Karol Nawrocki’s election victory could reshape Poland’s commercial real estate landscape

Karol Nawrocki’s recent victory in Poland’s presidential election is expected to influence the country’s commercial real estate (CRE) sector in several ways. While Nawrocki’s campaign primarily focused on national sovereignty and did not directly address real estate issues, his broader policy direction could reshape investment patterns, regulatory frameworks, and overall market dynamics.

Nawrocki’s nationalist approach points to a stronger emphasis on domestic economic interests, which may result in a more cautious stance toward foreign investment and relations with the European Union. This could foster a more favorable environment for domestic investors, but also introduce greater uncertainty for international capital, particularly in office, logistics, and retail real estate markets that have historically benefited from substantial foreign investment. If tensions with the EU were to escalate under Nawrocki’s leadership, inflows of foreign direct investment could slow. However, should he maintain a pragmatic economic course and avoid major disruptions, Poland’s strong fundamentals—stable economic growth, a skilled workforce, and a mature real estate market—would likely preserve its investment appeal.

Changes in regulatory policy could also be on the horizon. Nawrocki’s administration may favor a regulatory framework more focused on national interests. Possible adjustments could involve heightened scrutiny of foreign-owned assets and a push for greater domestic ownership, particularly in strategic sectors such as logistics. Such measures might increase compliance requirements for international investors, potentially slowing transaction activity in the short term.

Public infrastructure spending could receive new impetus under Nawrocki. Nationalist governments typically prioritize domestic infrastructure development, and further investments in transport networks, regional growth initiatives, and public-private partnerships could indirectly benefit the commercial real estate market. The logistics and industrial sectors, already expanding due to e-commerce growth and nearshoring trends, stand to gain from any acceleration in infrastructure projects.

Nawrocki’s approach to urban development and environmental policy remains undefined. Historically, nationalist administrations have been slower to advance aggressive environmental, social, and governance (ESG) initiatives compared to their centrist counterparts. A slowdown in ESG regulatory progress could influence the pace of the green transition in Poland’s real estate sector and affect the attractiveness of Polish assets to ESG-focused investors. Nevertheless, demand from institutional investors and multinational tenants for sustainable buildings is expected to continue, supporting the market-driven adoption of ESG standards even in the absence of strong regulatory momentum.

The labor market could also experience changes under Nawrocki, particularly if immigration policies are tightened. Sectors such as construction and logistics, which depend heavily on migrant labor, could face increased labor shortages. This would likely lead to higher costs and longer project timelines, affecting the delivery and pricing of new commercial real estate developments.

Overall, Nawrocki’s presidency introduces a degree of uncertainty to Poland’s commercial real estate sector, especially in areas related to foreign investment policy, regulatory adjustments, and EU relations. However, Poland’s core market strengths, including solid economic indicators and a resilient demand for logistics and office space, are expected to provide a stable foundation.

Key developments to monitor in the coming months include Poland’s evolving relationship with the European Union and its potential impact on investor sentiment, new infrastructure spending initiatives and their effects on regional real estate markets, regulatory changes that may influence property ownership and ESG compliance, and labor market policies that could affect construction and operational costs. If Nawrocki manages to balance his nationalist platform with pragmatic economic management, the outlook for Poland’s commercial real estate sector is likely to remain positive, albeit with a more cautious approach from investors in the near term.

YIT launches second phase of Toivo Roztyly residential project

YIT has commenced sales for the second phase of the Toivo Roztyly residential development in Prague’s Roztyly district. The project will add 116 new apartments across four buildings, continuing from the first phase, which is nearly sold out. Construction began this spring and is expected to be completed by early 2027. YIT is developing the project in collaboration with its long-term partner, the RSJ investment group.

Located on Komárkova Street, the new phase will feature four residential buildings, each with one underground and five to six above-ground floors, with the top floor set back. The apartments will range in size from 29 to 120 square meters, offering layouts from studios to five-room family units. Most apartments will have balconies, loggias, or terraces, with some ground-floor units including private gardens. Interior features will include wooden floors, quality tiles, paving, and interior doors. All units will be equipped with heat recovery ventilation systems and triple-glazed windows.

The apartments will be oriented toward a quiet courtyard, where a new public park with greenery, benches, and street furniture will be established. The buildings will also provide cellars, stroller storage rooms, and underground parking with sufficient spaces for residents.

Dana Bartoňová, Sales Director at YIT Stavo, stated that the second phase aims to build on the positive reception of the first phase, offering a variety of apartment types to meet different needs. She noted the project’s focus on delivering comfortable, energy-efficient, and environmentally conscious living close to green spaces.

