Steady growth in number of active enterprises in Poland in early 2025

Poland recorded a total of 2,815,480 active enterprises in the first quarter of 2025, marking a 5.0% increase compared to the same period in 2024, according to data published by Statistics Poland. This growth highlights continued resilience in the country’s business sector, particularly among smaller enterprises.

Micro-enterprises, defined as those employing up to nine individuals, constituted 95.8% of all active enterprises and saw their numbers rise by 5.3% year-on-year. In contrast, small enterprises (10–49 employees) and medium-sized enterprises (50–249 employees) experienced modest declines of 0.2% and 0.7%, respectively. Large enterprises (those with 250 or more employees) saw a slight increase, with four additional entities compared to the previous year.

Sectoral data show that the largest proportion of active enterprises operated in trade and repair of motor vehicles (17.7%), followed by construction (15.1%) and professional, scientific, and technical activities (13.7%). Mining and quarrying, along with energy generation and supply, continued to account for the smallest shares of active enterprises, at 0.1% and 0.3%, respectively.

The most significant growth in enterprise numbers was observed in administrative and support activities (11.5%), education (9.0%), and arts, entertainment, and recreation (8.5%) sectors.

Geographically, the Mazowieckie voivodeship remained the dominant region, hosting 19.9% of all active enterprises, followed by Wielkopolskie (10.3%), Śląskie (10.3%), and Małopolskie (10.0%). The Opolskie voivodeship recorded the fewest enterprises at 1.9% of the national total. The Mazowieckie region also led among large enterprises, accounting for 26.8% of the total, ahead of Śląskie (12.1%) and Wielkopolskie (11.1%).

At the local level, the powiats with the highest number of enterprises outside cities with powiat status were Poznański (46,482 enterprises), Piaseczyński (26,392), and Krakowski (25,017). Conversely, the powiats with the fewest enterprises included Kazimierski, Bieszczadzki, Gołdapski, Węgorzewski, and Sejneński, each hosting fewer than 1,300 active businesses.

Compared to the first quarter of 2024, 90 powiats saw growth rates above the national average of 5.0%, with the strongest increases observed in Legionowski, Skierniewicki, Pucki, Gdański, and Piaseczyński powiats, where growth exceeded 7.0%. Notably, no powiat reported a decline in the number of active enterprises.

These findings indicate a stable expansion of Poland’s enterprise landscape, driven primarily by the micro-enterprise sector, with continued concentration in key economic regions and an increasing presence in support services and education sectors.

Source: Statistics Poland

GAP opens first outlet in Kraków at FACTORY Kraków

FACTORY Kraków, managed by NEINVER, has expanded its retail offering with the opening of a GAP outlet store, marking the brand’s first outlet location in Kraków. The American fashion brand adds to FACTORY Kraków’s portfolio of international retailers, supporting the centre’s growth strategy in southern Poland.

The GAP outlet spans nearly 330 sqm and offers a full range of everyday clothing for women, men, and children, including collections from babyGap, GapKids, and GapTeen. Customers can find a selection of denim lines, as well as GAP’s signature logo sweatshirts and tracksuits, with prices reduced by 30% to 70% compared to standard retail.

Roman Puchała, Retail Development Manager at GAP in Poland, noted that Kraków’s large population, strong tourism sector, and interest in fashion made it a priority location. He added that FACTORY Kraków’s established position among outlet centres in Poland made it a strategic choice for the brand’s expansion.

Andrea Aburra, Head of Leasing at NEINVER for Poland and Italy, emphasized that GAP’s arrival reinforces FACTORY Kraków’s appeal to international brands. The centre recently added several premium names, including Baldinini and Max Mara Fashion Group, strengthening its portfolio of brands such as Karl Lagerfeld, Hugo Boss, Lacoste, Nike, Levi’s, Wrangler, and Timberland. In the past few months, 700 sqm of new premium retail space has been introduced.

FACTORY Kraków maintains an occupancy rate of 96% and draws millions of visitors annually, both from the local population and tourists. Positioned near the city centre with convenient access to regional roads, motorways, and Kraków Airport, the centre also benefits from its connection to the adjacent Futura retail park, offering additional retail and dining options.

FACTORY Kraków continues to expand its range of premium products and global brands, reinforcing its role as a leading outlet destination in southern Poland.

OCHNIK to open new dual-concept store at Blue City in Warsaw

The Polish brand OCHNIK is set to open a new store in Blue City at the turn of August and September, introducing a ‘shop in shop’ concept. The new format will feature two distinct sections: one for clothing, divided into women’s and men’s collections, and another for accessories and luggage. The store will cover over 500 square meters and will be one of the brand’s largest locations in Warsaw.

In the clothing section, customers will find a wide range of outerwear, apparel, footwear, and accessories, while the accessories and luggage section will offer wallets, handbags, suitcases, and travel items. The store will be located on the first floor, where renovation work is currently in progress.

