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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.

Dublin's industrial and logistics market recorded approximately 50,700 square metres of take-up across 23 deals in the first quarter of 2026, though this remains below historical averages at around 159,000 square metres over the preceding twelve months. Dublin's office market achieved approximately 53,000 square metres of take-up in Q2 2026, with first-half 2026 totalling approximately 90,000 square metres, roughly 10% below the five-year H1 average but showing broadening demand beyond the central business district.
The 2025 Ireland Retail Parks Report by Cushman & Wakefield documents market conditions characterized by near-full capacity with vacancy at approximately 3.3%, driven by demand rather than new development, and identifies Home, Value, and Leisure retailers—particularly Furniture & Home Furnishings accounting for just over one-fifth of total GLA—as leading growth categories. The report notes that over €350 million in major transactions were completed in 2025, with strong backfilling activity including five Range and three B&Q deals, and identifies stable employment, rising real incomes, and tight supply as factors supporting retail parks as resilient investment opportunities aligned with Irish consumer trends.

Cushman & Wakefield's Q3 2025 MarketBeat report on Czech industrial real estate shows total modern industrial stock of 12.9 million sq m, with 130,800 sq m delivered in the quarter and 475,400 sq m completed year-to-date. The market maintained a 4.0% vacancy rate with 608,900 sq m gross take-up in Q3 2025—the highest quarterly volume since 2022—while prime rents remained stable at €7.50/sq m in Prague, though economic growth is slowing amid global trade headwinds and exports are expected to weaken in the second half of 2025.

This is a hospitality sector report published by Cushman & Wakefield in September 2025 covering the Dublin hotel market as of year-end August 2025. The report is part of the publisher's sector-spotlight series focused on regional market analysis.

Belgium's GDP growth is projected at 0.84% for 2025, slightly below the Eurozone average, with modest economic gains driven by public and corporate investment while household spending and export declines constrain expansion. The residential real estate market shows steady rental growth in multi-family assets at €1,255 monthly rent in Brussels with a 4.00% prime yield, though new regulatory caps on rents introduced in May 2025 add investor uncertainty, and demographic shifts toward aging populations and single-person households are reshaping housing demand across student, senior, and multi-family segments.

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.
Cushman & Wakefield reports that Hamburg's office leasing market recorded 100,400 sq m of take-up in Q1 2026, approximately 9 percent below the prior year, while the number of transactions increased 40 percent year-on-year to 140 deals, reflecting highly fragmented demand dominated by small and medium-sized units. Prime rent remained stable at €37.00 per sq m, the weighted average rent declined marginally to €21.85 per sq m, and the vacancy rate rose to 6.6 percent by quarter-end.
The Q1 2026 MarketBeat report covers Spain's office sector in Madrid and Barcelona, analyzing leasing activity, availability, rents, and investment trends across both markets. Key findings state that Madrid and Barcelona entered 2026 with resilient office demand despite limited space availability, with quality Grade A and B+ buildings driving the market, declining availability putting pressure on prime stock, prime rents maintaining upward trends, and renewed investment interest focused on core and core-plus prime assets in established locations.
Spanish retail in Madrid and Barcelona started 2026 with balanced growth driven by consumption, tourism, and strong fundamentals, with fashion, leisure, and food & beverage sectors leading market performance amid a shortage of prime retail space and historically low availability. Prime high streets showed very high occupancy levels, shopping centres demonstrated positive trends in sales and footfall, and retail investment gained traction with a focus on yield stabilization and market normalization.
The Q1 2026 MarketBeat Spain Industrial & Logistics report covers the industrial and logistics property sector in Spain, with particular focus on Madrid and Barcelona markets, analyzing demand activity, occupier behavior, investment trends, and rental dynamics. Key findings include Madrid recording over 310,000 square meters of take-up and Barcelona reaching 235,000 square meters in Q1 2026, with occupiers prioritizing prime high-quality assets meeting ESG criteria, while tightening availability—especially in Barcelona—drives upward rental pressure and confirms strong market fundamentals despite global economic uncertainty.