The full Toivo Roztyly project will comprise 204 apartments in total. YIT and RSJ have previously worked together on developments such as Vesi Hostivař in Prague and the ongoing Kalevala project in Brno.

The project prioritizes energy efficiency and environmental standards. Features include controlled ventilation with heat recovery, preparations for external shading, LED lighting in common areas, water-saving systems, green roofs, electric car charging stations, and bicycle racks. Materials will comply with Environmental Product Declaration (EPD) and Forest Stewardship Council (FSC) certifications. Selected units will have modular prefabricated bathrooms to improve construction efficiency and reduce CO₂ emissions, while green concrete made from recycled demolition waste will be used.

The courtyard and surroundings will include landscaped green areas, a community garden, a children’s playground, and relaxation zones. Paths will connect the development directly to Krč Forest, enhancing recreational access.

Roztyly offers access to public transport, with the Roztyly metro station (line C) and nearby bus stops within a five-minute walk. The area has direct connections to Prague’s main road network and the D1 motorway. Local amenities include schools, shops, restaurants, medical facilities, and pharmacies, with the Westfield Chodov shopping centre a short drive away.

The project is situated close to Michelský, Kunratický, and Krčský forests, providing extensive recreational opportunities such as running and cycling trails, playgrounds, and a petting zoo.

ACTION extends lease in Supersam Katowice

The ACTION retail chain has renewed its lease at Supersam Katowice for another five years. The store, occupying approximately 1,000 square meters on level -1, remains one of the most frequented retail points in the shopping center.

Supersam continues to develop as a modern, multifunctional facility located in the city center, benefiting from high pedestrian traffic and proximity to major transportation hubs. The center features a modernist design, a revitalized interior with a green wall, and a retail and service offer aimed at meeting the needs of urban consumers.

Managed by Globalworth, Supersam focuses on maintaining a diverse and sustainable tenant mix while enhancing the multifunctional character of the facility. Recent additions include flexible office spaces from Ace of Space, and plans are underway for a new dining area to complement the existing offer.

ACTION’s decision to extend its lease reflects the stable position Supersam holds among tenants. Barbara Wójcik, Asset Management and Retail Leasing Director at Globalworth Poland, noted that continuing cooperation with ACTION confirms Supersam’s standing as an attractive location for brands seeking proximity to their customers.

ACTION operates an international network of discount stores offering a variety of non-food products across more than 2,500 locations in Europe, employing nearly 70,000 people. The company has been expanding in Poland since 2017, focusing on accessibility and value for money.

Supersam also hosts stores from other well-known brands, including ALDI, Rossmann, DEALZ, Kik, Maxi Zoo, EMPiK, and X-kom, alongside the Forma fitness center, contributing to its position as a comprehensive retail and service destination in Katowice.

Current trends in luxury living: Focus on privacy, security, and individuality

The traditional image of luxury living, often associated with lavish materials and ornamental details, has been gradually evolving. Today, the concept emphasizes high-quality design, privacy, and functional space over outward opulence. According to Jiří Baloun, sales and marketing manager at Geosan Development, contemporary trends favor individualised interiors that allow residents to disconnect from the demands of daily life and create an environment for relaxation.

Baloun notes that where luxury was once linked to visibly extravagant features, it is now defined by intangible qualities such as freedom, tranquility, and personal space. In his view, modern luxury is represented by experiences such as having breakfast on a private terrace with city views, cultivating plants in an urban winter garden, or unwinding in a hot tub under the night sky. These moments are increasingly regarded as central to a sense of well-being and comfort at home.

Modern luxury apartments are designed with flexible, open layouts that can adapt to the changing needs of residents. Large windows that maximize daylight and provide panoramic views are a key feature, complemented by high-quality sound insulation to ensure a quiet living environment. Smart home technologies, including automated lighting, climate control, and security systems, have become standard components, enhancing both comfort and functionality.

Baloun emphasizes the importance of natural light in creating a harmonious living atmosphere, noting that its changing character throughout the day can significantly affect the mood of each space. Interiors are designed to align with the natural rhythm of daily life, prioritizing comfort without unnecessary decorative elements.

There is also a growing preference among city residents for private outdoor areas. Whereas terraces or loggias were once considered a luxury, they are now viewed as essential for modern urban living. Outdoor spaces provide an area for relaxation, gardening, or hosting gatherings, offering a retreat within the home.

Another defining characteristic of current luxury housing trends is a strong focus on individuality. Modern interiors are increasingly tailored to reflect the lifestyles and interests of their occupants, whether they are passionate about sports, travel, or art. This trend toward customization results in spaces that are personal and functional, enabling residents to feel at home and recharge in a setting designed specifically for them.