Arkadiusz Konarski, network development director at OCHNIK, stated that the brand is expanding its two-salon concept to improve product presentation and customer experience. OCHNIK currently operates over 50 such stores and plans to double this number in the coming years.

Blue City, with over 200 tenants and a 98% occupancy rate, continues to attract brands across a variety of product categories. Anna Gut, leasing director at Blue City, noted that OCHNIK’s decision to open the new store in the centre reflects its appeal to brands seeking a broad and established customer base.

IMF recommends tax reforms to strengthen Romania’s fiscal position

The International Monetary Fund (IMF) has recommended that Romania implement a series of tax reforms aimed at increasing fiscal revenues and addressing the country’s budget deficit. In its latest assessment, the IMF advised raising the standard Value Added Tax (VAT) rate, eliminating reduced VAT rates, and increasing excise duties.

Additionally, the Fund suggested that Romania transition to a progressive marginal personal income tax system, replacing its current flat tax model. According to the IMF, these measures are necessary to strengthen Romania’s fiscal position and ensure greater revenue stability.

Romania’s budget deficit has widened in recent years, driven by high public spending and underperforming tax revenues. The IMF’s proposals are intended to help the government stabilize public finances without resorting to broad spending cuts that could hinder economic growth.

The Fund emphasized that higher VAT and excise rates, coupled with a progressive income tax system, could improve revenue collection efficiency and align Romania’s fiscal framework more closely with practices observed in other European Union member states.

Romanian authorities have yet to formally respond to the IMF’s recommendations. However, the proposals are expected to prompt debate over potential impacts on consumption, investment, and income distribution within the country.

Bucharest: Employees Seek Better Work-Life Balance, Favor Four-Day Workweek

Genesis Property’s recent survey highlights that nearly 47% of employees would prefer a four-day workweek, reflecting a growing interest in improving work-life balance. Conducted between April and May 2025 with a nationally representative sample of 1,012 respondents, the survey also found that 63% of employees feel they manage their work-life balance better now compared to previous years, though many still see room for improvement.

More than half of those surveyed (52%) indicated a preference for working from the office at least three to four days a week. Recreational and social activities at the workplace were cited by 69% of respondents as having a positive effect on productivity. Key activities that help employees maintain balance include flexible scheduling (41.4%), participation in team social activities (40.8%), and taking active breaks (37.5%). Outdoor walks and team-building events are among the most common group activities.

In terms of office amenities, 38.2% of employees would like to see benefits such as massage services, fresh fruit, events, or training sessions provided by their employers. Other preferences include relaxation areas (32%) and ergonomic, personalized workspaces (27.8%).

Genesis Property plans to continue the development of YUNITY Park, a workplace campus envisioned by Liviu Tudor. The first two phases were completed in 2023 following an investment of over €30 million. The next phase, the Innovation Center, is scheduled to open within the next 12 months with an additional €20 million investment.

The survey was conducted online via the iVox platform among Romanian internet users. Women represented more than 45% of the respondents, and nearly 46% reported a net monthly income of over 5,000 lei.

Catella APAM boosts leasing activity at Arlington Park with new deals and renewals

Catella APAM has completed three leasing transactions at Arlington Park in Reading, including a record-setting deal for the business campus.

Cybit Ltd, a technology solutions provider, signed a two-year lease for a fully fitted suite on the third floor of Building 1420, achieving the Park’s highest rent to date. James Hunnybourne, Executive Chair at Cybit, highlighted the office’s quality and amenities as key to supporting the company’s business and wellbeing goals.

In addition, pSemi, a global RF semiconductor firm and Arlington Park tenant since 2018, renewed its 8,200 sq ft lease on the first floor of Building 1420 for another five years, extending its commitment through 2030. Automation Consultants, specializing in Agile and DevOps consulting, also renewed its 1,700 sq ft suite for two more years.

Max Bingham, Asset Manager at Catella APAM, noted the deals demonstrate Arlington Park’s ability to cater to both flexible and long-term workspace needs. The transactions underscore the campus’s strong market position and growing appeal to a broad range of businesses.

Real estate sector reacts to ECB’s latest interest rate cut

The European Central Bank (ECB) today reduced its key interest rate by 25 basis points to 2.0 per cent. Leaders from HIH Invest, KINGSTONE RE, BF.direkt AG, CAERUS Debt Investments, INTREAL, Hauck Aufhäuser Lampe, and Hamburg Commercial Bank shared their perspectives on the decision and its implications for the real estate sector.

Felix Schindler, Head of Research & Strategy, HIH Invest
Schindler noted that the ECB’s move was expected, given the eurozone inflation rate’s decline and ongoing economic uncertainty. He emphasized that while energy prices have eased, inflation in services and food remains persistent. He believes real assets like real estate could become more attractive as real returns on nominal investments diminish.