French commercial real estate investment volumes reached 1.94 billion euros in the first quarter of 2026, representing a 47 percent decline from the same period in 2025 and the lowest level since 2010, driven by political instability in late 2025 and geopolitical tensions in Iran that dampened investor confidence. Across asset classes, offices recorded 711 million euros, retail 895 million euros, and logistics 225 million euros, with the report noting that price adjustments by sellers and approaching refinancing deadlines are necessary conditions for market normalization, while bond market volatility reaching levels unseen since 2022 is expected to have full impact on investment volumes only in the second half of 2026.

This Cushman & Wakefield market report covers the Ile-de-France office market in Q4 2025, documenting economic conditions, office demand, pricing, and supply across the Paris metropolitan region. Key findings include: France's 2025 GDP growth revised upward to 0.9%, but office demand in Ile-de-France reached its lowest level since 2002 at 1.64 million square meters (down 9% year-over-year), while immediate office supply doubled to 6.247 million square meters over six years with a 10.7% vacancy rate, and prime office rents in Paris's central business district accelerated to a historical €1,250/m²/year while secondary market rents declined across most sectors.

Munich's office market showed strong third-quarter 2025 performance with space take-up of approximately 140,800 square meters, up 15 percent from the prior quarter, though year-to-date take-up of 401,600 square meters was 9 percent below the same 2024 period. Prime rents reached €55.00 per square meter (up 5.8 percent year-over-year) while the vacancy rate declined slightly to 8.1 percent, with demand for high-quality central locations remaining robust despite rental prices approaching €70.00 per square meter at maximum levels.

This is the 45th edition of Cushman & Wakefield's MarketBeat Portugal report, covering economic forecasts and commercial real estate sector analysis for autumn 2025. The document presents Moody's Analytics forecasts indicating moderate Portuguese economic growth of 1.7% GDP in 2025, with private consumption rising 2.9%, investment growing 5.3%, inflation at 2.4%, and unemployment declining to 6.1%, while longer-term projections (2026–2027) show continued gradual acceleration with GDP growth of 2.0–2.1% and unemployment falling to 5.2% by 2027.

French residential investment reached 1.86 billion euros in the first half of 2025, representing 11 percent growth compared to the same period in 2024, driven primarily by existing residential properties and student housing with prime yields ranging from 3.50 to 5.00 percent across asset classes. Student residences confirmed their status as a safe-haven asset, accounting for 691 million euros or 37 percent of total volumes, while senior care residences struggled with only 17 million euros invested, and Île-de-France concentrated 52 percent of all investment activity.

Portugal's industrial and logistics market recorded 206,530 square meters of year-to-date take-up through Q2 2025, with 129,405 square meters leased in the second quarter across 17 new occupancy deals, while prime rents reached €5.50 per square meter per month in Greater Lisbon and €5.75 in Greater Porto. According to Moody's Analytics, Portuguese GDP growth is forecast at 1.7% for 2025 followed by 2.6% in 2026, with four projects totaling 96,600 square meters completed in Q2 2025 and a pipeline of 498,250 square meters planned over the next three years, with Greater Lisbon's vacancy rate at 4.2%.

The document reports on Portugal's retail market in Q2 2025, covering economic fundamentals including 1.7% GDP growth forecasted for 2025, unemployment at 6.3%, and retail sales growth of 5.7%, alongside demand evolution showing 390 retail deals in H1 2025 and prime rent variations across formats and locations. Supply data indicate two retail schemes were completed in Q2 2025 totaling 33,000 square meters, with a pipeline of 171,190 square meters across Portugal, while prime rents in Lisbon's Chiado high street reached €140.0 per square meter per month and remained stable in shopping centres and retail parks.

The Cushman & Wakefield Lisbon Office MarketBeat Q2 2025 report covers the Greater Lisbon office market, documenting take-up of 83,840 square meters in the first semester of 2025 (a 34 percent year-on-year decline), with the vacancy rate at 7.4 percent and prime rent stable at €29.00 per square meter per month in the Prime Central Business District. The report projects Portuguese GDP growth of 1.7 percent in 2025 followed by acceleration to 2.6 percent in 2026, and highlights that the largest transaction of Q2 2025 was Banco de Portugal's acquisition of a 32,000 square meter building at Entrecampos for future headquarters.

Portuguese commercial real estate investment reached €1,257 million in the first half of 2025, representing 70% growth year-on-year, with retail accounting for 47% of total volume invested. The economy is forecast to grow 1.7% in 2025 followed by 2.6% in 2026, while prime yields stand at 5.00% for offices, 4.00% for high street retail, 5.50% for logistics, and 6.75% for retail parks as of Q2 2025.

