Industrial
A significant economic downturn in 2023 acted as a drag on warehouse demand, especially when compared to the peak years of 2021-2022. However, despite economic headwinds, last year’s total take-up hit 5.58 million sq m - the third highest result since records began. Net take-up comprising new leases and expansions accounted for 60% of the leasing volume while renewals made up the remaining 40%.
Retail
At the end of 2023 there was approximately 370,000 sq m of retail space under construction and scheduled for opening in 2024-25. Schemes in the pipeline sized over 5,000 sq m include 27 new projects: 21 retail parks, four shopping centres and the Designer outlet centre in Krakow.
Office
At the end of the fourth quarter of 2023, the total office stock of Poland’s largest markets (Warsaw, Krakow, Wrocław, Tricity, Katowice, Poznań, Łódź, Lublin, and Szczecin) amounted to around 12.91 million sq m. Total office supply in 2023 was equalled to 340,500 sqm. The top markets for new office completions were two regional cities: Krakow and Wrocław, ahead of Warsaw in third place.
