AI Turns Transaction Data Rooms Into Active Due Diligence Tools

Artificial intelligence is beginning to change the role of virtual data rooms in real estate and corporate transactions, moving them beyond secure document repositories towards platforms capable of analysing the information held inside them. The development could significantly alter how investors, lawyers and advisers approach due diligence, particularly on large transactions involving thousands of documents.

Drooms has expanded its transaction platform with Drooms Intelligence, an AI-based system designed to analyse documents held across an entire data room. Rather than searching through individual files, authorised users can ask questions about the material and receive responses connected to the underlying documents. The approach addresses one of the practical problems emerging as professional teams adopt generative AI. Confidential leases, financial information, technical reports and corporate documents may otherwise need to be removed from their protected transaction environment before they can be analysed using external applications, potentially introducing additional questions surrounding confidentiality, permissions and information governance.

Drooms is instead keeping the analysis within its European platform. Existing access rights continue to determine which information users can reach, while the system is designed to show the documents supporting its responses. “If deal teams first have to copy confidential documents out of the data room – or, worse, have them transferred automatically and without control to third-party providers – in order to use AI effectively, little has been gained,” said Alexandre Grellier, CEO of Drooms. “With Drooms Intelligence, we bring the analysis to where the data is already protected – and where it should remain.”

The development is part of a wider change across transaction technology. Virtual data rooms have traditionally concentrated on secure storage, access control and the exchange of confidential information between buyers, sellers and their advisers. AI is creating the possibility of analysing that material without leaving the same controlled environment. Other transaction technology providers are moving in a similar direction, suggesting that embedded AI analysis is gradually developing from an additional feature into a new area of competition between data-room providers.

The potential application to commercial property is substantial. A portfolio acquisition can involve hundreds of leases alongside technical reports, energy certificates, financing documents and other records. Before an investment committee can evaluate the transaction, teams must extract and compare large quantities of information from those documents. Drooms’ new platform initially provides two principal functions: one enables users to question information contained throughout the data room, while another converts recurring information contained in leases and energy certificates into structured tables that can be reviewed and used for portfolio analysis.

For real estate investors, automated extraction could be particularly valuable when examining large portfolios. Rent levels, lease expiry dates, break options, indexation provisions and other information can be distributed across hundreds of separate documents. Technology capable of identifying and organising these details could substantially reduce the amount of manual work required before analysis begins.

The more important issue, however, is whether the information can be trusted. Research published by Datasite in 2026 indicates that AI is already becoming established within transaction processes, with half of surveyed dealmakers regularly using or having substantially incorporated the technology into due diligence. Accuracy remains one of the principal concerns, while human checking continues to play an important role in validating results.

This creates a different standard for transaction AI than for general productivity applications. An incorrect summary in an internal document may be inconvenient, but an incorrect interpretation of a lease break, guarantee, liability or financial figure during a major acquisition could affect pricing and investment decisions. The ability to trace an AI-generated conclusion back to the original document is therefore becoming an important part of professional applications, allowing transaction teams to use technology to locate and organise information without treating the generated response as the final authority.

Security is similarly becoming a competitive issue. The question for deal teams is no longer simply whether AI can analyse a document, but where that analysis occurs, which systems receive the information, whether existing permissions remain effective and whether confidential transaction material is used outside the controlled environment. This is particularly relevant for European transactions, where data protection, confidentiality and increasingly detailed AI governance requirements can influence how businesses introduce generative technology into professional workflows.

The development does not remove the need for professional judgement. AI may be able to identify particular clauses across hundreds of leases, but deciding whether those provisions materially change the valuation or risk profile of a portfolio remains the responsibility of lawyers, advisers and investment teams. Instead, the technology could change where professional time is spent. Large amounts of due diligence work involve finding, categorising, comparing and transferring information before specialists can analyse what it means. Automating part of that process could allow transaction teams to spend more time examining exceptions and risks rather than locating the information in the first place.

