At the end of the first quarter of 2023, there was more than 2.1 million sqm of modern warehouse, logistics and industrial space under construction, down by around 1.25 million sqm compared to the fourth quarter of 2022.

Record-high inflation is sending office rents ever higher on regional markets, weighing heavy on tenants. The overall vacancy rate edged up by 0.6 pp in Q1 2023, with a supply gap becoming imminent.

In the first quarter of 2023, the Warsaw retail market welcomed a refurbished Fort Wola shopping centre after a six-year break. Mayland, the new owner, carried out a major renovation, turning the complex into a facility tailor-made for today’s needs.

As expected, financing constraints and economic uncertainty saw the Polish commercial real estate market underperform in early 2023.

2023 got off to a challenging start on the Warsaw office market with a significant decline in gross take-up and no new office space coming on stream in the first quarter of the year.