In the third quarter of 2025, leasing activity in the industrial and logistics real estate market in Slovakia reached approximately 80,000 m². Net leasing activity (i.e., new leases, pre-leases, and expansions) accounted for more than 44,000 m². This represents a decrease of 25% compared to the second quarter and as much as 47% year-on-year. This stems from the quarterly report of the global real estate advisory company CBRE.
New lease agreements (36%) accounted for the largest share of leases, followed by renegotiations (33%), pre-leases (16%), and short-term rentals (12%). Expansions represented 3%.
From a regional perspective, the wider area of Bratislava dominated (45% of the total volume), followed by western Slovakia (43%). Central Slovakia recorded 10% and eastern Slovakia only 2% of the total leased area.
From a sectoral distribution perspective, the 3PL sector dominated, accounting for as much as 39% of the total tenant activity. The automotive sector represented 24%, e-commerce 18%, manufacturing 9%, retail 4%, and other sectors together 6%.
"We see that the market is currently in a slight downturn. Companies are waiting more, but at the same time, they are focusing on optimizing existing spaces. The high share of renegotiations shows that both developers and tenants are looking for common solutions to maintain long-term partnerships," said Michal Cerulík, Head of Industrial & Logistics at CBRE Slovakia.
The vacancy rate of spaces increased to 7.97% in the third quarter, which represents an increase of 213 basis points compared to the second quarter. Thus, it has remained above the 5% threshold since the end of 2024.
Western Slovakia recorded the highest vacancy rate (10.25%), followed by central Slovakia (9.30%). The wider area of Bratislava showed a vacancy of 6.38%, while eastern Slovakia recorded only 3.81% of vacant spaces.
In the third quarter, 124,000 m² of new spaces were added to the market. Another 151,000 m² are currently under construction, which should be completed by the end of 2025. As much as 79% of this volume is already pre-leased.
"Despite the temporary decline in demand, developers are continuing with the ongoing projects. The strong interest in pre-leases confirms that modern and energy-efficient spaces have their stable place in the market."
The highest achievable rent (prime rent) recorded a 1% year-on-year increase and stabilized at €5.80/m²/month. Average rent, on the other hand, slightly decreased to €4.65/m²/month.
