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Poland MarketBeat

Ewa Derlatka-Chilewicz • 09/05/2024

Industrial

Occupier demand was notably weaker on the Polish industrial market in the first quarter of 2024. However, despite a double-digit decline in take-up, Poland was one of the most active leasing markets in Europe. Development activity also stabilised, but this year’s new supply is forecast to be the fourth highest in the history of the Polish industrial market. 

Retail

The first quarter of 2024 saw six new retail park openings - these included OTO Park in Koszalin with an area of 38,000 sq m, the largest retail park completion since 2013. All the other retail parks were smaller than 8,000 sq m. In addition, approximately 12,000 sq m of new retail space was delivered through five extensions. New supply also included the redevelopment of Wysockiego Retail Park in Białystok and the refurbishment of Galeria Sieradzka.

Office

At the end of the first quarter of 2024, the total office stock of Poland’s largest markets (Warsaw, Krakow, Wrocław, Tricity, Katowice, Poznań, Łódź, Lublin, and Szczecin) amounted to around 12.95 million sq m. New supply reached just under 80,000 sq m and was delivered in Warsaw, Wrocław and Krakow.

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.

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