S19 Rzeszów Południe–Babica: concrete tunnel lining installation completed

An important milestone has been reached in the construction of the tunnel on the S19 Rzeszów Południe–Babica expressway section. The contractors – a consortium of Mostostal Warszawa and ACCIONA – have completed the installation of the concrete inner lining of the first tunnel tube. The final segment was placed as part of a total of 11,020 prefabricated elements forming the tunnel’s internal structure.

The concrete lining of the first tube was assembled from prefabricated segments, known as tubbings, which were used to create successive tunnel rings. The segments were manufactured in a dedicated prefabrication facility in Lutoryż, located near the construction site, and delivered directly to the tunnel boring machine (TBM) for installation during excavation. Each ring consists of ten segments, together forming a sealed and durable structure designed to withstand demanding geological conditions.

The completion of the concrete lining followed the breakthrough of the first tunnel tube, achieved on 10 December, when the “Karpatka” TBM reached the northern portal after boring a section more than 2.2 kilometres long. This marked a key moment for the project and the first tunnel of this type in the region to be constructed using a TBM.

During a site visit, Minister of Infrastructure Dariusz Klimczak described the breakthrough as an example of how effective cooperation, strong commitment and significant financial investment can deliver results of European relevance. He thanked the engineers, designers and specialists involved for completing this stage of the project. Jorge Calabuig Ferré, President of the Management Board of Mostostal Warszawa, said the completion of the first tunnel bore demonstrated the ability of Mostostal Warszawa and ACCIONA to deliver highly complex infrastructure projects and confirmed the capability of Polish engineering to address advanced technological challenges.

The “Karpatka” TBM is one of the largest and most technologically advanced machines of its kind used in Poland. Measuring 114 metres in length and 15 metres in width, and weighing approximately 4,400 tonnes, it is equipped with a hydraulic-electric drive and twelve motors, each with a power of 1 MW. Its cutting head, weighing around 400 tonnes, rotates at up to three revolutions per minute and is fitted with 471 cutting tools. During excavation, the machine operated at depths exceeding 100 metres below ground level.

Construction of the tunnel required managing complex geological conditions associated with Carpathian flysch formations and the presence of methane. Advanced monitoring, detection and ventilation systems were deployed, alongside detailed safety procedures. Work was carried out continuously, with teams of specialised engineers, operators and technical staff on site around the clock.

The delivery of the TBM to Poland was itself a major logistical operation and the largest road transport project ever undertaken in the country. The machine was shipped by sea from Santander in Spain to the port of Szczecin, then transported by barges along the Oder River to Opole, before being moved by road to the construction site in Babica. To limit disruption, road transport took place at night. The operation attracted widespread public attention, with many local residents observing the transport process.

The Babica tunnel is 2,255 metres long and will ultimately comprise two separate one-way tubes, connected by 15 cross passages and an emergency passage. Each tube will accommodate two traffic lanes and an emergency lane. The tunnel is the most complex and technologically advanced element of the 10.3-kilometre S19 section and a key component of the Via Carpatia international transport corridor.

Following completion of the first bore, the next phase will involve rotating the Karpatka TBM to begin excavation of the second tube. The start of these works will depend on the results of a technical inspection of the machine and any required repairs or modifications. The rotation will be carried out at the northern portal using an airmover system.

The project is being implemented by the Mostostal Warszawa–ACCIONA consortium on behalf of the General Directorate for National Roads and Motorways. With a total value exceeding PLN 2 billion, it is one of the most significant and technically demanding infrastructure investments currently underway in Poland and is expected to improve road safety, reduce travel times and enhance transport accessibility along the Via Carpatia route.

Warsaw office market in 2025 marked by limited new supply and focus on quality

The Warsaw office market is closing 2025 in a phase of stabilisation, with a growing emphasis on asset quality rather than volume, according to the latest outlook from AXI IMMO. Limited new development, the gradual withdrawal of older buildings and steady occupier demand are reinforcing the position of prime locations and modern office stock.