That could eventually influence the economics of transactions. Large due diligence exercises have traditionally required substantial teams to process documentation within relatively short transaction timetables. If AI can reliably undertake part of the initial extraction and comparison work, staffing requirements and advisory workflows could change. Commercial property is particularly suited to this type of automation because much of the information involved in portfolio transactions is repetitive but financially important. Hundreds of leases may contain broadly similar categories of information while differing on individual provisions that can materially affect value.

The emergence of AI-enabled data rooms therefore represents more than the addition of another technology function. It is beginning to change the purpose of the data room itself. For years, the industry’s main challenge was creating a secure environment in which buyers and advisers could access confidential transaction documents. The next stage is turning those documents into information that can be interrogated and compared without compromising the controls surrounding them.

As competing platforms introduce similar capabilities, simply offering AI is unlikely to remain a meaningful differentiator. The more important competition will be around accuracy, security, integration and the ability to demonstrate exactly where an answer came from. For real estate investors and advisers, that could make the data room considerably more important to the transaction process. Instead of being the digital filing cabinet through which due diligence passes, it is gradually becoming part of the analytical infrastructure through which investment decisions are made.

Source: CIJ.World Research & Analysis

Poland’s Industrial Investment Race Shifts Towards Power, Automation and Technology

Poland is strengthening its position as a European destination for industrial investment, but the requirements determining where companies establish new operations are changing. Road connections, labour costs and available property remain important, while electricity capacity, automation potential and digital infrastructure are becoming increasingly relevant for manufacturers and logistics operators planning more technologically intensive facilities.

The change is better understood as an evolution of the nearshoring model than the emergence of a separate investment category. There is insufficient evidence that “techshoring” has become an established term among international investors. What can be demonstrated is that the technical capabilities of locations and buildings are becoming more important as production, distribution and supply chains become increasingly automated.

Poland enters this transition from a relatively strong position. EY’s European Attractiveness Survey 2026 recorded 285 foreign investment projects in Poland in 2025, an increase of 10% year-on-year, while the number of projects announced across Europe declined by 7%. Investment activity is also shifting towards areas including artificial intelligence, advanced manufacturing, defence and energy, increasing the importance of infrastructure capable of supporting more technologically demanding operations.

PAIH data provide further evidence of this changing investment profile. The agency completed 64 supported investment projects in 2025 with declared expenditure exceeding EUR 4 billion. Manufacturing accounted for 42 projects worth more than EUR 3.6 billion, with increasingly capital-intensive and automated production contributing to the scale of investment.

For industrial property, this matters because increasingly sophisticated operations require more from buildings than conventional storage and distribution. Automated storage systems, robotics, advanced production equipment, electric vehicle infrastructure, refrigeration and digitally managed logistics can increase electricity requirements while creating greater dependence on connectivity and systems integration.

“Just a few years ago, investors were primarily asking about warehouse clear height or the number of loading docks, while discussions focused on location and rental costs. Today, questions about power availability, a facility’s readiness for automation, systems integration and the ability to scale operations are becoming just as common. Poland is no longer competing solely on warehouse space, where we may soon see a supply gap, but on the entire business environment it can offer,” says Igor Roguski, Partner at real estate advisory firm SQM Advisory.

The possibility of a supply gap represents Roguski’s assessment rather than an established nationwide shortage. Nevertheless, the wider market data point towards tighter conditions. Poland’s warehouse development pipeline has fallen considerably from previous peaks while occupier demand strengthened during the first half of 2026. This makes the specification and adaptability of existing stock increasingly important.

Technology has been influencing warehouse design for several years. JLL research published in 2022 found smart technologies and automation among the factors expected to have the greatest influence on future Polish logistics facilities. Although those figures should not be presented as current 2026 market measurements, subsequent developments suggest that the direction anticipated by the research is becoming increasingly relevant.

The implications extend to existing properties. A warehouse can remain structurally sound while becoming less suitable for technologically demanding occupiers if it cannot provide sufficient electricity, accommodate automation or be economically upgraded for more sophisticated operations.

