Polish Real Estate Market: the Outlook is Still Good
Real estate investments in Poland have recently slowed down. The reason, however, is not a lack of demand for new offices, commercial premises, warehouses or apartments. The slowdown was precipitated mainly by high construction costs or difficult access to financing. A longer perspective offers reasons for optimism
The recent years have marked a time of dynamic changes in Poland's real estate market. At first, due to the pandemic, then the war in Ukraine. Despite this, it is still growing, albeit at a slightly slower pace.
Office space market
Problems brought about by the COVID-19 coronavirus outbreak are effectively gone from the office market. In 2022, demand approached the level from before the outbreak of the pandemic. It amounted to 1.448 million sqm, compared to approximately 1.5–1.6 million sqm per year between 2017 and 2019. This reflects people returning to offices, but also the public sector moving into modern space, or the growth of businesses. It is particularly evident in the banking, financial and IT sectors, due to the growing role of cybersecurity. New offices are also being sought by companies that previously had their offices across Poland's eastern border or had branches there.
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