AXI IMMO estimates that around 90,000 sq m of new office space will be delivered in Warsaw by the end of 2025, broadly in line with the previous year. The volume of space under construction remains constrained and is not expected to exceed 200,000 sq m, reflecting a cautious approach by developers. New activity continues to be concentrated mainly in central areas, where demand is more resilient.

“The Warsaw office market is maturing. The drop in new supply is not a sign of weakness but part of a natural rebalancing process,” said Emilia Trofimiuk, Research Manager at AXI IMMO. “We’re seeing more obsolete assets taken off the leasing market for full repositioning or major upgrades. It’s a clear sign that both landlords and tenants are becoming more discerning, and real product quality is steadily increasing.”

Total leasing activity in 2025 is forecast to reach approximately 740,000 sq m, a level comparable to 2024. Lease renewals continue to account for the majority of transactions, although relocation activity remains stable, particularly among tenants seeking higher standards, more efficient layouts and improved public transport connectivity.

At the end of the third quarter of 2025, the overall vacancy rate in Warsaw stood at around 9.7%, with notable differences between central and non-central submarkets. AXI IMMO expects vacancy to decline gradually in the coming months, especially in the most sought-after buildings.

“Simply being in a good district is no longer enough,” said Bartosz Oleksak, Associate Director, Office Agency at AXI IMMO. “Tenants are increasingly focused on micro-locations, metro access, commuting comfort and the overall environment around the building. These factors played a key role in shaping lease-up speed and rent levels throughout 2025.”

Prime headline rents remained broadly stable toward the end of the year. In the best office buildings in the city centre, asking rents reached up to approximately €27.5 per sq m per month, while in non-central locations rates started at around €9.5 per sq m. According to AXI IMMO, upward pressure on rents is mainly visible in new developments and refurbished assets that offer high technical standards and ESG-oriented solutions.

“The end of 2025 confirms that Warsaw’s office market is increasingly driven by quality and selectivity,” said Tomasz Michalczyk, Head of Office Agency at AXI IMMO. “For landlords, this means continued investment in upgrades and tailoring buildings to real tenant needs. For companies planning an office move, it means earlier planning and a more strategic approach to site selection.”

Source: AXI IMMO

Carp Still on the Menu, Just Not for Everyone, as Czechs Embrace Fake Trees and Festive Shortcuts

The Czech Christmas Eve tradition of eating carp is alive and well, although it increasingly appears to be kept that way by older generations doing their bit for cultural continuity. Younger Czechs, meanwhile, are quietly swapping the festive fish for salmon or schnitzel and moving on with their lives.

According to a Home Credit survey of 1,000 people, carp remains the main Christmas Eve dish in 36 per cent of households. It performs particularly strongly in the South Bohemian and Moravian-Silesian regions, where nearly half of families still put carp on the table, and among people aged 56 to 65, who appear determined not to let tradition go without a fight.

Younger respondents, residents of Prague and those living in larger cities are less convinced. Among people aged 18 to 26, carp features in just 31 per cent of Christmas dinners, with salmon and schnitzel emerging as popular alternatives, presumably requiring less emotional commitment and fewer childhood memories involving live fish in bathtubs.

When it comes to spending, moderation seems to be the seasonal theme. Around 35 per cent of households plan to spend between CZK 500 and 1,000 on Christmas Eve dinner, while just over a quarter are willing to stretch the budget to between CZK 1,001 and 2,000. Extravagance, it seems, is being kept safely in check until New Year’s.

A Christmas tree, however, remains non-negotiable. Only four per cent of respondents say they can manage without one, suggesting that festive minimalism has yet to catch on. While 56 per cent still plan to buy a real tree, artificial versions are gaining popularity. This year, 42 per cent of respondents considered buying a fake tree, up from 38 per cent last year, citing lower costs, environmental concerns, practicality and the distinct advantage of not having to hoover pine needles until Easter.

Despite changing tastes in fish and foliage, Christmas itself remains reassuringly traditional. Only four per cent of respondents plan to spend the holidays abroad, while the vast majority intend to stay at home. Three quarters will spend Christmas Eve with their closest family, with another 26 per cent extending celebrations to the wider clan, proving that, carp or no carp, the Czechs still take Christmas seriously.

