The market for commercial real estate in Poland has remained steady over recent months. Despite the fact that developers have put into use only about 43,000 square meters of new space, new brands continue to emerge, and companies already present on the Polish market are increasing the number of their points. There is also a visible trend of redeveloping existing buildings and adapting historic spaces for commercial and service purposes.
“By the end of Q3 2023, the resources of commercial space on the Polish retail market reached 12.7 million square meters, with an additional 506,000 square metres currently under construction, of which almost 200,000 square meters is planned to be put into use later in that year. There are 610 shopping centres in the country, and the saturation of space per 1,000 inhabitants amounts to 339 square metres,” says Wojciech Wojtowicz, Analyst in the Advisory and Market Research Department, Colliers.
The largest newly opened object is Karuzela Biała Podlaska, with an area of 19,000 square metres of GLA. Commercial parks have also been opened in Jasło (Go! Park) and in Łapy (Vendo Park). Projects in Włocławek, Barczewo, Busko-Zdrój, and Bytom have also been expanded.
In the retail space leasing, new players have emerged. Brands such as Candy Pop, which opened a candy store in Warsaw’s Złote Tarasy, the apparel brand Solmar, which chose Poznań’s Posnania Center for its debut, and the American fast-service bar chain, Popeyes, have all made their debut on the market. The jewelry brand Acium joined the tenant list of Wola Park shopping center, and the first Decathlon store in the City concept was opened in the capital, located in the International Business Centre building near the Politechnika metro station.
Foreign firms already present on the Polish market, such as Primark, Half Price, Woolworth, Action, and Dealz, continue their expansion in various shopping centres throughout the country. Alpine Pro joined the tenant list of Gemini Park in Bielsko-Biała, and a new Castorama store was opened on Bartycka Street in Warsaw.
“During Q3, further renovations and demolitions have been announced or started, which are still predominately concerning former Tesco buildings. The demolition of the Poznań Malta Gallery, Arkady Wrocławskie shopping centre, Belg centre in Katowice is also planned, as well as plans for the demolition of sites in Poznań and Warsaw, where Multikino cinemas were once located,” says Alicja Tucholska-Kuran, Senior Associate, Retail Space Department at Colliers.
Increasingly, historic spaces are being adapted for commercial and service purposes. An example is the recent opening of the Hala Targowa in Bydgoszcz, where 11 gastronomic concepts now operate. A similar function will be performed by the historic hall in Radom on Focha Street.
The vacancy rate in Q3 was 3.6% for the eight major agglomerations. The highest vacancy rate was in Poznań (4.4%), and the lowest in Krakow (1.7%).