Power could prove particularly important. Advanced manufacturing, automated logistics, refrigeration and data-intensive operations can require substantially greater electrical capacity than conventional warehouses. Developers consequently need to establish not only whether suitable land is available, but whether sufficient power can be secured within an occupier’s investment timetable.

This changes the economics of industrial land. Two sites with similar motorway access and labour availability may have substantially different investment potential if one can secure the necessary grid connection significantly faster than the other. Electricity availability can therefore become part of the commercial value of the location itself.

The transformation is also relevant to Poland’s competition for Asian investment, although the evidence requires qualification.

There is strong evidence that Asian companies form an important part of Poland’s increasingly sophisticated industrial base. South Korea is particularly significant, with companies investing in batteries, automotive components, electronics and other advanced manufacturing industries. PAIH describes South Korea as Poland’s largest non-European foreign investor and has supported 74 Korean projects since 2002 representing approximately EUR 7.8 billion of investment.

Poland is also pursuing further technology investment from Japan, Taiwan, China and other Asian markets. Areas of interest increasingly include electromobility, electronics, energy infrastructure, semiconductors and advanced manufacturing.

This supports the argument that Poland is competing for a more technologically demanding category of Asian investment. It does not, however, demonstrate that Asian investors collectively choose Poland primarily because of its digital infrastructure.

That distinction is important. South Korean battery manufacturers, Taiwanese electronics groups, Japanese industrial companies and Chinese manufacturers have different requirements and cannot reasonably be treated as a single investor category. Cost, market access, labour, supply chains, government incentives and infrastructure can all influence individual investment decisions.

The more defensible conclusion is that Poland is attracting Asian companies operating in increasingly sophisticated industries, and those activities can require more technically advanced real estate than conventional warehouse operations.

German investment research provides another indication that location decisions are becoming more complex. KPMG’s German-CEE Business Outlook 2026 found that 56% of German companies planning investment in Central and Eastern Europe identified Poland as a destination. However, the research does not support the argument that technology has replaced cost and market considerations. Rather, it indicates that artificial intelligence, automation and digital infrastructure are becoming additional strategic priorities.

The evidence therefore points towards evolution rather than replacement. Poland’s established advantages, including its EU location, motorway network, industrial workforce and comparatively competitive operating environment, remain important. Power, automation and digital capabilities are increasingly being added to that list.

This also changes the role of the warehouse itself.

“A warehouse is no longer simply a place to store goods. It is becoming part of a company’s digital operating environment. Investors, including Asian companies, increasingly expect a standard that can be implemented both in a new facility and integrated with existing infrastructure across different countries. Today, the greatest value comes not from the number of systems, but from their integration. For companies operating across multiple markets, proptech is becoming part of their operational infrastructure rather than an add-on to the building,” says Maciej Grabowski, Founder of Polish proptech company Blue Bolt.

Grabowski’s observation about Asian occupiers should be viewed as an industry perspective rather than evidence that all Asian investors apply the same criteria. His broader point about integration, however, reflects an important change for property owners: technology is increasingly connected with the operation of the occupier’s business rather than simply the management of the building.

That creates a potential new form of industrial obsolescence. Traditionally, warehouse competitiveness has been assessed through factors including location, age, clear height, loading capacity and rent. Increasingly, investors may also need to consider electrical capacity, connectivity, automation readiness and the cost of future upgrades.

An older warehouse in an excellent logistics location could remain competitive if it can be adapted. A relatively modern property with inadequate power or limited potential for automation could face a different outlook.

The same considerations are likely to influence development strategies. Electricity requirements, automation layouts, charging infrastructure, data connectivity and energy-management systems may increasingly need to be understood before construction begins rather than installed later as occupier modifications.

Advanced manufacturing makes this particularly important. Battery, electronics and semiconductor-related projects can require specialised utilities, resilient electricity supplies and technical infrastructure considerably beyond conventional logistics specifications. In these sectors, the suitability of the infrastructure surrounding a building can become as important as the building itself.

