Retail
Data for the fourth quarter show that retail space increased by approx. 314,000 sq m GLA. This is the highest quarterly increase since 2016, confirming that developers are not losing momentum. The entire year 2025 delivered approximately 545,000 sq m of space. As at the end of the fourth quarter, approximately 644,000 sq m of GLA retail space remained under construction. In 2025, 31 brands opened their first brick-and-mortar stores in our country. Throughout 2025, footfall was down by approximately 1% compared to 2024. Turnover results for the January-November period show a year-on-year increase of approximately 2%.
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.
