The industry's own research.
45 items
Analysis of Poland's industrial real estate market showing increased leasing activity and tenant expansions at the start of the year.
Analysis of polarization trends in Warsaw's office leasing market as of Q1 2026.
Analysis of Poland's appeal to institutional investors and capital flows presented at MIPIM 2026.
Market analysis of office sector performance across the first three quarters of 2025 in Warsaw, Poland.
Market analysis of office sector performance and dynamics in Warsaw during the first quarter of 2025.
Analysis of office market conditions and trends across regional Polish cities with forward-looking forecasts.
Knight Frank analysis of office market conditions and city attractiveness in Warsaw during the first half of 2026.
CBRE's outlook on Poland's real estate market conditions and investment trends for 2025.
After a subdued start to the year, Warsaw’s office market gained significant momentum in Q2 2026, with tenant activity in H1 reaching 420,000 sqm, representing a 38 pct y-o-y increase – according to Axi Immo’s ‘Office Market in Warsaw H1 2026’ report.
Warsaw's office market gained momentum in the first half of 2026, with total take-up reaching 420,000 sqm, a 38% year-on-year increase, according to AXI IMMO's report "Office Market in Warsaw H1 2026". Net take-up amounted to 220,000 sqm, with the second quarter seeing a surge in large transactions that nearly…
The first half of 2026 saw a strong recovery in Warsaw’s office market from the occupiers’ side, despite development activity remaining extremely subdued, writes Newmark Polska in its latest 'Office Occupier – Office Market in Warsaw' report
Zagraniczna turystyka w Polsce jest silnie skoncentrowana geograficznie. Kraków i Warszawa odpowiadają łącznie za około 35 proc. noclegów udzielanych cudzoziemcom, a Kołobrzeg i Świnoujście za kolejne 10 proc.
Knight Frank analyzes office market conditions and city attractiveness metrics in Łódź, Poland.
Knight Frank analysis of Polish commercial real estate market conditions, macroeconomic factors, and key trends for 2025.
Knight Frank analysis of office market conditions and urban attractiveness in Katowice.
Knight Frank analysis of office market conditions and city attractiveness in Warsaw.
Knight Frank report examining warehouse market conditions and trends in Central Poland for the first quarter of 2026.
Knight Frank analyzes the warehouse and logistics market conditions in the Lower Silesia region and Wrocław.
Knight Frank analysis of investment market conditions and trends across Central and Eastern Europe.
Knight Frank analysis of office market conditions and city attractiveness in Wrocław.
Knight Frank analyzes office market conditions and city attractiveness factors in Kraków.
Knight Frank analysis of warehouse market conditions and activity in Warsaw for the first quarter of 2026.
Knight Frank analyzes office market conditions and city attractiveness factors in Poznań.
The increasing length of time it takes to issue building permits is changing the rules of the game in the Warsaw residential land market.
Poland's industrial market delivered strong Q1 2026 performance, with gross take-up reaching 1.58 million sqm (+47% year-on-year), net take-up at 850,000 sqm (+78% year-on-year), and total stock expanding to 37.44 million sqm (+6% year-on-year), while the vacancy rate improved to 7.3% and prime rents remained stable at €4.50–5.75/sqm/month. The investment market surged with approximately EUR 447 million transacted (+120% year-on-year), driven primarily by long-income strategies including built-to-suit projects and sale-and-leaseback structures, with prime yields holding steady around 6.00%.
Poland's retail market in Q1 2026 delivered 73,000 sqm of new completions with Poland's GDP growing 4% year-on-year in Q4 2025, while retail sales advanced 3.8% in January-February 2026 driven by strong non-food segments. The retail development pipeline reached an exceptionally high 770,000 sqm under construction, investment transactions totaled EUR 318 million across 10 deals, and prime shopping centre rents stood at EUR 180 per sqm with yields at 6.45%.
Cushman & Wakefield's Warsaw office market report for Q1 2026 shows that total office stock reached 6.28 million sqm with a 9.5% vacancy rate, down 1.0 percentage point year-on-year, while the development pipeline contracted to a 30-year low of 118,000 sqm under construction due to subdued new project activity. Prime headline rents stood at €24–29 per sqm per month in central locations and €15–19 in non-central areas, with leasing activity totaling 133,800 sqm in the quarter, primarily driven by shared service centres and sectors including IT, banking, and pharmaceuticals.