One example of this approach is the penthouses at Rezidence Radimova in Prague’s Břevnov district. These rooftop apartments offer a combination of a quiet neighborhood setting, access to amenities, and proximity to green areas. Sold in a ‘shell & core plus’ standard, the units provide future owners with the flexibility to fully design their interiors. The development emphasizes quality workmanship, practical layouts, and privacy.

Baloun concludes that the penthouses at Rezidence Radimova illustrate the current expectations for luxury living: comfort, generous space, and the freedom to personalize one’s home to suit individual needs, all within the context of urban convenience.

Contract signed for construction of new musical theatre in Poznań

The Musical Theatre in Poznań has signed a contract with Dekpol Budownictwo sp. z o.o. for the construction of a new musical theatre building in the city centre. The agreement was signed by Przemysław Kieliszewski, Director of the Musical Theatre, and Dekpol Budownictwo’s representatives, President Mariusz Niewiadomski and Management Board Member Jacek Hnatiuk.

The planned facility, located at the intersection of Św. Marcin and Skośna streets, is set to become the largest musical theatre in Poland. It will include a main stage with a seating capacity of nearly 1,200, a chamber hall for approximately 300 spectators, a restaurant with a banquet hall, a recording studio, and an open foyer. Additionally, the development will feature a Water and Music Park designed to introduce ecological elements into the urban landscape.

The project is intended to provide a multifunctional space accessible to a wide range of users, including those with special needs. According to Director Kieliszewski, the new theatre is planned as a technologically advanced and functional venue aimed at supporting both cultural activities and broader community use.

Dekpol Budownictwo will also prepare an alternative design concept, construction plans based on the Functional and Utility Programme, and detailed designs using BIM technology.

The ceremonial handover of the construction site and the presentation of the work schedule are scheduled for 28 June. Further information about the event will be released in early June.

The project is co-financed by the City of Poznań, the Minister of Culture and National Heritage, and Poznań County. The basic contract value amounts to nearly PLN 375 million gross, with additional options, including the construction of the Water and Music Park, bringing the total potential value to approximately PLN 491 million gross.

GCC markets see mixed oerformance in May 2025 amid global volatility

May 2025 proved volatile for equity markets across the Gulf Cooperation Council (GCC) region, reflecting global market instability. Despite some gains in individual markets, the MSCI GCC Index fell 2.6% during the month, driven largely by a 5.8% decline in Saudi Arabia’s TASI.

Oman emerged as the region’s strongest performer, posting a 5.7% monthly gain after a series of declines earlier this year. Dubai and Kuwait also reported solid performances, rising by 3.3% and 1.9%, respectively, while Abu Dhabi gained 1.6%. Kuwait’s Premier Market Index led year-to-date results, showing a double-digit gain of 10.2%, followed by Dubai at 6.2% and Abu Dhabi at 2.8%. Meanwhile, Saudi Arabia recorded an 8.7% decline year-to-date, contributing to a 1.6% year-to-date drop for the MSCI GCC Index.

Sector-wise, performance was varied. The Utilities sector led declines with a 9.6% drop, followed by Healthcare and Food & Beverages, which fell by 5.2% and 5.0%, respectively. In contrast, Capital Goods, Diversified Financials, and Transportation sectors posted modest gains.

On the global stage, equity markets saw gains, with the MSCI World Index rising by 5.5% in May, led by technology-driven advances on the Nasdaq, which climbed 9.6%.

Market Highlights:
• Kuwait: The Boursa Kuwait All-Share Index gained 1.9%, supported by a 2.9% rise in the Premier Market Index. Consumer Staples led sectoral gains with a 16.2% increase, while Utilities posted the largest sectoral decline at 3.4%. Trading activity saw a decrease in volume and value traded compared to the previous month.
• Saudi Arabia: TASI experienced the sharpest decline in the GCC, falling 5.8% to its lowest level since November 2023, primarily due to falling oil prices and geopolitical uncertainties. The Utilities and Media sectors recorded the steepest declines, while only the Capital Goods sector posted gains.
• Abu Dhabi: The FTSE ADX Index posted a second consecutive monthly gain, rising 1.6%. Energy and Utilities sectors led the gains, driven by ADNOC Distribution and Abu Dhabi National Energy Co. The total value of traded shares rose by 18.2% month-on-month.
• Dubai: The DFM General Index rose 3.3%, with gains across all sectors. The Materials sector was the top performer with a 9.1% increase. Trading value rose 17.5% to AED 15.1 billion, even as volumes declined slightly.
• Qatar: The QE 20 Index was almost flat with a marginal 0.03% gain. Real Estate and Banking sectors led the modest advances, while Telecoms and Industrials declined. Trading activity improved with a 24.7% rise in volume and a 31.4% increase in value traded.
• Bahrain: The Bahrain All Share Index edged up 0.5%. Gains in Financials and Consumer Discretionary sectors offset declines in Materials and Industrials. Trading activity surged significantly, with a 230.7% jump in volume traded.
• Oman: The MSX 30 Index posted a 5.7% gain, reversing a four-month decline. The Industrial sector led with a 10.1% rise. Trading activity saw a 47% increase in value traded compared to April.