Poland’s recent investment performance suggests that it has an opportunity to benefit from this transition. Its manufacturing base is expanding into more capital-intensive activities, while Asian and European investors continue to consider the country for new industrial projects.

The challenge will be ensuring that infrastructure develops at the same pace as occupier requirements. Poland’s success in building one of Europe’s largest modern warehouse markets does not automatically guarantee that every industrial location will be suitable for the next generation of automated manufacturing and logistics.

For developers and investors, this means the definition of a prime industrial property may gradually change. Motorway access, labour availability and competitive rent will remain fundamental, but buildings capable of providing sufficient power, connectivity, automation capacity and future adaptability could increasingly command an advantage.

Poland’s industrial investment story is therefore moving beyond the question of how much warehouse space can be delivered. The more important issue is whether its industrial property and surrounding infrastructure can support the increasingly automated and technology-intensive companies competing for locations across Europe.

If that transition continues, the next divide in the industrial property market may not simply be between new and old buildings or prime and secondary locations. It could increasingly be between properties capable of becoming part of an occupier’s digital and automated operating infrastructure and those that remain, in technological terms, little more than places to store goods.

Poznań’s Galeria Pestka Changes Hands as Investors Return to Established Retail Assets

Opal Centers has acquired Galeria Pestka in Poznań from Henley Investment Management, adding a sizeable income-producing shopping centre to its Polish portfolio at a time when retail property is attracting a growing share of investment activity.

The transaction covers approximately 41,700 sqm of leasable space in northern Poznań. The purchase price has not been disclosed. Avison Young acted as exclusive adviser to Henley, while Greenberg Traurig provided legal advice to the seller and SSW represented the buyer.

Galeria Pestka was almost fully occupied at the time of the transaction. Its principal tenants include Carrefour, MediaMarkt and Bricomarché, providing the centre with grocery, electronics and home-improvement anchors. The property also accommodates discount retailers, leisure facilities and a recently refurbished restaurant area.

The centre occupies a prominent location at the junction of Mieszka I Street and Solidarności Avenue and benefits from direct access to Poznań’s fast tram network. Together with Poznań Plaza and Makro Cash & Carry, it forms part of an established retail concentration serving northern districts of the city as well as customers travelling from surrounding municipalities.

Henley entered the investment in 2021, when European shopping centres were still dealing with the disruption caused by the pandemic and investor appetite for the sector was considerably weaker. During its ownership period, the centre’s leasing profile and customer offer were adjusted as retail conditions recovered.

Footfall has subsequently increased and moved above pre-pandemic levels, according to information released around the transaction. Henley also points to the disappearance of several competing retail properties in Poznań, including Galeria Malta, Górczyńskie Centrum Handlowe and Galeria Dębiec, as one factor supporting Pestka’s recent performance.

For Opal Centers, the acquisition provides an established property with high occupancy rather than a development or substantial repositioning project. The combination of daily-needs retail, larger destination stores, restaurants and leisure facilities gives the centre several sources of customer traffic rather than relying on traditional fashion retail alone.

The deal also comes during a stronger period for Polish retail investment. The sector accounted for around 34% of the country’s commercial property investment volume during the first half of 2026, making it the largest segment of the market over the period.

That recovery nevertheless remains selective. A significant proportion of H1 retail volume came from a relatively small number of major transactions, meaning the headline investment figures do not necessarily indicate a broad return of capital to every type of shopping centre.

Galeria Pestka represents a different part of that market. Rather than a large portfolio or development transaction, the acquisition concerns an operating regional asset where location, occupancy, established anchors and opportunities for continued asset management provide the investment case.

This distinction is becoming increasingly important as investors reconsider shopping centres following several years in which retail parks, supermarkets and convenience-led properties attracted much of the available capital. Traditional shopping centres are returning to investment strategies, but buyers remain selective about catchment areas, tenant performance, operating costs and the ability of properties to maintain customer traffic.

Changes within Poznań’s retail landscape may also have strengthened the position of surviving established centres. The closure or redevelopment of competing properties can redistribute expenditure and customer traffic towards remaining schemes, particularly those with strong transport connections and a broad everyday retail offer.