Frankfurt's office market recorded 194,600 square meters of take-up in Q1 2025, exceeding the five-year average by 124% and the ten-year average by 92%, driven primarily by two major financial institution lettings totaling 105,000 square meters. The vacancy rate rose to 10.8% (1.3 million square meters) despite record take-up, prime rent increased to €50.00 per square meter per month, and Cushman & Wakefield forecasts full-year 2025 take-up of around 400,000 square meters with prime rent expected to reach €52.00 per square meter per month by year-end.

The Cushman & Wakefield MarketBeat report on Paris office space in first quarter 2025 examines office market activity in Île-de-France, documenting 419,200 square meters of leasing volume across 660 transactions, representing a 6 percent decline year-over-year and marking the third-weakest start to a year in the past decade. Key market findings show immediate office availability reached 5.8 million square meters (an all-time high), the overall vacancy rate stood at 10 percent, and prime office rents averaged 1,154 euros per square meter annually, with geographic variation including improved activity at Paris QCA and La Défense while peripheral markets experienced elevated vacancy rates above 15 percent.

This is a hospitality sector market spotlight report published by Cushman & Wakefield on December 31, 2024, covering the greater Paris hotel market in France.

The Cushman & Wakefield Sweden MarketBeat report for Q4 2025 documents that Swedish commercial real estate investment volume reached SEK 61.5 billion in Q4, nearly flat year-over-year, with full-year 2025 volume totaling SEK 171.2 billion (a 26% increase versus 2024), driven by robust domestic and Nordic investor appetite and led by residential sector activity at 22% of transaction volume. The Swedish economy has entered a recovery phase supported by expansionary fiscal measures, with GDP growth at 2.6% year-over-year in Q3 2025, unemployment at 8.2%, and prime yields stable across most segments at or near 3.85–4.85%, signaling sustained investor confidence despite elevated but declining unemployment expectations.

Cushman & Wakefield's Sweden Office Q4 2025 MarketBeat report tracks office market conditions across Stockholm, Gothenburg, and Malmö, reporting full-year 2025 completions of 124,000 sq m with an under-construction pipeline of 372,000 sq m and expecting approximately 130,000 sq m of deliveries in 2026. The report shows Stockholm CBD vacancy at 7.5% with prime rent stable at SEK 9,800/sq m and prime yield at 3.85%, while Gothenburg CBD vacancy remained stable at 15.0% with prime rent increasing to SEK 4,500/sq m, and Malmö CBD vacancy rose to 10.0% with prime rent stable at SEK 3,700/sq m.

The Cushman & Wakefield MarketBeat report for Swedish logistics in Q4 2025 documents that nearly 137,550 sq m of new space was added to the market in Q4, with total 2025 completions falling below 0.5 million sq m compared to 1.4 million sq m in 2024, though completions are forecasted to rebound to approximately 1 million sq m in 2026. The report finds that vacancy rates declined in regional cities to 9.5 percent while remaining stable in major markets (Stockholm at 11.5 percent, Gothenburg at 6.5 percent, Öresund at 5.5 percent), and prime yields and rents remained stable across all regions with Stockholm and Gothenburg both at 4.85 percent prime yield and SEK 1,050 and SEK 1,000 prime rent respectively.

Cushman & Wakefield's MarketBeat report for Luxembourg's office market in Q4 2025 covers economic indicators, take-up activity, rental rates, vacancy, and investment volumes, finding that annual take-up reached 179,000 sq m (23% below the ten-year average) with 65% concentrated in grade A buildings, while the market showed stable prime rents at €54/sq m/month in the CBD and a 5.20% overall vacancy rate. Key economic projections include GDP growth of 0.57% in 2025 with expectations to strengthen to 2.29% in 2026, HICP inflation at 3.3% in December 2025, and investment volume of €333 million across 10 deals for the full year.
The Cologne office leasing market achieved 230,100 square meters of annual turnover in 2025, approximately 5 percent above the previous year's 218,200 square meters, driven by a strong fourth quarter that recorded 65,300 square meters. The top rent remained stable at 33.00 euros per square meter while average rents rose to 20.60 euros per square meter (an 8 percent increase from Q4 2024), and the vacancy rate increased to 5.5 percent by December 2025 from 4.8 percent in Q4 2024, though this remained below the level of top-5 markets.