As of June 2025, Prague's modern built-to-rent (BTR) sector comprises 4,598 rental units across 81 schemes, with 80% newly built and the remainder refurbished, dominated by studios (37%) and one-bedroom apartments (41%), while the market remains highly fragmented with 57 schemes containing fewer than 50 units. The report finds that rents for smaller units have remained relatively stable year-over-year, larger units experienced approximately 15% price increases, the active pipeline contains 1,902 units under construction with 3,400 more planned to begin within two years, and Prague's BTR stock of 3,587 units in developments exceeding 40 units lags behind Warsaw's 7,955 units despite comparable city populations.
Poland's total industrial stock reached 36.03 million square meters in Q2 2025, with a vacancy rate of 8.2% and prime headline rents averaging EUR 4.80 per square meter across five core regional markets, reflecting stable leasing conditions dominated by lease renewals rather than new occupancy. The market showed resilience despite global economic challenges, with Poland's economy growing 3.4% year-on-year in Q2 2025, though construction activity declined 26% year-on-year to 1.47 million square meters under development, indicating developer caution about speculative projects.
This Cushman & Wakefield MarketBeat report covers Poland's residential sector in Q1 2026, analyzing economic fundamentals including GDP growth of 4.0% year-on-year, inflation at 3.0%, mortgage demand surging 80.5% annually, and average flat prices in Warsaw reaching PLN 19,253 per sqm on the primary market and PLN 18,526 per sqm on the secondary market. The report documents new housing starts of 30,886 units, flat completions of 26,064 units, building permits issued for 45,862 units, and notes that rental growth has stabilized at 0% annually while Poland's five-year rental increase of 60% remains more than double the European Union average.
Poland's retail market added approximately 545,000 sqm of gross lettable area in 2025, with Q4 contributing 314,000 sqm—the strongest quarterly growth since 2016—driven primarily by retail parks (75% of new supply) while total retail stock reached 17.26 million sqm. Poland's economy grew 3.8% year-on-year in Q3 2025 fueled by domestic consumption and investment, retail sales rose 4.4% year-on-year through November, and 31 retailers opened first brick-and-mortar locations in the country during 2025, with shopping centre footfall and turnover recovering in December ahead of the Christmas season.
Poland's combined office stock across nine major markets stood at 12.96 million sqm at the end of Q4 2025, with new supply constrained at 109,250 sqm (down 52% year-on-year), while the national vacancy rate declined to 13.1% and leasing activity in Warsaw reached a record 309,850 sqm in Q4, up 7% annually. Poland's economy grew 3.6% in 2025 with unemployment at 5.7%, and development pipelines have shrunk significantly from pre-pandemic levels due to elevated construction costs and weaker leasing demand compared with prior periods.
Knight Frank's Q4 2025 comprehensive guide documents Poland's warehouse market, reporting that total warehouse take-up reached 6.6 million square meters in 2025 (the third-highest annual result on record), while investment volumes increased 11% year-on-year to EUR 1.5 billion, with modern warehouse stock exceeding 36.6 million square meters despite new supply declining 35% to 1.7 million square meters. Key findings include a vacancy rate of 7.4%, asking rents ranging from EUR 3.8–7.5 per square meter per month depending on facility type and location, and strong demand driven primarily by 3PL operators and retail chains, with international investors—particularly from the United States (38% of investment volume) and Czech Republic (16%)—demonstrating continued confidence in Poland's logistics market.
Poland's industrial real estate market achieved 6.64 million sqm in gross take-up during 2025, representing 14% year-on-year growth, while total stock reached 36.58 million sqm with a vacancy rate of 7.4% and prime rents ranging from EUR 4.40–5.75 per sqm per month. Poland's economy grew 3.6% in 2025 with GDP projected to expand 3.7% in 2026, supported by robust domestic demand, declining inflation expectations, and interest rate cuts that reduced borrowing costs for industrial and logistics investment.