Galeria Pestka’s accessibility is therefore an important part of the investment proposition. Its position close to major roads provides access for customers travelling by car, while the adjacent tram and bus connections integrate the property with Poznań’s public transport system.

For Henley, the transaction concludes an investment made during a much less favourable period for European shopping-centre ownership. For Opal Centers, it expands its exposure to the Polish market through an existing property with established tenants and trading history.

The transaction provides another indication that Poland’s retail investment market is broadening again. Capital has not returned indiscriminately to conventional shopping centres, but properties capable of demonstrating strong occupancy, resilient customer traffic and defensible locations are increasingly returning to investors’ acquisition strategies.

Galeria Pestka fits that pattern, with the change of ownership reflecting a market in which established shopping centres are once again attracting buyers when their operating performance and location provide a sufficiently clear investment case.

Panattoni Starts Final Phase of Zgierz Logistics Park Near Łódź

Panattoni is moving ahead with the final construction phase of Panattoni Park Zgierz I in Lućmierz, north of Łódź, adding almost 16,400 sqm of logistics and warehouse space to the development.

Once the new building is completed, the park will provide more than 29,000 sqm of total space. Depenbrock has been appointed as general contractor for the latest phase.

The expansion adds further industrial capacity to the Łódź region, which has developed into one of Poland’s principal warehouse and distribution markets. Its central position and motorway network have attracted logistics operators, retailers, e-commerce companies and manufacturers serving both domestic and international distribution networks.

Panattoni says it has delivered almost 2.5 million sqm across the Łódź Voivodeship, making the region its second-largest Polish market by completed space.

“The Łódź industrial property market has been one of the most important in the country for years. We have already delivered nearly 2.5 million sqm of space here, making the Łódź Voivodeship our second-largest market in Poland. We are consistently developing further projects here, responding to the demand from companies that value a central location, well-developed transport infrastructure and access to a skilled workforce,” said Katarzyna Kujawiak, Regional Managing Director for Central Poland & Greater Poland at Panattoni.

The latest building is being designed primarily for logistics and e-commerce occupiers. Loading docks positioned on both sides of the property are intended to support higher-volume warehousing and distribution operations and provide greater flexibility in organising goods flows.

Panattoni Park Zgierz I is located approximately 4 km from the A2 motorway and 3.5 km from the S14 expressway, providing connections towards the main national transport corridors while retaining access to the labour market of the wider Łódź metropolitan area.

The location north of Łódź also positions the project within the wider central Poland logistics cluster. The combination of the A1 and A2 motorway corridors and surrounding expressway network has made the region an important distribution point for companies requiring access to several parts of Poland from a single facility.

The final phase is planned to achieve BREEAM Excellent certification, continuing the increased use of higher environmental standards in new Polish industrial developments.

Completion of the additional 16,400 sqm will bring Panattoni Park Zgierz I to its planned scale of more than 29,000 sqm and conclude the development programme for the Lućmierz site.

Fake Ads Put Meta’s Role in Paid Advertising Under Growing Legal Scrutiny in Poland

The continuing appearance of fraudulent advertisements featuring InPost founder and CEO Rafał Brzoska is intensifying a wider debate in Poland over the responsibility of technology platforms for paid content distributed through their advertising systems. The dispute returned to public attention in August after another sponsored Facebook advertisement misused Brzoska’s identity, presenting fabricated material suggesting that he had been detained by police. The incident came roughly two years after Brzoska first began challenging Meta over fraudulent advertisements appearing on Facebook and Instagram.

The latest case is not isolated. Polish fact-checkers have identified further fraudulent campaigns involving Brzoska during 2026, including manipulated material directing users towards bogus investment services. Examination of Meta’s advertising library has also indicated that some accounts associated with such campaigns have been responsible for numerous advertisements, demonstrating how scammers can repeatedly alter and redistribute fraudulent content.

