#Beyond Buildings

The first quarter of 2026 brought an unexpected rebound to the industrial and logistics space market. Increased tenant activity, a predominance of new agreements, and a declining vacancy rate confirm the sector’s good condition and stable foundations for further development – according to the BNP Paribas Real Estate Poland report “Review. Industrial and Logistics Space Market in Poland – Q1 2026.”

The Polish retail real estate market has successfully adapted to changing consumer behavior and the growing importance of e-commerce. Retail parks remain the key growth driver, dominating the supply structure. Falling vacancy rates and a stronger focus on quality upgrades confirm the sector’s increasingly mature condition, according to the BNP Paribas Real Estate Poland report “Review. Polish Retail Market in Q1 2026.”

The regional office market kicked off 2026 with scaled-back development activity and a clear shift in new supply towards smaller schemes. Tenants are still gravitating towards modern projects in key regional cities, while landlords of older buildings are increasingly rolling out incentive packages to draw them in – according to BNP Paribas Real Estate Poland’s “Review. Regional Office Market” for Q1 2026.

Limited new supply, shrinking availability of modern office space in central locations, and sustained occupier interest in top-tier projects are shaping the Warsaw office market at the beginning of 2026. Tenants are increasingly gravitating towards modern buildings, strengthening the hand of landlords owning prime assets and supporting growth in headline rents, according to BNP Paribas Real Estate Poland’s report “Review – Warsaw Office Market Q1 2026.”

The first quarter of 2026 marked the strongest start to the year since 2022. The volume of investment transactions in Poland’s commercial property market exceeded EUR 1 billion, representing an increase of nearly 44% year-on-year. According to BNP Paribas Real Estate Poland’s report “Review. Investment Market in Poland – Q1 2026”, the rising value of deals and improved market liquidity are being fuelled by a growing influx of investors, including capital from Asia.

The institutional private rented sector (PRS) is becoming an increasingly important part of the residential market, recording supply growth and attracting both domestic and international capital. These are the key conclusions of the BNP Paribas Real Estate Poland report “Institutional Private Rented Sector (PRS)” for H2 2025.

Strong tenant activity in the fourth quarter and the second-best annual result in the market’s history confirm that the industrial and logistics sector remains one of the most resilient segments of commercial real estate in Poland. Despite limited new supply, the market maintains a stable equilibrium – according to the “Review. Industrial and Logistics Real Estate Market” report for Q4 2025 by BNP Paribas Real Estate Poland.

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.