay after the lease expires? 

– can the rent increase at renewal? 

– will the location still be attractive in 10 years? 

– will the building meet future technical requirements? 

– will a bank finance the acquisition? 

– will the asset remain liquid at exit? 

This is an important change. A high yield alone is no longer a sufficient recommendation. In some  cases, it may actually signal risk. That is why investors increasingly choose assets that combine a  reasonable return with location quality, stable income, and potential for value growth. 

Poland compared with Western Europe 

Poland competes for capital with markets such as Germany, the Netherlands, France, the Czech  Republic, Spain, and Italy. Each of these markets has a different profile. 

Germany is Europe’s largest economy and a very mature logistics market, but it offers lower yields  and higher entry costs. 

The Netherlands has excellent logistics infrastructure, but the market is highly competitive and  expensive. 

The Czech Republic is close to Germany, but it has a smaller market scale and limited land  availability in the best locations. 

Poland offers greater scale than many regional markets, still competitive costs, proximity to  Germany, and a growing role in European supply chains. 

CBRE’s European Logistics Outlook 2026 indicates that the gap between prime logistics assets and  weaker properties in Europe is expected to widen, strengthening the “flight to quality” trend. CBRE  also forecasts that European prime logistics rental growth will slow to around 1.8% in 2026,  although selected Central and Eastern European markets may perform better. Source: CBRE [7]. 

For Poland, this creates a major opportunity, but primarily for the best locations and projects.  Investors will distinguish prime warehouses from secondary assets much more strongly than a few  years ago. 

Which locations in Poland are most interesting to foreign  investors?

From the perspective of foreign investors, the most important locations are those that combine  occupier demand, strong infrastructure, and the ability to serve several markets. 

The most important regions include: 

– Warsaw and the surrounding area, 

– Upper Silesia, 

– Central Poland, 

– Wielkopolska, 

– Lower Silesia, 

– Western Poland, 

– locations near the German border, 

– the A2 and A4 motorway corridors, 

– locations near intermodal terminals, 

– areas close to seaports. 

Not every location is attractive for the same reason. Warsaw provides access to the largest consumer  market. Upper Silesia offers a strong industrial base. Central Poland supports national distribution.  Lower Silesia and Wielkopolska are important because of their links with Germany and Western  Europe. 

Western Poland is particularly important for investors analysing the possibility of serving the  German market from the Polish side of the border. 

Western Poland and the A2 corridor from an investor  perspective 

Western Poland is one of the most interesting areas for warehouse investors because it combines  several advantages. 

First, it is close to Germany, the largest economy in Europe. 

Second, it allows companies to serve both the Polish and German markets from one location. 

Third, it offers competitive operating costs compared with many locations on the German side of  the border. 

Fourth, the A2 motorway corridor provides a connection with Poznań, Łódź, Warsaw, and Western  Europe. 

Fifth, locations close to the border may be attractive for 3PL operators, e-commerce companies,  cross-border distribution, light manufacturing, and companies building inventory closer to  customers.

In this context, projects such as Gateway A2 in Świecko fit the way many foreign investors think  about logistics. A location on the German border and next to the A2 motorway may be attractive for  companies looking for modern warehouse space to serve Poland, Germany, and Central Europe. 

Gateway A2 – English version 

Gateway A2 – deutsche Fassung 

How do investors assess risk? 

A foreign investor does not look only at growth potential. Risk is just as important. The most frequently analysed risks include: 

– financing costs, 

– currency risk, 

– vacancy levels, 

– labour availability, 

– access to power, 

– oversupply risk, 

– technical standard of the building, 

– ESG requirements, 

– market liquidity at exit, 

– lease length, 

– tenant risk, 

– re-letting potential, 

– competition from new projects, 

– land prices, 

– the length of administrative procedures. 

Projects that reduce these risks have the strongest advantage. This is why long leases, good  locations, flexible building layouts, divisible units, and strong infrastructure access are so important. 

ESG and power are becoming requirements, not additions 

For foreign investors, ESG is no longer only an image-related issue. It increasingly affects  financing, valuation, tenant interest, and the possibility of selling the asset in the future. 

A modern warehouse must answer several questions:

– does the building have environmental certification, 

– does it consume less energy? 

– does it use LED lighting? 

– is photovoltaic installation possible? 

– does the tenant have access to sufficient power? 

– does the building help reduce emissions? 

– will the asset meet fund requirements in a few years? 

CBRE indicates that power availability, competition for land, and a pragmatic approach to climate  transition will become increasingly important in European logistics. Securing access to power is  becoming a key issue because grid capacity in many locations is close to its limits. Source: CBRE  [7]. 

For investors in Poland, this means that warehouse attractiveness will increasingly depend not only  on location near a motorway, but also on energy infrastructure. 

