Industrial
The industrial market remained subdued in Q2, though leasing activity showed notable improvement. Gross take-up reached 103,000 sqm (+64% vs Q1), of which net take-up accounted for 73,000 sqm. Completions totalled 77,800 sqm across five projects, primarily in Western Slovakia. Development under construction remained unchanged at 318,600 sqm, with a 60% pre-lease rate. Market sentiment remains cautiously optimistic, with developers and investors actively acquiring land. Interest remains focused on well-established assets. Market recovery is expected toward year-end.
Office
H1 leasing activity exceeded 100,000 sqm, with Q2 contributing 36,500 sqm—slightly below the 5-year Q2 average. Renegotiations made up 55% of all transactions and are expected to remain dominant due to limited new supply. A-class buildings led the activity (56%), followed by B-class (33%) and A+ (11%). The public sector continues to drive demand. Vacancy rate slightly decreased to 14.41%. New development remains limited, with “Zváračák” (4,000 sqm) expected to be the next completion.
Retail
Retail parks remained the dominant development format in Q2, with three new openings: OPC Liptovský Mikuláš (4,500 sqm), Retail Park Liptovský Mikuláš (4,000 sqm), and OC Klokan in Senica (2,200 sqm). An additional 46,600 sqm is scheduled for delivery by year-end, with 74,000 sqm planned for 2026. New brand entries included Müller (City Park Trenčín) and Adidas (Eurovea), with upcoming openings by Victoria’s Secret (Aupark) and Smyk (Bory Mall). Fitness operators continue to expand. While total turnover declined, the supermarket and hypermarket segment rose by 9%.
Residential
Following a weak start to the year, the Bratislava new-build residential market saw a strong rebound, with 797 units sold in Q2—marking the second strongest quarter in four years. Demand focused on smaller two-room apartments in city outskirts. Active supply stabilised at 3,239 units, with an average sold unit size of 58 sqm. The average price per sqm of sold units fell slightly (–0.9%), while asking prices increased (+1.8%). Despite higher VAT, developers are offering incentives such as subsidised financing or furnishings. Absorption rate reached 24.6%, approaching long-term averages. By year-end, absorption is expected to stabilise at 15–20%. Declining mortgage rates are also supporting the recovery.
Investment
The investment market achieved a record-breaking €536 million in H1, exceeding the total transaction volume of 2024. Investor demand was driven by strong activity in the industrial and logistics sector (57%), followed by retail assets (34%) and office properties (7%). Major deals included Blackstone's acquisition of the Contera/TPG portfolio and sale-and-leaseback agreements by Tesco and DSV. Domestic investors accounted for the majority of activity (53%), while foreign investors are approaching the Slovak market with caution due to geopolitical uncertainties and government policy impacts.
Get the full Slovakia property market picture with all the market data by downloading the reports.
