While European logistics is in decline, Poland is growing by 121%. Central Europe is buoyed by higher yields

Investment in industry and logistics in Europe fell by 21% year-over-year in the first quarter of 2026, with the decline spreading across markets—France -52%, the Netherlands -43%, Spain -39%, the United Kingdom -29%, Germany -11%. The only major market that bucked the trend significantly was Poland, with growth of 121%.

The volume of commercial real estate investment in Poland exceeded 1 billion euros, which is roughly one-fifth more than the five-year average. This increased interest is driven by a combination of stable demand and the yield premium across the entire Central European region.

The difference is evident in prime logistics yields: while they stand at 4.50% in Germany and 5.00% in France, they are significantly higher in Central and Southeastern Europe— Prague 5.00%, Bratislava 6.10%, Warsaw 6.25%, Budapest 6.75%, and Bucharest 8.25%. The region thus offers investors better returns while maintaining structural demand.

This demand is driven by a shortage of land and slow new construction, which have pushed prime logistics rents in Europe up by 2.7% year-over-year—and in Central Europe, this supply shortage is even more pronounced.

“Poland and the broader region are a logical choice for logistics investors—you get a higher yield than in the West, while being backed by real demand for warehouses, not speculation. Central Europe remains one of the continent’s key logistics hubs, and the first-quarter figures only confirm this.” — Matěj Indra, Head of Industrial Agency, 108 Real Estate.

Data source: BNP Paribas Real Estate, Q1 2026.