Brzoska responded to the latest advertisements by publicly criticising Meta and identifying individuals responsible for parts of its Polish operations. His Instagram account was subsequently temporarily restricted, adding another dimension to an already contentious relationship. Meta has rejected suggestions that users are penalised simply for criticising the company and has argued that directing public criticism towards individual employees can create security concerns. The two issues are nevertheless separate: the disagreement over Brzoska’s comments does not resolve the question of why fraudulent paid advertising using his identity continues to return.

The conflict dates back to 2024, when manipulated advertisements began using the identities of Brzoska and his wife, Omenaa Mensah, to promote investment scams and other fabricated stories. Some campaigns incorporated deepfake techniques to make the endorsements appear authentic.

Brzoska notified Meta of the problem in July 2024 before turning to Poland’s Personal Data Protection Office, UODO. On 5 August 2024, the regulator ordered Meta Platforms Ireland to stop displaying fraudulent advertisements in Poland that used Brzoska’s personal information. The restriction was imposed for three months, the maximum duration available under the emergency GDPR procedure used by the authority.

UODO considered the problem to extend beyond potential damage to Brzoska’s reputation. The regulator also identified a risk to Facebook and Instagram users who might believe the fraudulent investment promotions and consequently suffer financial losses.

Meta challenged UODO’s measures and sought to have their enforcement suspended. The Warsaw Voivodeship Administrative Court declined to do so in December 2024. The administrative dispute subsequently ended without a final judgment on Meta’s challenge after the company withdrew its complaints in March 2025 and the proceedings were discontinued. The withdrawal therefore cannot be treated as a judicial finding that Meta was ultimately liable, although UODO’s emergency intervention remained unoverturned.

A separate civil case has potentially greater significance because it examines Meta’s involvement in the advertising process itself. One of the central legal questions is whether the company should principally be regarded as providing infrastructure through which third parties publish material, or whether its participation in paid advertising is sufficiently active to create greater responsibility for what is distributed.

Proceedings before the Warsaw Court of Appeal have challenged the assumption that paid advertisements should necessarily be treated in the same way as material uploaded independently by ordinary platform users. The court’s preliminary reasoning examined the functions performed by Meta’s advertising operation, including accepting advertisements through its commercial system, reviewing them before publication, receiving payment and using targeting and optimisation technology to determine how they are distributed.

The legal significance needs to be treated cautiously. The proceedings concern interim protection and do not represent a final judgment establishing that Meta is responsible for every fraudulent advertisement appearing on Facebook or Instagram. They do, however, indicate that the protections available to online intermediaries may not automatically settle the issue when disputed material is paid advertising distributed through a system in which the platform plays a more extensive commercial and technical role.

That distinction could have consequences beyond the Brzoska case. There is a fundamental difference between providing space where somebody publishes a social-media post and operating a paid advertising marketplace. In the latter case, the platform establishes advertising rules, receives payment, provides targeting tools and operates the technology determining which audiences see the material. The legal question is whether those additional functions also create additional responsibilities when criminals exploit the system.

Meta maintains that fraudulent advertising damages users, legitimate advertisers and its own business and says it continues to invest heavily in detection technology and other safeguards. The company has also pointed to the rapidly changing techniques used by criminals attempting to circumvent its controls. Fraudsters can change accounts, websites, payment arrangements and advertising material quickly, while increasingly accessible artificial intelligence tools make convincing impersonation considerably easier to produce.

That provides important context for assessing Meta’s position. The continued appearance of fraudulent advertisements does not by itself establish that the company has failed to meet its legal obligations. Perfect prevention across an advertising operation of Meta’s scale would be extremely difficult.

The recurrence of scams involving the same prominent individual after complaints, regulatory intervention, litigation and extensive publicity nevertheless raises a different question: whether removing individual advertisements after they have been detected is sufficient when variations of the same fraud repeatedly return.

The Brzoska case is particularly revealing because of the resources available to the person targeted. As a prominent businessman, he can obtain specialist legal representation, approach regulators and attract national media attention. Most people whose identities are misused in fraudulent advertising would have considerably fewer resources available to pursue either the platform or the advertisers responsible.

