Office markets outside Warsaw closed 2025 with a record-high gross leasing volume of 773,000 sqm. Despite a clear rebound in activity in the fourth quarter and the dominance of lease renewals, developers remain cautious – according to the BNP Paribas Real Estate Poland report “Review. Office Market in Regional Cities” for Q4 2025.

In 2025, the total value of investment transactions in Poland’s commercial real estate market reached €3.98 billion. The fourth quarter reaffirmed the market’s resilience and sustained investor activity, even against a demanding macroeconomic and geopolitical backdrop. According to BNP Paribas Real Estate Poland’s report “Review. Investment Market in Poland – Q4 2025,” the market operated steadily, with liquidity bolstered by domestic capital and numerous mid-sized transactions.

The fourth quarter of 2025 turned out to be the best in a decade for Poland’s retail real estate market. Retail parks once again took center stage as the driving force behind growth. High levels of developer activity and a steady vacancy rate signal further room for expansion—these are the key takeaways from the BNP Paribas Real Estate Poland report, “Review. Retail Market.” for Q4 2025.

The Warsaw office real estate market closed 2025 in solid shape, marked by strong tenant demand and a notable drop in vacancy. According to BNP Paribas Real Estate Poland’s “Review – Warsaw Office Market, Q4 2025,” the market was shaped by a surge in lease renewals, brisk transaction activity in the year’s final quarter, and new supply focused in central areas.

According to Review: Industrial and Logistics Market, the latest report from BNP Paribas Real Estate Poland for the third quarter of 2025, the sector continues to see strong leasing activity, with quarterly take-up rising by more than 42% year-on-year. The upward trend in demand has been consistently observed over the past 12 months, driven primarily by lease renegotiations.

Poland’s retail sector continues to expand and attract investor interest. According to Review: Retail Market, a BNP Paribas Real Estate Poland report, new retail supply remained broadly stable in the third quarter of 2025 amid a robust development pipeline and sustained demand for retail parks.

Poland’s regional city office markets remained broadly stable in the third quarter of 2025, though new supply continued to be tightly constrained. According to Review: Office Market. Regional Cities, the latest report from BNP Paribas Real Estate Poland, developers remain cautious, while tenants are focused on lease renegotiations and optimising their office footprints.

BNP Paribas. Monthly market report Economic and Sector Research (September 2025). 

In September, the sentiment on financial markets was greatly influenced by the Federal Reserve's interest rate cut. The easing of monetary policy in the US strongly supported the stock market there, and the S&P 500 index set new historical records. The Fed's move also contributed to the increasing old prices, which rose by about 10% this month.

BNP Paribas. Poland - Economic Outlook Wheels in motion (September 2025)

In the second quarter of 2025, Gross Domestic Product rose by 0.8% q/q and 3.4% y/y. Household consumption was the main driver of economic growth during the spring,
increasing by 4.4% y/y.