Author: Mitzilinka (Turning grim reality into comic relief—without losing the truth)

Inflation in Slovakia remains elevated as EU price growth stabilises in November

Price growth in Slovakia remained unchanged in November 2025, while inflation across the European Union and the euro area showed signs of stabilisation, according to the latest harmonised data published by national and European statistical authorities.

In Slovakia, consumer prices measured under the EU-wide methodology rose by 3.9% compared with the same month last year. This marked one of the lowest annual readings recorded in the country during 2025, matching levels seen earlier in the year. On a monthly basis, prices increased by 0.3%, a slightly faster pace than in the preceding months.

Price developments varied across spending categories. Transport costs recorded the strongest short-term increase, while modest declines were observed in food, alcohol and household furnishings. Compared with November 2024, prices were higher across all major consumption groups, with the steepest increases recorded in hospitality-related services, reflecting continued pressure on household budgets.

Looking at a longer time horizon, average price growth over the past 12 months remained above 4%, confirming that inflationary pressures, although easing, have not fully subsided.

Across the wider European Union, price growth was more moderate. Inflation in the euro area stood just above 2% year on year in November, while the EU average was slightly higher, at around 2.4%. Services remained the main driver of price increases, while energy prices continued to exert a dampening effect on overall inflation.

The comparison highlights Slovakia’s position among the higher-inflation countries within the EU, despite recent signs of cooling. Differences between national and harmonised measures remain, reflecting variations in consumption baskets and the exclusion of certain housing-related costs under the EU methodology.

Statistical authorities also noted ongoing improvements in how prices are measured, including the broader use of retail transaction data for selected product categories. These changes aim to improve accuracy and better capture real consumer spending patterns, without altering the underlying inflation trends.

Overall, November data suggest that while inflation pressures are easing at the European level, price growth in Slovakia remains comparatively strong, particularly in service-related sectors, underscoring the continued challenge for households as 2025 draws to a close.

Czech Government Approves Amendment to Building Act Aimed at Streamlining Permitting

The Czech government has approved an amendment to the Building Act that seeks to significantly restructure the country’s construction permitting system. The proposal introduces a centralised construction administration and designates certain large residential developments as being in the public interest, with the stated aim of accelerating approval procedures and reducing administrative complexity.

A key element of the amendment is the creation of a new Office for Territorial Development of the Czech Republic, under which construction officials currently working at municipal and regional levels would be integrated. The office is expected to operate through 14 regional branches and more than 200 local workplaces, with the option of further expansion. According to the government, the reform is intended to replace the existing fragmented system with a single permitting process based on the principle of “one authority, one procedure, one decision”.

The amendment is also designed to address issues linked to the previous version of the Building Act, which introduced digitalisation of permitting processes from 2024 but has been widely criticised for implementation difficulties. The new proposal envisages changes to the scope and timing of digital tools, with professional bodies noting that full digitalisation has effectively been postponed until 2030.

Under the proposed rules, the construction of apartment buildings exceeding 10,000 square metres and comprising at least 100 residential units would be classified as a public interest. This designation would allow such projects to benefit from an accelerated permitting process. The government argues that faster approvals could help increase housing supply and ease pressure in the residential market, although the direct impact on prices remains uncertain.

The amendment also foresees the integration of several affected authorities into the building administration system, while reaffirming the role of cities and municipalities in spatial planning and territorial development.

Business organisations, including the Czech Chamber of Commerce, have welcomed the modernisation of construction law, stating that clearer and faster permitting could support investment in housing and transport infrastructure. At the same time, a number of stakeholders have raised reservations. Representatives of the Civic Democratic Party (ODS) have expressed concerns that full centralisation of construction authorities could disrupt permitting processes, particularly in smaller municipalities, during the transition period.

The Czech Chamber of Authorised Engineers and Technicians has welcomed the planned reduction in the number of building authorities but noted that the amendment does not fully resolve the complexity of permitting procedures. Other critics argue that the proposal does not sufficiently address broader issues such as spatial planning reform, stronger incentives for municipalities to support new development, or targeted measures to promote affordable and cooperative housing.

