Poland’s retail property market has successfully adapted to changing consumer behaviour and the growing importance of e-commerce. Retail parks remain the main engine of development and dominate the supply pipeline. Falling vacancy rates and a focus on high-quality modernisation projects confirm the sector’s increasingly mature condition, according to BNP Paribas Real Estate Poland’s report, Review: Poland’s Retail Market in Q1 2026.
A more mature retail market
Since the outbreak of the COVID-19 pandemic, Poland’s retail property market has clearly rebuilt its position. The sector has adapted flexibly to consumers’ changing shopping preferences. Scenarios predicting a crisis in traditional retail have not materialised, while retail parks have become the market’s main growth driver and now dominate new supply.
Over the past six years, retail parks have accounted for around 1.8 million sq m of new space, compared with approximately 400,000 sq m delivered in the shopping-centre segment.
“The shopping centre market is approaching saturation, while investment activity is focused on modernisation, extensions and the repositioning of existing assets. The key trend is a shift from quantity to quality, including adapting the offer to evolving consumer needs. Significant changes are visible in tenant structures, with a growing share of food and beverage, sport and recreation, health and beauty retailers, and value retail brands,” says Anna Pływacz, Director of the Retail Department at BNP Paribas Real Estate Poland.
High volume of space under construction
According to BNP Paribas Real Estate Poland analysts, around 850,000 sq m of modern retail space was under construction at the end of March 2026, including both new developments and extensions of existing properties. More than 663,000 sq m of new space is scheduled for delivery in 2026–2027, representing a 90% increase compared with the previous year.
Retail parks remain the dominant format, accounting for more than 780,000 sq m of space under construction, or 92% of the total development volume. This confirms continued interest in the segment among both developers and capital investors.
The largest schemes under development include BIG Piła, with 38,000 sq m; MMG Centers Krosno, with 26,000 sq m; Brama Bieszczad in Sanok, with 23,000 sq m; and PH Świderek in Otwock, also with 23,000 sq m.
Retail parks become more diverse
Between January and the end of March 2026, more than 76,000 sq m of modern retail space was completed, representing a 70% year-on-year increase. At the same time, this result was lower than the exceptionally active final quarter of the previous year.
Among the largest projects completed in the first quarter was Phase II of San Park Piaseczno in Mysiadło, near Piaseczno, offering 15,900 sq m of retail space for Agata Meble. Other key completions included M Park Bogatynia, with 8,200 sq m, and Park Handlowy Tomaszów Lubelski, with 8,000 sq m.
Within the retail park segment, services and food and beverage are becoming increasingly important alongside the dominant shopping function. Fashion stores and health and beauty retailers are also gaining popularity.
Despite the growing diversification, the tenant mix in retail parks remains relatively narrow and is still largely based on recurring brands. At the same time, the best-performing schemes, especially those located near major urban areas, are increasingly attracting brands that had previously operated only in traditional shopping centres.
Market saturation and vacancy rates
Looking at the total stock of modern retail space, including shopping centres, outlet centres, retail parks and standalone retail properties, Warsaw remains the largest market with 2.3 million sq m. It is followed by the Katowice conurbation with 1.5 million sq m and the Tri-City area with almost 1 million sq m.
The highest retail-space saturation levels are recorded in the Wrocław and Poznań metropolitan areas, at 1,044 sq m and 1,005 sq m per 1,000 residents respectively.
In the first half of 2025, the average vacancy rate stood at 2.8%, down 0.6 percentage points year on year. The lowest levels of unleased space were recorded in Szczecin, at 1.8%, and Warsaw, at 1.9%. The highest vacancy rates were seen in Wrocław, at 4.1%, and Poznań, at 3.6%.
In most of the analysed metropolitan areas, vacancy rates declined, indicating continued market balance and stable demand.
Improving sales and growing rental pressure
Data on retail market performance also point to improved sales results. In February 2026, retail turnover increased by 1.7% year on year, despite a 0.9% decline in footfall. According to Statistics Poland data for February 2026, both retail sales and online sales recorded annual growth, rising by 5% and 9.3% respectively.
The first quarter of the year also brought the debut of new brands in Poland’s retail market. These included Canadian brand Lululemon, Asian chain XIMI V and the online concept Søstrene Grene, which has also announced plans to open a physical store in Warsaw.
The clear improvement in retail sentiment and real growth in retail sales are translating into higher rents across almost all formats.
“The strongest upward pressure was seen in the best shopping centres and the most attractive units measuring between 100 and 500 sq m. Further increases are possible in top-tier shopping centres in the coming months. In retail parks, however, the renewal of lease agreements signed during the pandemic period may result in local rent adjustments for selected sectors and formats,” says Renata Weikert, Senior Consultant in the Office Leasing Department at BNP Paribas Real Estate Poland.