Dr. Tim Schomberg, CEO and Founder, KINGSTONE RE
Schomberg called the cut a possible turning point in the cycle of reductions, placing the rate close to neutral territory. He pointed out that stable long-term interest rates combined with adjustments in asset values are improving conditions for real estate investment. He expects the ECB to pause for observation following this decision.

Francesco Fedele, CEO, BF.direkt AG
Fedele expressed caution, suggesting the ECB might be cutting rates too quickly. He warned that inflation in services remains elevated and that lower key rates do not guarantee lower long-term borrowing costs, which are critical for real estate financing. Rising inflation expectations could, in fact, push financing costs higher.

Michael Morgenroth, CEO, CAERUS Debt Investments
Morgenroth highlighted falling inflation as a primary reason for the rate cut, alongside the need to support economic growth amid geopolitical uncertainties, such as US tariff policies. He considers the move a predictable response to the current economic climate.

Uwe Janz, Head of Treasury and Private Debt, INTREAL
Janz noted that the reduction had been widely anticipated, with inflation back within the target range and service sector inflation cooling. However, he warned that long-term real estate financing rates are influenced more by long-term inflation expectations and bond market dynamics, areas that still present risks.

Patrick Brinker, Head of Real Estate Investment Management, Hauck Aufhäuser Lampe
Brinker described the rate cut as a modest positive for the real estate market. While financing conditions had already improved in anticipation, he cautioned that long-term yields remain less affected. Selective market recovery is underway, particularly in specialized niches and premium assets, but broader optimism remains restrained.

Peter Axmann, Head of Real Estate Financing, Hamburg Commercial Bank
Axmann sees the ECB’s move as a signal of support for the weakening economy, helping to stabilize long-term interest rates and providing more certainty for investment calculations. He believes lower borrowing costs will assist companies reliant on income from commercial properties, potentially boosting transaction volumes.

Photo: Left to right: Prof. Dr. Felix Schindler, Head of Research & Strategy – HIH Invest
Uwe Janz, Leiter Treasury und Private Debt – IntReal International Real Estate,
Peter Axmann, Leiter Immobilienfinanzierung – Hamburg Commercial Bank,
Francesco Fedele, CEO – BF.direkt AG
Dr. Tim Schomberg, CEO & Founder, KINGSTONE RE
Michael Morgenroth, CEO – CAERUS Debt Investments in Düsseldorf,

EBRD expands green investment initiatives across Southeast Europe

The European Bank for Reconstruction and Development (EBRD) has announced several new initiatives across Southeast Europe, strengthening its focus on sustainable investment, private sector development, and green transitions in line with European Union objectives.

New Five-Year Strategy for Bulgaria

The EBRD has approved a new country strategy for Bulgaria, guiding its activities through 2030. The strategy will prioritise accelerating the green transition, fostering innovation and competitiveness, and supporting economic resilience and regional integration. These focus areas closely align with Bulgaria’s national priorities and EU commitments.

With more than €4.7 billion invested in Bulgaria to date, the EBRD remains committed to promoting sustainable infrastructure, private sector growth, and inclusive development. In 2024 alone, EBRD investment in Bulgaria more than doubled to €272 million across 20 projects, over 90 per cent of which supported green transition initiatives. All investments during this period targeted private sector development.

Green Finance for SMEs in Serbia

In Serbia, the EBRD, in partnership with the EU, is providing up to €15 million to Erste Bank under the SME Go Green programme. The funds will support small and medium-sized enterprises (SMEs) investing in energy- and resource-efficient technologies, with a focus on agriculture, agribusiness, and women-led businesses.

Participating SMEs will also benefit from EU-funded technical assistance and grant incentives—10 per cent of the loan amount, rising to 15 per cent for renewable energy and agribusiness projects. The programme aims to enhance SME productivity, sustainability, and competitiveness by aligning operations with EU climate standards.

The EBRD has so far invested more than €10 billion in Serbia through 376 projects, with a strong emphasis on the private sector, green energy, and infrastructure development.

Launch of InvestEU Programme in Croatia

The EBRD has launched the InvestEU Guarantee Facility in Croatia, making it the first country in the financial sector to join the initiative. InvestEU supports strategic investments in sustainable infrastructure, innovation, digitalisation, SMEs, and social sectors by providing risk-sharing guarantees to local financial institutions.

Through InvestEU, the EBRD will collaborate with Croatian banks to improve access to finance, especially for green projects like energy efficiency upgrades, renewable energy development, and sustainable transport. The programme is designed to reduce collateral requirements and extend credit opportunities for both businesses and households.

Zagrebačka banka (ZABA) is the first local financial institution to participate, with plans to support projects in the decarbonisation of buildings and sustainable transport sectors. The EBRD’s long-standing partnership with Croatia continues to promote private sector growth and sustainable economic development.

