The fourth quarter of 2025 marked the best period in a decade for Poland's retail real estate market. Retail parks led growth as developer activity surged and vacancy rates remained stable, according to a report by BNP Paribas Real Estate Poland.
Last year brought revival to the domestic retail property market, with over 575,000 sqm of retail space delivered. The fourth quarter delivered 326,000 sqm to the market, a 63% jump year-over-year and the largest quarterly increase in retail space in ten years.
Retail parks dominated new supply, accounting for roughly 75% of all retail space opened during the year. Notable Q4 openings included S1 Dąbrovia in Dąbrowa Górnicza (17,000 sqm) by Saller, Targowa Retail Park in Lubartów (15,000 sqm), S1 Tarnowskie Góry (15,000 sqm), and Brama Jury in Zawiercie (14,000 sqm).
By the end of 2025, about 610,000 sqm of retail space was under development, including 462,000 sqm of new projects and 148,000 sqm of upgrades and expansions. "We're seeing the highest construction volume in recent years. Smaller cities are absorbing a significant share of the new supply, filling local retail gaps," said Fabrice Paumelle, Head of Retail at BNP Paribas Real Estate Poland.
Throughout 2025, 31 new brands launched brick-and-mortar operations, confirming Poland's appeal to international and regional players despite mounting operating costs. Rental rates in shopping centres, retail parks, and high streets saw annual growth across all formats, with rent indexation expected to reach 3.5-4% by early 2026. Retail property vacancy rates dropped to 2.8% by the end of June 2025, down 0.6 percentage points year-over-year.
