Retail
In the first quarter of 2025, the Polish market was expanded by 47,000 sqm. GLA of modern retail space. At the same time, no closures were recorded. As much as 515,000 sqm. is under construction, 76% of which is retail park space. Five brands debuted on the Polish market in the first quarter and opened their first stationary store. Retail sales in January rose by as much as 4.8% y/y in constant prices, while February experienced a decline of -0.5% y/y.
Office
At the end of the first quarter of 2025, the combined office stock of Poland’s largest markets – Warsaw, Krakow, Wrocław, Tricity, Katowice, Poznań, Łódź, Lublin, and Szczecin – stood at 13.045 million sqm. New office supply in the three months to March totalled just 8,000 sqm, the lowest volume since 2005.
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.
