Economy
Slovakia’s economy is set to lag behind its CEE peers due to trade exposure, elevated inflation, and fiscal pressures, with unemployment expected to rise slightly in 2026. While policy rates are likely to remain unchanged, manufacturing is recovering and the automotive sector continues to attract new investment despite global challenges.
Investment
Investment volumes reached €970 million in 2025, the second-highest on record, with postponed deals likely to support strong Q1 2026 activity, while foreign investors accounted for 50% of the market, reversing the recent dominance of domestic capital. Investor demand remains focused on core and value-add logistics and retail, with office and hotel transactions expected to pick up, and yields forecast to remain broadly stable across all asset classes.
Office
The Bratislava office market remains two-speed, with strong demand and high occupancy in A+ buildings, while older A and B-class assets face higher vacancy and increasing pressure for repurposing. Limited supply and pipeline of prime space is supporting rising rents, expected to reach €21/sq m by year-end and €21.5/sq m in H1 2026, while take-up in 2025 is projected at around 185,000 sq m.
Industrial
The Slovak industrial market slowed during the first three quarters of the year, but a strong year-end and continued momentum into H1 2026 are expected as occupier demand recovers. While 2025 take-up will remain below historical averages and vacancy is set to rise to around 8%, improving demand, high pre-leasing of new supply, and a 311,000 sq m pipeline should support gradual stabilization, with prime rents expected to remain unchanged.
Retail
The Slovak retail market remained one of the key investment sectors in 2025, with ten shopping centres transacted and retail parks driving record new supply of 95,000 sq m, while another 100,000 sq m is planned for 2026. Despite cautious household spending and a slight decline in retail sales, sustained tenant demand in top-performing schemes is expected to support further growth in prime rents across both prime shopping centres and retail parks.