The amendment is planned to come into force in July 2026, with the complete reorganisation of the construction administration system expected to be completed by 2028. The proposal will now move forward in the legislative process, where it will be debated in Parliament.

Early-cycle conditions shape opportunities in the German real estate market

Germany’s real estate market is expected to move into 2026 in an early-cycle phase marked by a gradual economic recovery and initial signs of stabilization, according to Colliers’ German Real Estate Market Outlook 2026. The report highlights a market environment influenced by long-term structural factors such as demographic change, globalization trends and ESG requirements, with selective opportunities emerging across several sectors.

Transaction activity continues to be driven mainly by private and international investors, while institutional capital remains more cautious and selective. Prime rents are still increasing in several segments, development activity is declining across most asset classes, and office vacancy rates in Germany’s seven largest cities are expected to reach a new peak. At the same time, Colliers identifies residential, industrial and logistics, hotels and specialist sectors such as life sciences and data centres as areas of growing relevance.

Felix von Saucken, CEO of Colliers Germany, said: “The German real estate industry is undergoing a phase of reorganization – shaped by geopolitical tensions, higher financing costs, and demanding regulatory frameworks. At the same time, the early-cycle market phase offers diverse opportunities for investors who act flexibly and focus on quality.”

Investor sentiment is described as cautiously optimistic. Private investors and family offices remain key market participants, taking advantage of current pricing conditions to target core and core-plus assets. Institutional investors are acting more selectively, while international capital flows are gradually increasing again, particularly from Anglo-Saxon countries, France, Asia and the Middle East. Alternative financing solutions, including private debt, are also gaining importance.

Francesca Boucard, Head of Market Intelligence & Foresight at Colliers Germany, commented: “2026 will be a year in which investors not only react to market movements but actively shape the transformation of the real estate market. Private investors and family offices use the early-cycle phase to acquire high-quality assets at attractive conditions. Institutional investors remain selective, increasing the supply of value-add products and creating new opportunities for professional asset management strategies.”

Boucard added that economic and property cycles remain closely linked but do not move in perfect sync. “While the overall economy is characterized by slow recovery, the real estate market also shows initial signs of stabilization. A key difference lies in reaction speed: the economy responds more quickly to external shocks and political measures, while the property market follows with a delay due to longer planning and investment cycles.”

The outlook assumes moderate economic growth of around 1.1 percent in 2026, easing inflation and a stable employment environment.

In the office sector, demand is stabilizing, particularly among larger occupiers, while development activity is expected to decline significantly from 2026 onwards. Prime rents in central locations are forecast to continue rising, driven by demand for high-quality, ESG-compliant space. In peripheral locations, rents are expected to remain largely flat, widening the gap between prime and secondary assets. Initial yields in Germany’s Top 7 cities are projected to range between 4.25 percent and 5.00 percent.

“The investment market is finding new momentum under more realistic conditions and has the potential to mark the beginning of a new cycle. 2026 will be the last year with a high project development pipeline before availability drops significantly from 2027 onward,” Boucard said.

The residential market continues to face a structural supply shortage. Despite political initiatives aimed at accelerating construction and supporting social housing, completions are expected to reach around 175,000 units, well below demand. Household numbers continue to grow, and rents in major cities are expected to rise by at least 5 percent in 2026.

Felix von Saucken noted: “In 2026, rising housing demand meets a shrinking supply. New construction remains at a low, the construction turbo has yet to take effect, and rents continue to climb. Only the investment market shows noticeable revitalization, with a growing focus on younger properties and slight yield compression in some submarkets.”

In the retail sector, consolidation and changing consumer behaviour remain key themes. Retail parks, grocery-anchored formats and discount concepts continue to attract investor interest, while city centres increasingly rely on mixed-use developments and service-oriented uses. In logistics, demand is supported by e-commerce and defence-related activities, alongside ongoing consolidation among industrial and contract logistics operators. Strategic locations and flexible, specialised assets are expected to perform best.

