Retail
Cushman & Wakefield has summarised the situation on the Polish retail market in the second quarter of 2024. There were eight new retail completions with the development pipeline comprising approximately 400,000 sq m. This indicates healthy supply levels amid unwavering occupier demand and strong retail sales, shopping centre footfall and turnover figures.
Office
At the end of the second quarter of 2024, the combined office stock of Poland’s largest markets (Warsaw, Krakow, Wrocław, Tricity, Katowice, Poznań, Łódź, Lublin, and Szczecin) amounted to nearly 13 million sq m. New office supply reached approximately 125,000 sq m.
Hospitality
The investment transactions volume in Poland grew by 82% year on year, reaching EUR 83 million. The Warsaw hotel market continued to prove its strength, resilience and attractivity. Increased cost of financing and ongoing economic and geopolitical headwinds in the CEE region caused 2023 transaction volumes in CEE to drop by 18% compared to 2022. However, the volume invested by international buyers increased by 197% over the same period, illustrating the region’s rising attractiveness for inbound capital. Several significant deals are progressing since the year-end 2023, suggesting transaction volumes will rise in 2024.
Industrial
Occupier demand was notably weaker on the Polish industrial market in the first quarter of 2024. However, despite a double-digit decline in take-up, Poland was one of the most active leasing markets in Europe. Development activity also stabilised, but this year’s new supply is forecast to be the fourth highest in the history of the Polish industrial market.