Do foreign investors still believe in rental growth? 

Yes, but more cautiously. In recent years, rental growth was supported by inflation, construction  costs, limited supply in the best locations, and high technical requirements from tenants. Today,  investors are assuming a more moderate scenario. 

CBRE forecasts that prime logistics rental growth in Europe will slow to around 1.8% in 2026,  although selected Central and Eastern European markets may perform better. At the same time,  CBRE indicates that the gap between the best assets and the rest of the market will widen. Source:  CBRE [7]. 

This means that foreign investors no longer automatically expect fast rental growth in every project.  Growth will be more selective. The greatest potential will be found in locations with limited new  supply, strong occupier demand, and high replacement costs. 

What attracts foreign capital to Poland? 

The main factors attracting foreign capital to the Polish warehouse market include: – large market scale, 

– transaction liquidity, 

– stable occupier demand, 

– proximity to Germany, 

– Poland’s growing role in supply chains, 

– nearshoring,

– e-commerce growth, 

– the strong role of 3PL operators, 

– competitive costs, 

– potentially attractive risk premium compared with Western Europe, 

– availability of modern Class A assets, 

– sale and leaseback opportunities, 

– rental growth potential in the best locations, 

– infrastructure development, 

– a large number of international tenants. 

Poland is no longer treated as an experimental market. For many investors, it has become a  permanent part of their European investment strategy. 

What can limit investor interest? 

Despite the attractiveness of the Polish market, there are also factors that may limit foreign investor  activity. 

The main barriers include: 

– high cost of debt, 

– uncertainty around interest rates, 

– pricing gaps between buyers and sellers, 

– currency risk, 

– banking caution, 

– rising construction costs, 

– power availability, 

– lengthy administrative procedures, 

– oversupply risk in selected locations, 

– growing ESG requirements, 

– tenant selectivity, 

– a shortage of suitable prime assets for sale.

This means that the Polish warehouse market remains attractive, but it is not risk-free. Foreign  investors are ready to buy, but they expect better data quality, clearer assumptions, and greater  pricing discipline. 

Which warehouse assets are most sought after today? 

The strongest interest from foreign investors is focused on: 

– modern Class A warehouses, 

– assets with long-term lease agreements, 

– properties leased to reliable tenants, 

– warehouse portfolios, 

– BTS facilities, 

– sale and leaseback assets, 

– warehouses near motorways, 

– locations close to the German border, 

– distribution centres for e-commerce, 

– facilities for 3PL operators, 

– production and warehouse space, 

– warehouses with ESG potential, 

– assets with expansion possibilities. 

Older, poorly located assets requiring significant capital expenditure, with short leases or a single  higher-risk tenant, are much less attractive. 

Is the Polish warehouse market already mature? 

Yes, the Polish warehouse market can now be considered mature, although it is still developing. Its  maturity comes from the scale of stock, the presence of international developers, global tenants,  major investment funds, and an increasingly professional transaction structure. 

However, market maturity also means greater selectivity. In a mature market, the phrase “warehouse  in Poland” is no longer enough. A project must demonstrate the right location, tenant, lease  structure, technical parameters, and exit strategy. 

For the best assets, this is good news. For weaker projects, it creates more pressure. 

How do foreign investors view Gateway A2 and similar  locations?

A foreign investor analysing a project such as Gateway A2 in Świecko will first look at the location  and its function in the supply chain. 

The key arguments include: 

– direct proximity to the German border, 

– location next to the A2 motorway, 

– the ability to serve the Polish and German markets, 

– attractiveness for 3PL operators, 

– potential for e-commerce and cross-border distribution, 

– the importance of Western Poland in nearshoring, 

– the ability to serve Central and Western Europe, 

– access to the Poznań-Berlin corridor, 

– flexible warehouse space for tenants. 

For a foreign investor, such a location may be interesting if the project combines the right technical  standard, real occupier demand, good transport accessibility, and a credible leasing strategy. This is  exactly the direction in which the Gateway A2 project is positioned. 

Key takeaways 

Foreign investors view the Polish warehouse market positively, but increasingly selectively. 

In the first half of 2026, investment volume in the Polish commercial real estate market exceeded  EUR 3.03 billion, representing a 78% year-on-year increase and the strongest first-half result since  2018. 

In 2025, total investment volume in Poland reached EUR 4.5 billion, with 151 transactions  completed. 

In the first quarter of 2026, the warehouse sector recorded almost EUR 450 million in investment  transaction volume. 

Poland had 37.4 million sqm of modern warehouse and logistics space at the end of the first quarter  of 2026. 

Occupier demand reached 1.58 million sqm in the first quarter of 2026, while the vacancy rate stood  at 7.3%. 