This imbalance is one reason the dispute has developed into something broader than a confrontation between one entrepreneur and one technology company. The outcome could help establish how much protection individuals can expect when their identities are repeatedly exploited through commercial advertising systems.

The issue also extends beyond protection of the person being impersonated. Fake celebrity endorsements are generally intended to exploit the credibility of recognisable individuals to persuade users to provide personal information, transfer money or invest through fraudulent services. UODO specifically identified this wider consumer risk when it intervened in 2024.

The regulatory environment surrounding large platforms has also changed since the dispute began. The EU’s Digital Services Act places additional obligations on very large online platforms concerning systemic risks, advertising transparency and procedures for addressing illegal content. The legislation does not make platforms automatically responsible for every unlawful advertisement, but it increases scrutiny of how the largest digital businesses identify and mitigate risks created by their services.

The Brzoska litigation consequently sits at the intersection of personal-data protection, personality rights, consumer fraud, intermediary liability and the commercial operation of digital advertising platforms.

There are legitimate arguments on both sides. Meta operates advertising infrastructure on an enormous scale and faces criminals who continually modify their methods to evade detection. Expecting every fraudulent advertisement to be identified before publication may not be technically realistic. At the same time, paid advertising differs from entirely independent user activity because the platform receives revenue from advertisements and provides the technology through which advertisers select and reach audiences.

The Polish proceedings have not yet produced a definitive answer. What has changed is the assumption that describing a technology company as an intermediary necessarily ends the discussion. The courts’ examination of Meta’s role in reviewing, targeting and distributing paid advertising indicates that the way the advertising business actually operates can matter when responsibility is assessed.

Meanwhile, the practical problem remains. Approximately two years after Polish regulators first intervened, fraudulent material involving Brzoska continues to appear.

The eventual importance of the dispute may therefore extend considerably beyond the individual advertisements. As online advertising becomes increasingly automated and artificial intelligence makes impersonation easier and cheaper, European courts and regulators will increasingly have to determine where the responsibility of the criminal advertiser ends and that of the platform operating and monetising the distribution system begins.

The Brzoska case has not settled that boundary, but it is becoming an important test of where that boundary should be drawn.

Source: WEI

Logicor Fills Łódź III Industrial Space as Polish Warehouse Availability Tightens

Logicor has fully leased the warehouse and production space at Logicor Łódź III following two new agreements, including approximately 5,500 sqm taken by electronics distributor Transfer Multisort Elektronik (TME). The transactions come as occupier demand strengthens across Poland while the development pipeline remains comparatively restrained.

The second agreement was signed with an unnamed manufacturer of aluminium components. Together, the two transactions bring the industrial accommodation at Logicor Łódź III to full occupancy, although approximately 1,500 sqm of office space remains available. 25-08-2026_ENG- Logicor Łódż III_press release.docx

TME is expanding its logistics capacity at the property to support the distribution of electronic components. The Łódź-based company serves customers across more than 150 countries and will use the additional space as part of its international distribution operations. 25-08-2026_ENG- Logicor Łódż III_press release.docx

The leasing activity takes place against a strengthening Polish warehouse market. AXI IMMO recorded approximately 3.51 million sqm of gross take-up nationwide during the first half of 2026, an increase of 21% year-on-year. More significantly, net take-up covering new agreements and expansions increased by 58%, with these transactions accounting for around 60% of leasing activity.

The Łódź region was already among the country’s busiest warehouse markets at the beginning of the year. Approximately 228,000 sqm was leased in Łódzkie during Q1 2026, placing it fourth nationally behind the Mazowieckie, Wielkopolskie and Dolnośląskie regions. The independently reported figure confirms the market data cited in Logicor’s announcement. 25-08-2026_ENG- Logicor Łódż III_press release.docx

The supply side is becoming equally important. Poland’s modern warehouse and industrial stock reached approximately 38.0 million sqm at the end of June, following delivery of around 1.23 million sqm during the first half. However, only approximately 1.30 million sqm was under construction, representing the lowest development pipeline for more than nine years.