The hotel market is benefiting from rising domestic and international travel demand, with office-to-hotel conversions playing a growing role as new-build activity remains limited. Transaction volumes in the sector are expected to range between €1.9 billion and €2.2 billion. At the same time, specialist sectors such as life sciences and data centres are gaining momentum, supported by strong demand for research space, digital infrastructure needs and political backing.

Summing up the outlook, Felix von Saucken said: “The real estate market is in transition: 2026 will be a year of market reorganization and shifting demand profiles. At the same time, opportunities open up for investors and market participants who act flexibly and focus early on growth segments. In this environment, resilience, efficiency, and future viability will be decisive for sustainable success in the German real estate market.”

PRS stock in Poland surpasses 25,000 apartments as investors point to further growth potential

The Polish institutional private rented sector (PRS) has exceeded 25,000 apartments, confirming its position as one of the fastest-growing segments of the residential market, according to the latest Savills and CRIDO report “The PRS market in Poland. Commercial, legal and tax aspects.” The fourth edition of the study combines market data from Savills with regulatory and tax analysis from CRIDO and is widely used by investors and developers active in the sector.

Between January and the end of October 2025, PRS housing stock increased by more than 4,800 units, reaching approximately 25,100 apartments. This represents growth of around 24% compared to the beginning of the year. Taking into account projects under construction and those with confirmed completion dates, total supply could exceed 36,000 units by the end of 2027.

Despite the rapid expansion, market participants underline that institutional rental housing still represents an early stage of development when compared with Poland’s much larger private rental market. Experts note that the scale of PRS remains small relative to the number of individuals declaring rental income, as reflected in administrative data, while the fragmented nature of the sector and the limited availability of large residential portfolios slow the pace of expansion expected by institutional investors.

Demand driven by changing lifestyles

Structural changes in housing preferences continue to support PRS growth. Higher mobility, migration to large cities and limited access to mortgage financing have strengthened demand for rental housing. At the same time, tenants are increasingly attentive to service quality, transparency and contract stability offered by institutional landlords.

“Poland is entering a phase in which institutional renting is becoming a fully-fledged and rational alternative to buying a flat, especially in the largest cities,” said Jacek Kałużny, Head of Operational Capital Markets at Savills. “The high transparency of the market and the professionalisation of rental services are attracting both tenants and investors.”

Ministry of Finance data cited in the report shows that more than 1.07 million taxpayers declared income from private rentals in 2024, illustrating both the scale and fragmentation of the rental market. Although the PRS sector has grown almost tenfold since 2018, it still accounts for only around 2% of total rental housing.

Experts emphasised that renting is increasingly a conscious choice rather than a necessity, driven by lifestyle changes, professional mobility and evolving family structures.

Major cities dominate supply growth

Between January and October 2025, the largest increases in PRS supply were recorded in Kraków (1,742 units), Warsaw (1,484), Poznań (416) and Wrocław (369). The Tri-City doubled its PRS stock following the completion of three new projects, while Łódź remained the only major market without any new deliveries.

Most PRS developments continue to be located in the seven largest metropolitan areas, with an average project size of around 200 apartments.

“The availability of land, urbanisation levels and strong migration flows will keep the largest cities at the centre of PRS development,” said Wioleta Wojtczak, Head of Research at Savills. “Data for 2025 confirms stable demand, and new projects are leasing up very quickly.”

Panel participants noted that expansion beyond major cities and their central areas remains challenging, as proximity to public transport is a key tenant requirement. At the same time, similar construction costs in central and suburban locations limit the potential for rent differentiation.

Rents remain broadly stable

Savills’ analysis shows that rents in PRS projects have remained relatively stable. In the first nine months of 2025, Gdańsk recorded rent growth of around 3%, while Warsaw, Wrocław, Łódź and Poznań saw increases of approximately 1.5%. In contrast, rents in Katowice fell by more than 6%, while Kraków remained broadly unchanged compared to the end of 2024.

According to the report, rents are strongly linked to location and building standard. Monthly rents for studios in PRS schemes typically range between PLN 2,500 and PLN 3,000, while one-bedroom apartments range from PLN 2,000 to over PLN 4,000, with the highest levels seen in premium developments and central locations.

