Real Estate for a Changing World
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.
Industrial and logistics take-up remained robust, driven primarily by e-commerce and retail tenants. At the same time, the market experienced a slowdown in construction activity, with developers delivering fewer new facilities and taking a more cautious approach to new project starts.
In the second quarter of 2025, the total stock of modern industrial and logistics space in Poland exceeded 36 million sqm, marking a 7.5% increase compared to the same period last year.
According to Review: Office Market. Regional Cities, the latest report from BNP Paribas Real Estate Poland, Poland’s regional city office markets remained stable in the second quarter of 2025, with occupier demand being robust despite limited new supply.
Demand has strengthened, with total leased space in Q2 surpassing 217,000 sqm — a 28% quarterly and 49% annual rise.
The latest Review: Retail Market in Poland report for the second quarter of 2025 confirms that the Polish retail sector continues to grow steadily.
Poland’s commercial real estate investment market has shown signs of stabilization since the beginning of 2025.
The latest Review: Retail Market in Poland report for the second quarter of 2025 confirms that the Polish retail sector continues to grow steadily. More than 94,000 sqm of modern retail space was added to the market during the surveyed period, with the majority – over 60% – delivered through retail parks.
In Q2 2025, the Warsaw office market recorded the highest volume of new office deliveries in three years, according to BNP Paribas Real Estate Poland’s report Review: Warsaw Office Market, Q2 2025.
Polish investors are playing an increasingly important role in overall investment activity. This is a testament to growing confidence in the local market and a rising appetite for deploying capital into Poland’s commercial real estate sector.