Tuesday, 3 March 2026
Retail parks have become the dominant format within Poland’s retail property sector in recent years, reflecting shifting investor preferences and changing retail dynamics. Over the past five years, the number of such schemes has roughly doubled, and development activity remains elevated.
According to Wojciech Jurga, Managing Partner at Scallier, the format has gained traction largely because it aligns well with the expectations of private investors, who have become an increasingly important source of capital. Retail parks typically offer straightforward lease structures, relatively predictable income streams and a lower capital entry point compared with large shopping centres.
Typical projects can be initiated with equity of around PLN 10 million. Returns supported by long-term leases are generally estimated at approximately 7-8 percent annually before tax, with higher cash-on-cash performance possible when bank financing is used. Income stability is further supported by inflation-linked rent indexation and service charge management.
Banks continue to view the segment relatively positively from a risk perspective, particularly where schemes are anchored by national or international retail chains under long-term euro-denominated leases.
With retail supply in major urban centres already relatively mature, new projects are increasingly targeting county-level towns and smaller cities with populations above roughly 15,000–20,000 residents. Sites of one to two hectares with good road visibility and access are considered especially attractive.
Competition for well-located land is intensifying, although in some cases landowners are approaching developers directly with proposals to jointly develop retail parks rather than sell outright. In such arrangements, developers typically handle feasibility, financing, construction and leasing, delivering a completed income-producing asset to investors.
At the same time, developers note that administrative procedures have become more complex, which is extending project timelines.
Retail parks are also benefiting from broader changes in Poland’s investment landscape. Across the six largest Central and Eastern European markets, commercial real estate investment reached €11.6 billion in 2025, with Poland accounting for €4.5 billion. Domestic investors contributed around €860 million to the Polish total, representing roughly 20 percent of overall volume, a record share.
Market participants view the rising presence of local capital as a sign of increasing maturity among Polish investors, particularly at a time when some international players remain cautious.
Recent transaction activity, including portfolio deals involving retail park assets, points to improving liquidity in the segment. The format is attracting both specialised real estate investors and high-net-worth individuals who are entering the property market for the first time.
However, some observers note that the absence of a domestic REIT framework continues to limit the institutionalisation of local capital and could be a constraint on future market depth.
From a macroeconomic perspective, Poland continues to offer relatively supportive conditions for retail property. Economic growth, low unemployment and rising wages are underpinning consumer spending, while new retail brands continue to enter the market seeking cost-efficient space.
Approximately 500,000 sqm of new retail park space was delivered in 2025. Despite this pipeline, vacancy across the segment remains low, reflecting steady tenant demand.
Retail park schemes are becoming more diversified in both size and tenant mix. New developments range from smaller convenience-led projects to larger schemes serving wider catchment areas.
Alongside grocery, discount and DIY operators, developers are increasingly incorporating food and beverage, fashion and service tenants. Uses such as fitness clubs, medical services, beauty operators and family entertainment are also becoming more common, supporting the role of retail parks as local service hubs.
Market participants generally expect the segment to continue expanding in the near term, supported by stable occupier demand and ongoing interest from private capital.
Author: Wojciech Jurga, Managing Partner at Scallier