Despite short-term volatility, optimism remains for the second half of 2025, particularly driven by expectations of stabilizing oil prices and resilient economic fundamentals in the GCC region.

Source: Kamco Invest.

PAMERA names Daniele Provenzano as Head of Transactions

PAMERA Real Estate Partners has appointed Daniele Provenzano as its new Head of Transactions, effective 1 June 2025. Based in Frankfurt, Provenzano will oversee the firm’s transaction activities, coordinating closely with the investment and asset management teams in Munich, Berlin, and New York.

Provenzano, 37, brings more than a decade of experience in the real estate sector. Prior to joining PAMERA, he served as a senior director, team leader, and authorised signatory at Jones Lang LaSalle SE (JLL). In this role, he led office transaction teams across Frankfurt, Cologne, and Düsseldorf and advised on commercial real estate transactions exceeding €4 billion in total volume.

“Daniele Provenzano joins us as a highly respected transaction expert with a strong entrepreneurial background, international education, and a broad professional network,” said Christoph Zapp, managing partner at PAMERA. “His leadership experience and deep market understanding will significantly enhance our investment strategy.”

In addition to his new responsibilities at PAMERA, Provenzano continues to serve as a managing partner of a single-family office and holds a shareholder position in a medium-sized packaging company.

cmT expands activity in Poland’s growing data centre market

Responding to the rapid expansion of Poland’s data centre sector, cmT is preparing to undertake new investments, both as a technical advisor and as a specialist in project supervision and design. The company has already overseen two significant data centre developments in Warsaw, in the Włochy and Ursus districts, where it provided technical advisory services. Its responsibilities included developing a multidisciplinary concept, preparing building permit documentation, producing detailed designs, and supervising construction activities.

The upcoming projects are notable for integrating sustainable solutions, including the potential use of waste heat generated by data centres to heat homes and offices — an innovation already being incorporated into plans under development.

Poland’s data centre market is one of the most dynamic segments in the construction industry. According to PMR Market Experts, the market’s available capacity is expected to grow from 173 MW to over 500 MW by 2030. The sector’s value is projected to reach PLN 6 billion by 2028, with an average annual growth rate of 7.4%. Key drivers include the rise of artificial intelligence, cloud computing technologies, and a growing demand for digital infrastructure.

“Data centres demand the highest standards in design and construction, combined with a deep understanding of legal complexities. Our strength lies in our experienced team of supervision inspectors and our strong command of Polish construction law,” said Maciej Czuchan, who leads cmT’s completed data centre projects.

Within the cmT group, GerPlan plays a crucial role in design activities. GerPlan has a long history of working on data centre projects in Poland and abroad, specializing in the preparation of project documentation using BIM (Building Information Modelling) tools and processes. For the projects in Warsaw, GerPlan served as the main BIM coordinator, overseeing the integration of various installation disciplines. The company uses advanced software, open data formats, and technologies such as scanning and point clouds to ensure precise as-built documentation. It also implements internal BIM standards aligned with ISO 19650 guidelines, ensuring consistent quality throughout the project lifecycle.

“Our edge lies in adapting international designs to Polish standards, maintaining high precision at every project stage, and applying the latest technologies,” noted Grzegorz Nienajadło, a GerPlan representative.

GerPlan’s portfolio includes nine data centre projects, three in Warsaw, one in Jawczyce, and five in Frankfurt.

While the global data centre market is experiencing some short-term uncertainty, forecasts for 2026 remain positive, driven by the accelerating needs of AI development and data processing.

“We are prepared to tackle new challenges in both design and investment supervision, and we are confident that our experience and focus on quality will continue to drive our success in Poland and internationally,” Czuchan added.