“High-quality service and predictability of the rental process mean that PRS projects maintain good rent levels,” Wojtczak added. “This format responds to tenants’ expectations for stability, security and quality.”

Resi4Rent remains the largest PRS operator in Poland, with around 6,200 apartments, followed by Vantage Rent (3,287 units) and LifeSpot, managed by Ares and Griffin Capital Partners, with 2,450 units. Together, the three largest investors control around 48% of total PRS stock. The state-owned Rental Housing Fund follows with just under 2,500 apartments.

Investment activity and regulatory challenges

While the living sector in Poland, including PRS and student housing, remains characterised by limited liquidity, investor interest is growing. In the first three quarters of 2025, investment volumes reached €86.5 million, largely through forward-purchase structures.

Market participants highlighted the limited availability of completed portfolios as the main barrier to transaction activity. Building a PRS portfolio from scratch can require an investment horizon of up to ten years, driven by lengthy administrative processes. Rising financing costs and high land prices further increase the complexity of site selection and feasibility analysis.

The report also highlights regulatory uncertainty as a key challenge. The absence of PRS-specific regulations and differing interpretations by tax authorities continue to affect investment confidence.

“In the absence of dedicated regulations, the PRS sector requires detailed tax and legal analysis already at the investment design stage,” said Anna Pleskowicz, Partner at CRIDO. “Tax consequences accompany investors throughout the entire life cycle of a project.”

CRIDO experts note that uncertainty around VAT and property tax treatment can determine project viability, with additional risks emerging at the exit stage, particularly in relation to VAT adjustments. The report also points to new areas of concern, including attempts to apply higher property tax rates to vacant units and inconsistent treatment of student housing.

Despite these challenges, both Savills and CRIDO conclude that the Polish PRS market still offers significant long-term growth potential, supported by demographic trends, urbanisation and increasing acceptance of renting as a long-term housing solution.

Source: Savills and CRIDO

Hungarian National Bank issues guidelines on AI use in credit institutions

The Hungarian National Bank (MNB) has published Recommendation 13/2025 (XII.3.) on the digital transformation of credit institutions, setting out expectations for the responsible use of artificial intelligence (AI) in the banking sector. The new recommendation replaces the previous 4/2021 MNB Recommendation and introduces more detailed requirements for the governance, development and deployment of AI systems by banks .

Under the Recommendation, credit institutions are expected to develop a dedicated “AI sub-strategy” as part of their broader digital transformation strategy and submit it to the MNB by 30 June 2026. The central bank notes that the scope and depth of the AI sub-strategy requirements go beyond those set out in the EU AI Act, reflecting the supervisory authority’s focus on risk management and consumer protection in the financial sector.

The MNB has indicated that institutions and third-party AI providers should begin preparations immediately, as compliance will be monitored through ongoing supervisory and monitoring activities.

The Recommendation covers several key areas. These include AI-specific governance and internal frameworks, with banks expected to establish regulated structures and appoint a responsible leader for AI implementation. It also sets expectations around data governance, requiring high standards for data quality, handling and protection, including clear separation between raw and processed data and enhanced validation of training data used in AI models.

Further provisions address the development and procurement of AI systems. Banks developing AI in-house must meet detailed requirements, while those using third-party solutions are required to obtain assurance that providers comply with the Recommendation. The MNB highlights practices such as regular testing for bias or discrimination, the use of guardrail tools, human oversight of AI outputs and independent audits or certifications of AI systems as desirable approaches.

The Recommendation also introduces expectations for AI-specific risk management, including classification of AI-related risks and at least annual reviews, as well as enhanced IT security measures to protect training data, algorithms and system prompts. Institutions are encouraged to strengthen organisational expertise in AI, including setting internal rules for the use of generative AI and periodically testing staff AI literacy.

In addition, the MNB places emphasis on transparency and communication. Good practices include informing clients about the use of AI systems, providing educational materials, operating internal reporting mechanisms for AI-related errors and allowing clients to give feedback on AI-generated outputs.

