Retail
A summary of retail supply in the third quarter shows that approximately 90,000 sq m of new GLA was delivered to the market (including 73,000 sq m in retail parks). As much as 618,000 sq m of retail space is currently under construction. The average footfall in shopping centers in the third quarter reached approximately 425,000 customers per facility. September was the only month with a year-on-year increase in customer numbers of 3.3%. Turnover in January-August 2025 increased most in services (>8%) and F&B and entertainment (>6%). However, it should be noted that gastronomy is struggling with a significant increase in operating costs and good turnover results do not directly translate into profits.
Office
At the end of Q2 2025, the total stock of modern office space in the largest markets in Poland (Warsaw, Kraków, Wrocław, Tricity, Katowice, Poznań, Łódź, Lublin, and Szczecin) amounted to 13.076 million square meters. The total volume of newly delivered projects since the beginning of the year was low, reaching approximately 88,000 square meters, the vast majority of which (85,000 square meters) was located in Warsaw.
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
In Q2 2025, Poland’s industrial market maintained solid momentum – gross take-up reached 1.84 million sqm (+7% y/y), although net take-up declined by 15%. Renewals accounted for 53% of leasing activity. A total of 468,000 sqm of new space was delivered, while 1.47 million sqm remains under construction (-26% y/y). The vacancy rate fell to 8.2%. Headline rents remained stable, but the high level of available space and moderate pace of new developments support continued negotiation flexibility across most regional markets. Market fundamentals remain strong, although geopolitical uncertainty continues to influence tenant and developer decisions.