Experts point out that energy availability and the need for well-developed infrastructure are major challenges for further data centre expansion in Poland. Consequently, facilities are often located on the outskirts of major cities. However, these projects also present new opportunities for urban heating. Some of the latest data centre developments globally are designed with liquid cooling systems that allow the reuse of thermal energy.

“In our new projects, we are already evaluating the potential of liquid cooling systems to enable secondary use of heat,” said Nienajadło. “This approach is already successfully implemented in more advanced European markets and should serve as an important reference point for Poland.”

Examples from other countries illustrate the potential. In Frankfurt, waste heat from data centres is projected to meet the total heating needs of households and offices by 2030, with thermal storage and heat pump technologies managing seasonal and daily demand fluctuations. In Dublin, data centres already supply heating to 47,000 square metres of public sector buildings. Studies show that a 20 MW data centre can produce enough heat to supply 4,500 homes for an entire year.

Nationalist candidate Karol Nawrocki wins Polish Presidential election

Nationalist candidate Karol Nawrocki has won Poland’s presidential election, defeating pro-European Union rival Rafał Trzaskowski in a closely contested run-off, according to official results released by the national electoral commission.

Nawrocki, who campaigned on a platform emphasizing national sovereignty, traditional values, and a cautious approach to European integration, secured a narrow victory over Trzaskowski, the incumbent mayor of Warsaw and a prominent advocate for closer ties with the EU. The final vote count showed Nawrocki edging out his opponent, reflecting deep political divisions within Polish society.

The election was widely seen as a pivotal moment for Poland’s future direction, balancing between nationalism and pro-European sentiment. Nawrocki’s win signals a shift toward a more conservative and sovereignty-focused policy agenda, which is likely to influence Poland’s relations with Brussels and its stance on key issues such as judicial reforms, migration, and national security.

Following the announcement, Nawrocki addressed his supporters, stating, “This victory belongs to all who believe in a strong, independent Poland. I will work to protect our traditions and ensure that Poland’s voice is respected at home and abroad.”

Trzaskowski, conceding defeat, thanked his supporters and urged continued efforts to uphold democratic values and Poland’s role within the European community. “Although we did not win, the fight for a democratic and open Poland continues,” he said.

Political observers note that Nawrocki’s presidency could bring significant changes to both domestic policy and foreign affairs, particularly regarding Poland’s relationship with EU institutions. However, his supporters argue that his leadership will prioritize national interests and reinforce Poland’s sovereignty.

Nawrocki is expected to assume office later this month, ushering in a new chapter for Polish politics amid a shifting European political landscape.

Labour market indicator shows minor decline, unemployment rate remains stable

The Labour Market Indicator (LMI), which provides early insights into potential changes in unemployment, declined by 0.4 points in May, returning to its April level. The slight drop does not indicate any major shift in the registered unemployment rate, which has remained stable in recent months.

Monthly changes in the LMI have been minimal, with the various components largely offsetting each other. Similarly, fluctuations in the registered unemployment rate have been minor. As of May, the registered unemployment rate stood at 5.2%, while the Labour Force Survey (BAEL) unemployment rate was 3.4% in the first quarter. These figures suggest a relatively balanced labour market, where the available labour supply meets existing demand.

However, despite this apparent stability, underlying trends point to weakening labour demand in recent years, influenced by slower economic growth, limited investment activity, and rising employment costs. On the supply side, structural challenges such as an ageing population, early retirement, long parental leave, and low birth rates are contributing to a decline in the workforce. These constraints are likely to become more noticeable when the economy enters a period of stronger growth, potentially leading to mismatches between labour supply and demand.

In May, the main factor contributing to potential upward pressure on unemployment was a significant drop in the number of job offers reported to regional employment offices—over 10,000 fewer than in April. This decrease was partly seasonal, linked to reduced recruitment during the extended May holiday period. A similar decline was recorded by the Job Offer Barometer, which tracks online job postings.

Data from the Central Statistical Office (GUS) also suggests mixed employment intentions among companies. In manufacturing, the share of firms planning to reduce staff exceeded those expecting to hire, by nearly 7 percentage points—a pattern consistent with April. The textile and clothing sectors anticipate the largest job cuts, while employment growth is expected in oil processing, computer and optical equipment manufacturing, and the automotive industry.

Meanwhile, April saw a modest increase in the number of unemployed individuals who found jobs—around 4,000 more than in March. This was mainly driven by seasonal hiring in construction, hospitality, catering, and agriculture. At the same time, the number of newly registered unemployed fell by approximately 10,000.

Overall, both the inflow and outflow of unemployed persons remain within typical monthly ranges observed in recent years, suggesting continued stability in the labour market without significant shifts in the unemployment rate.

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