Retail
In the first quarter of 2026, developers delivered 73,000 sq m of modern retail space across five new projects (all in the retail park format) and seven extensions. As much as 770,000 sq m of retail GLA remained under construction. This represents an unprecedented record on the Polish retail market in over a decade. Shopping centre footfall in the first quarter of 2026 remained broadly in line with 2025 levels. March was the strongest month of the quarter in terms of footfall, recording a 3.4% year-on-year increase. Tenant turnover in shopping centres rebounded more strongly in the first two months of the year: in January 2026 growth reached nearly 8.5%, while in February it exceeded 4%.
Office
At the end of the first quarter of 2026, the combined office stock of Poland’s largest markets – Warsaw, Kraków, Wrocław, Tricity, Katowice, Poznań, Łódź, Lublin, and Szczecin – stood at 13.04 million sqm. Approximately 90,000 sqm of new office space came on stream in January–March 2026. This represents a relatively strong result compared with 2023–2025. Although new supply picked up in the first quarter of 2026, the overall development pipeline remained subdued.
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
In Q1 2026, developers delivered over 653,000 sqm of new warehouse space, bringing Poland’s total industrial stock to approximately 37.44 million sqm. At the end of the quarter, the development pipeline stood at around 1.46 million sqm. Leasing activity in Q1 2026 reached 1.58 million sqm, representing a 47% year-on-year increase. The structure of demand shifted towards new leases and expansions, while renewals and sale-and-leaseback transactions accounted for 46% of total take-up. At the end of Q1 2026, available warehouse space totaled approximately 2.72 million sqm, corresponding to a vacancy rate of 7.3%. Prime rents remained relatively stable across key markets, although incentive packages continued to put pressure on effective rental levels.
Residential
The fourth quarter of 2025 saw a marked improvement in new‑flat sales, accompanied by a further increase in household creditworthiness in Poland. Although asking prices continue to rise, the pace of growth has moderated. Together with record‑low inflation and a series of interest rate cuts implemented last year, these factors are contributing to a stabilisation of market conditions.
