Retail
In the first quarter of 2025, the Polish market was expanded by 47,000 sqm. GLA of modern retail space. At the same time, no closures were recorded. As much as 515,000 sqm. is under construction, 76% of which is retail park space. Five brands debuted on the Polish market in the first quarter and opened their first stationary store. Retail sales in January rose by as much as 4.8% y/y in constant prices, while February experienced a decline of -0.5% y/y.
Office
In the first quarter of 2025, Warsaw's total office stock stood at nearly 6.3 million sqm. According to Cushman & Wakefield, the city's office market is expected to expand by approximately 135,000 sqm this year across five office projects located in central zones.
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
Summary of the situation in the warehouse and industrial space market in Poland in 2024: the level of demand remained stable at nearly 6 million sq m of leased space, an increase of 4% compared to 2023. Moreover, lease transactions in the Polish market accounted for as much as 59% of the contracts finalised in the CEE region (9.83 million sq m). On the other hand, development activity is slowing down - the volume of projects started last year was the lowest since 2016. This, in turn, should lead to a decline in vacancy over time.