Foreign investors focus on assets with long leases, strong tenants, and good locations. 

Sale and leaseback transactions are gaining importance because they provide long-term income for  investors and allow companies to release capital. 

Prime assets, meaning modern warehouses in the best locations, will have the greatest importance.

Western Poland and the A2 corridor may be particularly interesting for investors analysing access to  the German market and cross-border logistics. 

FAQ: foreign investors and the Polish warehouse market Are foreign investors still interested in the Polish warehouse market? 

Yes. Data from 2026 show growing investment activity, and the warehouse and logistics sector  remains one of the most important asset classes. However, investors are more selective and  increasingly focused on asset quality. 

Why is Poland attractive to foreign warehouse investors? 

Poland offers large market scale, proximity to Germany, developed infrastructure, competitive  costs, growing occupier demand, and a strategic location in Central Europe. 

Which warehouses are most attractive to investors? 

The most attractive warehouses are modern Class A facilities located near motorways, major cities,  the German border, and intermodal terminals. Long-term leases and reliable tenants are also crucial. 

Do foreign investors look only at yield? 

No. Yield is important, but investors also analyse location, tenant quality, lease length, ESG, access  to power, refinancing potential, and re-letting prospects. 

Is sale and leaseback important in the warehouse market? 

Yes. Sale and leaseback is gaining importance because it allows companies to release capital while  giving investors an asset with a long-term tenant and predictable income. 

Is Western Poland attractive to foreign investors? 

Yes. Western Poland combines proximity to Germany, access to the A2 motorway, competitive  costs, and the ability to serve both the Polish and German markets from one location. 

Does Gateway A2 meet investor expectations? 

Gateway A2 in Świecko fits the expectations of investors analysing cross-border logistics, access to  the German market, and locations along major transport corridors. Its key advantages are its  location near the German border and next to the A2 motorway. 

Summary 

Foreign investors view the Polish warehouse market as one of the most important and promising  commercial real estate segments in Central Europe. Poland offers large market scale, stable  occupier demand, proximity to Germany, competitive costs, developed infrastructure, and growth  potential supported by nearshoring, e-commerce, and contract logistics.

At the same time, the market has become more mature. Foreign capital remains interested in  Poland, but investors are choosing more carefully. High-quality assets, long-term leases, reliable  tenants, strong locations, ESG, access to power, and re-letting potential are now the most important  factors. 

The projects with the strongest chance of attracting capital are those that combine logistics function,  strategic location, and real usefulness for occupiers. In this context, Western Poland, the A2  corridor, and locations near the German border may play an increasingly important role. 

What comes next? 

As foreign investors analyse the Polish warehouse market more carefully, the next natural question  is: is it still a good time to invest in warehouse real estate? 

In the next article, we will analyse the topic: Is it still a good time to invest in warehouses? We  will look at the market cycle, land prices, financing availability, construction costs, vacancy levels,  rents, and which projects may be most resilient to changes in the economic environment. 

Sources used in this article 

[1] CBRE, Poland Investment Figures Q2 2026. Data on investment volume in Poland in the first  half of 2026: more than EUR 3.03 billion, 78% year-on-year growth, and the strongest first-half  result since 2018. 

[2] Avison Young, Real Estate Investment Market in Poland 2025. Data on investment volume in  Poland in 2025: EUR 4.5 billion, 151 transactions, and more than 40% of the annual result recorded  in the fourth quarter. 

[3] JLL, “Wiosenne przebudzenie na polskim rynku inwestycyjnym”. Data for the first quarter of  2026: more than EUR 1 billion of commercial real estate investment in Poland, almost EUR 450  million in the warehouse sector, and the W.P. Carey / Raben transaction. 

[4] CBRE, “Stabilne zaplecze nowych inwestycji na rynku magazynowym”. Data for the first  quarter of 2026: 37.4 million sqm of warehouse stock, 1.46 million sqm under construction,  653,000 sqm of new supply, 1.58 million sqm of occupier demand, and a 7.3% vacancy rate. 

[5] JLL, “Polski rynek inwestycyjny utrzymuje dobrą formę”. Data and comments on the industrial  and warehouse sector, sale and leaseback transactions, the dominance of foreign capital, and  examples of Eko Okna, LPP, and Adventum transactions. 

[6] CBRE, European Investor Intentions Survey 2025. Data on European investor preferences in the  Industrial & Logistics sector: 781 respondents, 209 investors focused on I&L, 27% selecting I&L as  their main asset class, 68% of I&L investors planning higher acquisition activity, and 73% focusing  on major markets. 

[7] CBRE, European Logistics Outlook 2026. Forecasts for the European logistics market, prime  rental growth, the flight-to-quality trend, power availability, competition for land, and the growing  importance of asset quality.