Retail
In the first quarter of 2026, developers delivered 73,000 sq m of modern retail space across five new projects (all in the retail park format) and seven extensions. As much as 770,000 sq m of retail GLA remained under construction. This represents an unprecedented record on the Polish retail market in over a decade. Shopping centre footfall in the first quarter of 2026 remained broadly in line with 2025 levels. March was the strongest month of the quarter in terms of footfall, recording a 3.4% year-on-year increase. Tenant turnover in shopping centres rebounded more strongly in the first two months of the year: in January 2026 growth reached nearly 8.5%, while in February it exceeded 4%.
Office
At the end of the fourth quarter of 2025, the combined office stock of Poland’s largest markets – Warsaw, Kraków, Wrocław, Tricity, Katowice, Poznań , Łódź, Lublin, and Szczecin – stood at 12.96 million sqm. New office supply in 2025 remained constrained at just over 109,000 sqm, of which just under 89,000 sqm (81%) was delivered in Warsaw, with only 20,500 sqm completed in regional cities.
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 the fourth quarter of 2025, developers completed 138,000 sq m of new warehouse space, bringing the total market stock to approximately 36.58 million sq m. At the end of the fourth quarter of 2025, the volume of space under construction amounted to 1.79 million sq m. In 2025, demand for modern industrial space exceeded 6.63 million sq m, representing a year-on-year increase of 14%. The structure of demand remained dominated by renegotiations, which accounted for 52% of the total leasing transaction volume. In the fourth quarter of 2025, available warehouse space in Poland totalled just under 2.70 million sq m, translating into a vacancy rate of 7.4%. During the Q4 period, rental levels remained stable, with no significant changes recorded by the market.
Residential
The fourth quarter of 2025 saw a marked improvement in new‑flat sales, accompanied by a further increase in household creditworthiness in Poland. Although asking prices continue to rise, the pace of growth has moderated. Together with record‑low inflation and a series of interest rate cuts implemented last year, these factors are contributing to a stabilisation of market conditions.
