Industrial
The beginning of 2025 marked a new phase for market with the establishment of the Industrial Research Forum. It aims to provide the most complete, accurate, and transparent data in industrial sector (Cushman & Wakefield, 108 RE, Colliers, iO Partners). Forum also implemented a comprehensive revision of data and total stock methodology, resulting in adjustments to several indicators compared to previous quarters. After a strong 2024, Q1 2025 brought a significant cooling in demand reflecting persistent uncertainties in global and domestic economics. Overall market sentiment remains cautious and reserved. Most tenants have adopted a wait-and-see approach, avoiding long-term commitments.
Office
From Q1 2025, Bratislava Research Forum agreed on a new methodology for office stock calculation. The new approach excludes “owner-occupied” buildings - those fully owned and used by a single entity and state-owned buildings, as they are not available on the market and they skew stock and vacancy data. The updated methodology focuses only on commercially available space, offering a more accurate view of market availability and dynamics. Q1 2025 recorded the strongest first quarter in a decade in terms of demand. Prime rents have been rising consistently since Q1 2024, surpassing €20.00/sqm/month in Q1 2025.
Retail
Q1 2025 confirmed continuous activity in the retail park segment, with five new parks delivered across the country. Investment activity also gained momentum with multiple transactions completed at the beginning of the year – VIVO Shopping with 2 adjacent office towers were sold and Tesco sold five of its galleries across Slovakia as sale & leaseback.
Residential
Smaller units, particularly two-room apartments, dominated buyer demand over the past six months. Overall 501 units in 71 projects were publicly sold in Q1. The average size of sold units decreased by 15% year-on-year, from 68 sqm to 58 sqm. The market is gradually evolving into a two-speed model. On one side, we see higher-quality projects in better locations with a clear competitive edge, where moderate price growth is expected. On the other side, more standardized developments will need to respond more proactively to growing competition, either through price adjustments or by adopting hybrid models.
Investment
Investment activity gained significant momentum in Q1 2025, with total volume reaching €370 million—nearly matching the figure recorded for the entire year 2024. This strong start signals a clear market recovery, with full-year volumes projected to reach between €600 and €800 million by the end of 2025. In 2025, foreign capital dominated the commercial real estate market, accounting for 64% of the total transaction volume, whilst majority of it came from outside of Europe. The remaining 36% came from Czech Republic.
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