In H1 2025, Poland's office market reached 689,000 sq m in total take-up (up 15% year-on-year), supported by constrained new supply at 343,000 sq m (the lowest in two decades) and a national vacancy rate stabilizing at slightly above 14%, with Warsaw's CBD vacancy falling to 7.1%. Between January 2024 and June 2025, over €2 billion was invested in Polish office assets, with prime Warsaw yields approaching 6% and capital values at EUR 4,500–6,000 per sq m offering significantly lower prices than Western European cities, positioning the market for renewed investor interest as rental growth and yield compression accelerate.
Knight Frank's Q3 2025 "Strong Cities" report examines Warsaw's city attractiveness, office market performance, and labor market trends, presenting data on the city's investment potential, infrastructure, and economic indicators. Key findings include that Warsaw's office market remains stable with a vacancy rate of 9.7% (lowest in nearly five years), total stock of 6.25 million square meters, and 487,000 square meters leased between January and September 2025, while the Polish labor market has entered a phase of stability with cautious wage growth where only 34% of professionals actively seek new employment and double-digit pay rises are rare outside shortage sectors like finance and IT.
As of September 2025, Warsaw's modern office stock totalized 6.24 million square meters with a 9.7% vacancy rate—the lowest since late 2020—while office demand in the first three quarters of 2025 reached 486,600 square meters, marking a 2% decline year-over-year. New supply for Q1–Q3 2025 delivered 88,700 square meters (18% higher than the same period in 2024), with 90% concentrated in central zones where headline rents for prime space ranged from EUR 22.50 to 27.00 per square meter per month.
Poland's economy expanded 3.7% year-on-year in Q3 2025, the fastest pace since Q4 2022, driven by private consumption and a stable labour market, with inflation at 2.9% and mortgage enquiries rising 42.2% year-on-year according to Cushman & Wakefield's residential sector analysis. During the first three quarters of 2025, construction began on 100,113 flats intended for sale or rent, representing a 14% decrease from the same period in 2024, while average asking prices on the primary market in Warsaw reached PLN 17,322 per square meter with modest quarterly growth of 1%.
Poland's commercial real estate investment market reached EUR 2.6 billion in total volume during the first three quarters of 2025, representing an 8% year-on-year decline but maintaining over 100 closed deals and signaling anticipated recovery in Q4. The office sector led investment activity with EUR 899 million (34% of total volume), followed by the warehouse sector with EUR 873 million showing 18% year-on-year growth, while Polish domestic capital achieved a record 22% share of total investment originating from Poland, reflecting increased appetite among local investors for commercial real estate.
This is a data and figures report published by CBRE on June 30, 2025, presenting multifamily residential market information for Warsaw and Poland in the second quarter of 2025.
Warsaw's warehouse market comprised 7.1 million square meters of total stock at the end of Q2 2025, accounting for 19.6% of Poland's total warehouse space, with approximately 80% located in Zone II (12-50 km from the city center). In H1 2025, new supply totaled over 155,000 square meters (a 30% decline year-over-year), leasing volume reached nearly 550,000 square meters (an 18% increase), vacancy rose to 6.6%, and approximately 430,000 square meters remained under construction.
In Q2 2025, Warsaw's office market recorded net demand of approximately 63,000 square meters with total transaction volumes of 155,000 square meters, while the vacancy rate stood at 10.8% overall, with 7.8% in central zones and 13.3% outside the city center. New office supply in the first half of 2025 totaled 85,200 square meters, with lease renewals accounting for 59% of leasing activity in Warsaw during the quarter.
At the end of H1 2025, Warsaw's office market contained 6.33 million square meters of total supply, with new supply deliveries reaching 85,200 square meters (34% increase year-over-year), while the construction pipeline contracted to just under 140,000 square meters (50% decrease year-over-year). Total leasing activity in H1 2025 was 301,400 square meters with net absorption of 66,900 square meters (123% increase year-over-year), and the vacancy rate stood at 10.8%, down 10 basis points year-over-year, with prime office headline rents in central zones ranging from EUR 22.50 to 28.00 per square meter per month.
This is a data and figures report published by CBRE on December 31, 2025, presenting office sector figures for Warsaw in the fourth quarter of 2025.
This is a data report published by CBRE on June 30, 2025, presenting office sector figures for Warsaw in the second quarter of 2025.