SME Go Green Programme Expansion to Montenegro

The EBRD and EU have also rolled out the SME Go Green programme in Montenegro, expanding their support for the country’s green economy transition. The programme provides local banks with credit lines for on-lending to SMEs, alongside technical assistance to support investment planning.

Grant incentives funded by the EU will cover 10 per cent of the loan amount, or 15 per cent for investments in renewable energy and agribusiness. The initiative focuses on enhancing the competitiveness of SMEs by promoting energy efficiency and supporting women-led businesses.

The SME Go Green programme is already active in other Western Balkans countries, with an initial regional financing target of €120 million, expected to rise to €400 million. In Montenegro, financing will be available through Crnogorska komercijalna banka (CKB) and NLB Banka Podgorica.

Since joining the EBRD in 2006, Montenegro has received €943 million in investment through 99 projects, aimed at improving competitiveness, advancing the green transition, and fostering integration into regional and global markets.

Hauck Aufhäuser Lampe REIM launches second fund focused on social infrastructure

Hauck Aufhäuser Lampe Privatbank’s real estate investment management division (HAL REIM) has introduced its second specialised real estate fund focused on social infrastructure in Germany. Developed in collaboration with IntReal International Real Estate Kapitalverwaltungsgesellschaft mbH, the new fund, ‘HAL Social Infrastructure Germany 2’, will concentrate primarily on outpatient healthcare properties, such as medical centres and health facilities.

The fund plans to invest mainly in core and core-plus properties, with a value-add strategy comprising approximately 30% of the portfolio. This strategy includes the acquisition of properties offering potential for conversion, densification, additional construction, or redevelopment.

‘HAL Social Infrastructure Germany 2’ is structured as a pure equity fund with a target volume between EUR 150 million and EUR 250 million. It aims for a cash-on-cash return exceeding 4.75% per annum over a ten-year forecast period. Initial commitments have been secured from two seed investors in the banking and insurance sectors, with the first closing exceeding EUR 30 million. Two properties are currently under exclusive purchase review, and the first acquisition is expected to be completed in the coming weeks.

Patrick Brinker, Head of Real Estate Investment Management at Hauck Aufhäuser Lampe Privatbank, noted that the fund structure aligns with the regulatory requirements introduced under CRR III and Solvency II. According to Brinker, equity funds generally require lower capital reserves than debt-financed funds, offering more favourable returns on invested capital for regulated institutions.

This fund follows the ‘H&A Soziale Infrastruktur 1’ launched in 2019, which is fully invested with 15 properties and total real estate assets of approximately EUR 250 million. It has maintained an average annual distribution yield above 4.5% and is classified under Article 8 of the EU Disclosure Regulation.

Felix Rotaru, Director Healthcare at Hauck Aufhäuser Lampe, highlighted the growing demand for outpatient medical infrastructure, driven by demographic changes and policy trends favouring a shift from inpatient to outpatient care services.

Catella launches mixed-use development project in Berlin

Catella Project Management has submitted a building application for a new mixed-use development on Silbersteinstrasse in Berlin-Neukölln, part of its broader initiative under the ‘Cooperative Innovative Living Germany’ (CILG) programme. The project is intended to contribute to sustainable housing development in an urban setting and is aligned with Catella’s European Living Development Programme, which focuses on creating residential portfolios that meet future investment and sustainability criteria.

The development is situated near Tempelhofer Feld and the S-Bahn ring, providing a combination of residential and commercial space. The project is designed to meet the EU taxonomy standards for sustainability and will undergo ESG certification. Construction is expected to start in 2025, with completion planned for 2027.

The project will include 92 rental apartments, 24 of which will be publicly subsidised, alongside ground-floor commercial space intended for a local supplier. The residential and retail functions are organized separately to balance the needs of the neighbourhood with those of future residents. Residential units will be accessed via a central entrance leading to the upper floors, which will be arranged in a quieter campus-style layout.

Catella emphasizes the importance of combining privately financed and subsidised housing to address Berlin’s diverse housing demand. The project is aimed at providing additional rental units while integrating necessary local amenities within walking distance.

Architect Anne Lampen of Anne Lampen Architekten GmbH, responsible for the project design, noted the emphasis on sustainable urban densification and creating accessible neighbourhood facilities. The design includes a central green courtyard atop the ground floor level to offer a quiet communal space shielded from street noise.

The development will make use of prefabrication and optimized construction processes to meet sustainability and efficiency goals. According to Catella, this project is part of a larger pipeline of around 10,000 residential units planned across Germany.

The Silbersteinstrasse project reflects a strategy of vertical redensification, combining housing with commercial functions to support long-term, sustainable land use. The realignment of the supermarket and the integration of residential space have received support from local authorities, who see the project as a means to enhance urban living conditions in a high-demand area of Berlin.

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