This Cushman & Wakefield MarketBeat report analyzes Luxembourg's office market in Q3 2025, finding year-to-date take-up of 131,000 sq m and investment volume of €188 million amid an economy forecast to grow only 0.93% in 2025 due to weaker global conditions and U.S. tariff uncertainty. The report indicates occupier activity remains 20% below the 10-year average as businesses adopt a cautious stance, though prime rents in the Cloche d'Or district increased from €38 to €40/sq m/month and overall office vacancy stabilized at 5.17% following 78,000 sq m of new completions in Q3.

Luxembourg's office occupational market recorded take-up of 60,975 square meters in Q2 2025, marking one of the strongest quarters since early 2023, driven by large corporate demand for Grade A, ESG-compliant buildings, while prime rents remained stable at €54/sq m/month despite strong activity and vacancy held steady at 5.10% for the first time in several quarters. The investment market recorded modest recovery with €127 million in Q2 transactions, bringing H1 2025 cumulative investment to €158 million significantly below the five-year H1 average of €380 million, with prime yields adjusted downward to 4.90% reflecting cautiously improving sentiment for core assets.

This Cushman & Wakefield MarketBeat report analyzes Luxembourg's retail market and economic conditions for the first half of 2025, finding modest GDP growth of 1.04% forecast for 2025, inflation at 2.4% in June exceeding the Eurozone target, an unemployment rate of 5.77% expected for 2025, and retail take-up of just 10,500 square meters across 30 deals with prime high street rents stable at €145 per square meter per month. Investment activity surged to €167 million year-to-date driven entirely by a single €167 million shopping centre acquisition by Wereldhave, while retail yields remained stable at 6.25% for shopping centres and 4.50% for high street properties, though current yield levels reflect market consensus rather than active transactional benchmarks.
Rotterdam recorded the strongest office rental growth in Europe at 28.3% year-on-year, driven by competition for high-quality space among large occupiers and demand for sustainable buildings, according to Cushman & Wakefield's DNA of Real Estate report tracking 43 European cities. Across the Netherlands, Amsterdam Schiphol logistics rents grew 11.1% year-on-year, retail rents increased 2.0% in Amsterdam and 6.3% in Rotterdam and The Hague, and European office rents averaged 5.4% annual growth with the Benelux region leading at 8.2%.
The Marketbeat Portugal Retail Q1 2026 report analyzes Portugal's retail market, covering demand trends, rental rates, and development activity across retail formats including shopping centers and retail parks. Key findings include Portugal's GDP growth of 2.3% outperforming the Euro Area, 68 new shop openings in Q1 2026 (a 13% increase year-on-year), a 209,300 square meter retail development pipeline over three years with 96% dedicated to retail parks, and stable prime rents across all formats with expected upward adjustments in the near term.
The Cushman & Wakefield High Street Retail Report 2025 analyzes retail market performance in Lisbon and Porto, finding that 2024 marked a growth period for high street retail in both cities, with Lisbon's store count increasing 12% since 2019 and luxury and premium segments showing particular dynamism. The report identifies supply constraints as a limiting factor despite rising demand, with rents reaching record levels—Lisbon's Chiado and Avenida da Liberdade saw increases of €10/m²/month in 2024, while Porto's Rua de Santa Catarina and Avenida dos Aliados experienced increases of €5/m²/month and €2.5/m²/month respectively.

Cushman & Wakefield's Q3 2025 MarketBeat report on UK retail and leisure markets covers recovery across virtually all sub-sectors in 2025, with improving retailer sentiment driven by three consecutive months of year-on-year retail sales growth, though optimism is tempered by anticipated fiscal tightening in the November budget and economic uncertainty. Key findings indicate supply remained stable at approximately 8% vacancy, total retail investment volumes stayed in line with long-term Q1-Q3 averages at +1%, prime retail assets saw increased activity including URW's 25% acquisition of St James Quarter and 50% stake in the Bullring, and international new entrants and Asian brand expansion are driving global retail demand in the UK market.

