Retail
In the second quarter of 2026, developers delivered approximately 150,000 square meters of modern retail space, compared to approximately 90,000 square meters in 2025. A total of 12 new facilities were completed, all of which were built as retail parks. The first half of the year ended with a 0.6 percent year-over-year increase in shopping center footfall. A weaker April had a key impact on the result, but customer traffic began to recover as early as May, and June saw a 5.1% increase in footfall.
Office
The Warsaw office market clearly accelerated in the second quarter of 2026, with gross take-up reaching approximately 282,800 sqm, bringing the total transaction volume in the first half of the year to around 417,000 sqm. This high level of tenant activity, largely driven by renegotiations, is occurring alongside record-low development activity—since the beginning of the year, new supply has amounted to just 45,200 sqm, with around 130,000 sqm currently under construction. As a result, the vacancy rate has fallen to 8.5% across Warsaw and to just 4.8% in the city center, while modern companies are increasingly seeking more flexible and efficient co-working spaces.
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.
