Retail
In 2024, 530,000 sqm of GLA was delivered onto the Polish retail market in 2024, marking the highest annual supply since 2015. At the end of December, 375,000 sqm were under construction. 26 new brands entered the Polish retail market in 2024. The vacancy rate in Poland's sixteen largest agglomerations stood at 3%.
Office
At the end of 2024, Warsaw's overall vacancy rate stood at 10.6%, up by 0.2 pp year-on-year but down by 0.1 pp from the third quarter. This equated to 664,400 sqm of unoccupied office space, marking a decrease of approximately 6,000 sqm compared to the third quarter of 2024.
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
According to the latest report from global real estate services firm Cushman & Wakefield, the Polish industrial market saw a marked upturn in occupier activity in the second quarter of 2024, reporting the highest leasing volume in Europe. In addition, Poland’s total industrial stock is poised to soon surpass the 35 million sq m mark.