UK commercial real estate investment volumes totalled £10.4 billion in Q3 2025, the lowest quarterly figure since Q4 2023, with year-to-date totals of £40 billion representing 3.9% growth over the same period in 2024. The MSCI UK Quarterly Property Index delivered a 1.4% total return for Q3 2025, marking the sixth consecutive positive quarter, with retail posting the strongest performance at 2% quarterly returns and 9.2% annualized returns, while institutional investor activity began showing signs of recovery across multiple sectors.
The Manchester Hotel Market Spotlight for the 12 months ending August 2025 reports that branded full-service hotels experienced declining profits with gross operating profit per available room down 13.4%, driven by a 4.0% revenue drop despite a 0.9% increase in average daily rate, while occupancy fell 6.9% to 71.0% amid 1.6% supply growth including 888 new rooms. Gross operating profit margin contracted by 2.7 percentage points to 24.4%, reflecting insufficient cost reductions to offset lower revenues and the impact of increased supply particularly in the Midscale and Upper Upscale segments.
Chicago's West Loop is one of the most resilient downtown office submarkets, with the lowest vacancy among peers.
Key trends shaping the U.S. medical outpatient building sector, including demand, leasing and investment.
Raleigh-Durham life sciences vacancy peaked in late 2025 and improved through Q1 2026 as spec space was absorbed.

Cushman & Wakefield's Netherlands Retail Q4 2025 MarketBeat report covers the investment and occupier markets, documenting retail investment volume reaching nearly €1.3 billion in 2025 with activity driven by mid-sized transactions while larger deals were postponed due to capital market uncertainty and geopolitical tensions. The report finds that retail volume sales increased approximately 2% year-on-year supported by resilient consumer demand, with high streets accounting for roughly a quarter of total retail investment volume and sports brands maintaining active expansion while the drugstore segment faces intensified competition and pricing pressure.

The Netherlands industrial market recorded approximately 3.8 million square meters of take-up in 2025, with logistics continuing to dominate investment activity at around €2.5 billion in total investment volume, though pricing misalignment between buyers and sellers continues to constrain transaction volumes. The occupier market shows strong demand for high-quality properties in core locations with structurally low vacancy rates, while secondary markets face higher vacancy and increasing rental discounts, with prime yields at 4.75% and prime rent at €125 per square meter annually.

The Cushman & Wakefield Netherlands Living Q4 2025 report analyzes the Dutch residential investment and occupier markets, noting that full year 2025 investment volume increased 22% to approximately €5.7 billion, with 2026 expected to see strong growth following a January 2026 transfer tax reduction for investors, while gross prime yields are stabilizing around 4%. The occupier market faces a persistent structural shortage of approximately 395,000 housing units across both owner-occupied and rental segments, with average transaction prices at €502,000 and continued upward pressure on rents driven by reduced rental supply and high demand, particularly benefiting wealthier first-time buyers in urban apartment segments.

In the first three quarters of 2025, €1.5 billion was invested in the Dutch industrial and logistics real estate market, with 79% allocated to logistics, and the sector accounted for approximately 21% of total Dutch commercial real estate investment, with solid transactions occurring particularly in the €20 to €70 million range. The industrial occupier market recorded total take-up of 2,351,000 sq m in the same period, with strong demand for high-quality properties in core markets but very low vacancy levels there, while secondary locations showed higher vacancy rates and less occupier interest.

Cushman & Wakefield's Q3 2025 Netherlands retail market report shows that investment volume reached €877 million, 56% higher year-over-year, though growth slowed during summer months, while the occupier market experienced renewed high-street sales growth and declining vacancy at 6.3% despite retailers managing elevated costs. The report identifies wide bid-ask spreads, foreign capital constraints due to tax issues, and limited high-quality supply as key challenges, while noting strong demand for convenience retail and retail parks, and opportunities for discounters as the mid-price segment continues to disappear.

In the first half of 2025, Netherlands retail investment volume reached €750 million, more than doubling compared to the first half of 2024, with the out-of-town segment rising from €20 million in Q1 to over €117 million by Q2, driven partly by French SCPI fund activity. The occupier market showed discounters expanding in high streets at the expense of mid-price retailers, sports brands moving into larger stores to offer flexible layouts, and foreign drugstore brands entering the Dutch market while established players remained inactive due to high rental costs.

