Retail
The second quarter of 2025 closes with the supply of new retail space at 90,000 sqm of GLA. Unlike in previous quarters, the latest additions included more than just retail parks. In May 2025, Designer Outlet Kraków, the city’s first factory outlet centre, opened its doors. Retail development pipeline hits new highs, with 593,000 sqm slated for delivery. New retail brands have an appetite for the Polish market. The second quarter saw 6 debuts of new retail chains.
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 Q1 2025, Poland’s industrial market showed stable demand with 1.11 million sqm of gross take-up, up 16% year-on-year, though net take-up fell by 20%. Renewals dominated, accounting for 56% of leasing activity. Development slowed significantly, with only 1.37 million sqm under construction – the lowest since 2017. Vacancy rose to 8.5%, driven by speculative supply. Despite flat headline rents, effective rates declined due to incentives. Long-term fundamentals remain strong, supported by e-commerce, infrastructure investment, and supply chain regionalisation, though geopolitical uncertainty continues to impact expansion and new development.