Credit institutions must comply with the AI sub-strategy requirement by 30 June 2026, which is one month earlier than the deadline for compliance with high-risk AI system obligations under the EU AI Act. Other provisions of the Recommendation will apply from 1 April 2026. The MNB advises banks to align preparations for the Recommendation with their broader EU AI Act compliance efforts.

Source: CMS

Labour market shows signs of moderation as job postings decline in November

The pace of activity on the labour market slowed slightly in November 2025, as reflected in a notable decline in online job advertisements. According to the Job Offer Barometer compiled by the Department of Economics and Finance at the University of Information Technology and Management in Rzeszów together with the Office of Investment and Economic Cycles, the index fell to 250.7 points in November, down from 254.9 points in October. Compared with November 2024, when the index stood at 251.3 points, current levels remain slightly lower.

November marked the second consecutive monthly decline in job advertisements and the largest single drop recorded this year. Since April, employer activity has shown signs of cooling, with the indicator consistently remaining marginally below last year’s levels. Declines were recorded across all four broad occupational groups monitored by the Barometer.

Despite the overall slowdown, the number of vacancies in manual occupations remains relatively high, even though postings in this category also declined. In occupations requiring education in science and engineering, November was the second month of falling vacancies following almost a year of growth. In services, as well as in professions linked to social sciences and law, the downward trend has been evident since mid-2024, although the situation in services remains comparatively more stable.

The registered unemployment rate, excluding seasonal workers, stood at 5.8% in October, unchanged from the previous month. While this is slightly higher than at the beginning of the year, it remains low by historical standards and in comparison with many other European Union countries.

Regional trends

From a regional perspective, only three provinces—Pomerania, Subcarpathia and Lublin—recorded a month-on-month increase in job postings, although the scale of growth was minimal. All other regions saw a decline, with the largest reductions reported in the Warmian-Masurian, West Pomeranian and Łódź provinces.

Occupational groups

Across broad occupational categories, job postings fell on a monthly basis for the second consecutive month. The steepest decline was observed in professions requiring education in science or engineering. Although these categories had recorded growth for much of the year—driven largely by increased demand in IT and construction-related roles—vacancies have now begun to decrease. In programming-related occupations, growth slowed slightly after six months of increases, while postings in ICT administration, occupational health and safety and research and development saw particularly marked declines. Construction-related vacancies continue to stand out as the only category showing a sustained upward trend over the longer term, despite a decline in November.

In services, the overall downward trend that began in October 2024 continued. November vacancies in this group were lower than a year earlier, with one of the largest year-on-year gaps among all occupational categories. The only service segment to record a monthly increase was tourism, marking the second consecutive rise after a prolonged period of decline.

Professions linked to social sciences and law have also experienced a year-long reduction in job postings. In November, the year-on-year decrease in this group was the largest among all broad categories. Marketing specialists, graphic designers and human resources professionals accounted for the highest number of new postings within this segment, while the sharpest declines were recorded for call centre staff, sales roles and procurement-related positions. A divergence is increasingly visible within this group, with some professions stabilising while others, such as call centre roles, continue to contract. Legal professions, by contrast, show early signs of recovery.

Overall, the November data point to a gradual cooling of labour demand rather than a sharp deterioration. While job postings are declining across most sectors and regions, unemployment remains low, and selected areas—most notably construction—continue to show resilience.

Source: BIEC

Skanska to develop rental housing project in Helsinki

Skanska has signed an agreement with the City of Helsinki to construct a rental housing project in the Finnish capital. The contract is valued at approximately €32 million (around SEK 350 million) and will be recorded in Skanska’s Nordic order bookings for the fourth quarter of 2025.

The project will comprise two residential buildings of six and eight storeys, providing a total of 182 rental apartments. Of these, 20 units will be designed to accommodate residents with special needs. The development will have a total gross floor area of approximately 11,900 sq m.

The buildings are planned to achieve a three-star rating under the Rakennustieto environmental classification system, which covers criteria related to energy efficiency, indoor environmental quality and sustainable construction practices.

Construction is scheduled to commence in the fourth quarter of 2025, with completion expected in autumn 2027.

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