In the first half of 2025, €980 million was invested in the Dutch industrial and logistics real estate market, with 72% allocated to logistics; the occupier market showed modest 4% growth in take-up compared to H1 2024, reaching approximately 1,610,000 sq m, while total supply grew 8% year-on-year driven by large-scale logistics facility completions. Prime rents stood at €125 per sq m annually, the prime yield (GIY excluding buyers' costs) was 4.90%, and the market is characterized by tight supply and rising rents in logistics hotspots contrasted with rising vacancy rates at secondary locations.

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.

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.

Cushman & Wakefield's Q4 2025 industrial market report for the Czech Republic shows that total modern industrial stock reached 13.3 million sq m, with 813,500 sq m completed year-to-date (a 53% increase versus 2024) and 1.3 million sq m under construction, while leasing activity posted strong results with 642,000 sq m gross take-up and 371,500 sq m net take-up for the quarter. The vacancy rate stood at 4.8% at quarter-end with prime rents stable at €7.50/sq m in Prague, €6.50/sq m in Brno, €5.90/sq m in Pilsen, and €5.60/sq m in Ostrava, as the Czech economy recovered from prolonged stagnation supported by domestic demand with 3.0% GDP growth forecast and unemployment at 2.8%.

Prague's office market ended 2025 with a 5.9% vacancy rate and stable prime rents at €30.00 per square meter per month, supported by record-low new supply of 26,600 square meters delivered during the year while 263,300 square meters remained under construction for 2026-2028 completion. Full-year gross take-up totaled 573,200 square meters, 10% below 2024 levels, though the Czech economy continued to recover driven by domestic demand and rising consumption despite cautious corporate hiring in the office sector.

Czech Republic's retail market delivered 57,300 sq m of new retail space in Q4 2025, bringing modern retail stock to 4.0 million sq m, with prime rents rising across all segments—high street rents increased 6.8% year-over-year to €235 per sq m per month, shopping centre rents rose 12.7% to €160 per sq m, and retail park rents gained 10.3% to €16 per sq m. The economy is expected to maintain solid growth in 2026 before stabilizing toward 2027, supported by strong domestic demand and household consumption, with approximately 119,700 sq m of retail space under construction as of end-2025.

The Czech commercial real estate market achieved record investment of €4.2 billion in 2025, more than double the prior year's €1.7 billion, with Q4 2025 alone reaching €1.8 billion, driven primarily by domestic capital representing 86% of annual volume and major transactions including the Palladium shopping centre and office acquisition by Czech fund Reico. Prime yields remained stable with office and industrial yields at 5.00% and hotel yields at 6.25%, while sector allocation was led by offices at 31% of annual investment, retail at 28%, and industrial assets at 19%, supported by projected GDP growth of 2.7% and improving consumer confidence.

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%.
Luxembourg's retail market closed 2025 with full-year take-up reaching 24,360 sq m across 57 transactions, an improvement on 2024 but below the 10-year average. Investment activity was highly concentrated with just two transactions totaling €188 million, both involving disposals by Nextensa. Prime rents held steady across all segments with yields stable at 4.50% for high street, 6.00% for out-of-town, and 6.25% for shopping centres, while GDP growth is projected to strengthen to 2.29% in 2026.

Cushman & Wakefield's Helsinki Industrial MarketBeat Q1 2026 report analyzes the Finnish economy and industrial property market, reporting a prime yield of 5.10% NIY and prime rent of €12.00 PSM/m, with GDP growth forecast at 0.6% for 2026 amid geopolitical uncertainties. The report notes that demand for light industrial and logistics spaces drove rents upward, approximately 455,000 square meters of new logistics premises were completed in 2024–2025 in the Helsinki Region, and demand from occupiers is expected to continue in primary logistics submarkets driven by e-commerce trends and a shortage of prime premises.

Finland's commercial property investment market recorded €2.28 billion in transaction volume during the first quarter of 2026, with residential properties accounting for 57 percent of sales and international investors representing approximately 40 percent of buyer activity. The Finnish economy showed quarter-to-quarter GDP growth of 0.47 percent with an unemployment rate of 9.86 percent in March 2026, while the office sector maintained a prime yield of 5.00 percent amid cautiously improving sentiment across property sectors despite geopolitical uncertainties.