The European Bank for Reconstruction and Development (EBRD) has cut its 2025 growth forecast for its regions by 0.2 percentage points to 3.0%, with a moderate rebound to 3.4% expected in 2026. This follows a similar downgrade in February and reflects mounting global headwinds, including rising trade policy uncertainty, softening external demand, and newly imposed tariffs.

According to the latest report from BNP Paribas Real Estate Poland, retail development activity continues unabated. A total of 42,000 sqm was added to the Polish market in the first quarter, with this year’s new supply expected to surpass 400,000 sqm, approaching last year’s record volume.

White Star Real Estate has taken over the management of three shopping centres in southern Poland from the Focus Estate Fund portfolio: Rybnik Plaza, Ruda Śląska Plaza, and Sosnowiec Plaza. 

Syrena Real Estate, a Polish commercial real estate investment company, has acquired the Zaułek Piękna office building located in the heart of Warsaw's Śródmieście district from Manova Partners. The purchase was co-financed by mBank. The price has not been disclosed.

Panattoni is launching one of the largest investments in the market - a strategic project for its long-standing partner, Media Expert. A complex of two warehouses totalling over 207,000 sqm will be constructed in Łódź under a built-to-own (BTO) model. The total value of the investment amounts to PLN 500 million (ca. €116 million).

Redkom Development has acquired the existing Glinki shopping centre from Carrefour Polska and, in partnership with Newgate Investment, has commenced the development of a new retail park. The facility, to be built on the site of the former shopping centre, will become the largest retail park in Bydgoszcz.

Cushman & Wakefield has summarised the performance of Poland’s largest office markets in the first quarter of 2025. In the first three months of 2025, office leasing volumes rose year-on-year by 16% in Warsaw and 27% in regional cities. Meanwhile, new supply remained low, with a rebound in development unlikely before 2027.

Panattoni has secured a new tenant for its expanding Panattoni Park Zgierz II. Bielenda, a Polish cosmetics manufacturer, will launch a new central warehouse from which it will distribute products to customers throughout the country and abroad.

In the first quarter of 2025, Poland’s retail leasing market stabilized and the retail sector saw a notable rebound in investment transactions, with the best first-quarter performance in three years. According to Cushman & Wakefield, growing investor appetite is leading to a gradual improvement in financing availability, signalling a further increase in investment market activity.

BNP Paribas Bank Polska, mBank, and Santander Bank Polska have awarded a PLN 760 million (ca. €181.8 million) loan to finance the Noho One residential complex in Warsaw. Dentons law firm advised the banks.