Developers are also maintaining greater discipline over speculative construction. Only around 38.6% of the space being developed at the end of H1 was speculative, with much of the remaining pipeline already secured through pre-leases or being developed for identified occupiers.

This combination of stronger demand and restrained construction has begun reducing immediately available space. Poland’s national warehouse vacancy rate fell to approximately 6.3% at the end of June, compared with 7.3% at the end of the first quarter and 1.8 percentage points below the level recorded a year earlier.

The figures do not indicate a general shortage of warehouse space across Poland, but they point towards increasingly selective availability, particularly for occupiers requiring larger modern units in established logistics locations.

Łódź remains well positioned within that market because of its central location and access to Poland’s principal north-south and east-west transport corridors. Logicor Łódź III is approximately 9 km from central Łódź and 8 km from Łódź Lublinek Airport, with access to the A1 and A2 motorway network. 25-08-2026_ENG- Logicor Łódż III_press release.docx

The region’s role has expanded beyond conventional distribution as manufacturers, e-commerce companies and international logistics operators have established facilities around the metropolitan area. Its combination of motorway connectivity, central geography and established industrial workforce has helped Łódź develop into one of Poland’s principal warehouse clusters.

Logicor’s latest leasing should therefore be viewed as part of that wider market rather than evidence by itself that regional demand is accelerating. Full industrial occupancy at a single property cannot establish the condition of the Łódź market, but it comes alongside independently reported growth in Polish net take-up and declining vacancy.

The national development pipeline also suggests that competition for suitable existing space could become more significant if occupier demand remains at current levels. Developers have so far resisted returning to the substantially higher levels of speculative construction seen during earlier phases of the logistics cycle.

For existing warehouse owners, that environment could support occupancy and rental performance, particularly at properties with strong transport connections and buildings capable of accommodating both distribution and light manufacturing requirements. For occupiers, reduced speculative development may mean that searches for larger facilities need to begin earlier, particularly where location and technical requirements significantly restrict the number of alternatives.

The completion of the latest leases at Logicor Łódź III consequently illustrates a broader shift taking place in Poland’s industrial market. Demand strengthened during the first half of 2026 while new construction remained controlled and national vacancy moved lower.

Rather than a market characterised by indiscriminate expansion, Poland is increasingly entering a period in which the quality, size and location of available space matter as much as the headline vacancy rate. For established logistics hubs such as Łódź, that could strengthen the position of well-connected existing properties as occupiers compete for a more limited pipeline of immediately available modern space.

Europe’s Retail Market Splits as Brands Concentrate on Prime Locations

Europe’s retail property market is becoming increasingly divided between prime destinations that continue to attract international brands and secondary locations facing greater pressure as retailers reassess store networks. Rather than returning to aggressive expansion, many operators are concentrating investment on fewer, stronger locations where customer spending, footfall and brand visibility can support larger and more productive stores.

The shift comes against a relatively subdued consumer backdrop. Colliers expects real household incomes across Europe to increase by only around 0.5% in 2026, while real retail spending growth is forecast at approximately 1.5%, compared with 2.4% in 2025. Within the eurozone, retail spending growth is expected to be weaker at around 0.9%. Consumer confidence also deteriorated during the first half of the year.

Pressure on household budgets is particularly relevant for discretionary retail. Research cited by Colliers indicates that almost two-thirds of European consumers surveyed earlier this year were either trying to reduce consumption or becoming more active in seeking discounts and better value. Clothing, household goods, restaurants and other non-essential categories are among those exposed to this change in behaviour.

Luxury retail has also become more uneven. European spending on personal luxury goods declined by an estimated 1% to 3% in 2025, although individual brands have performed very differently. Richemont, Hermès and Ralph Lauren continued to generate revenue growth, while LVMH and Kering faced weaker conditions. The divergence suggests that the luxury market itself is becoming increasingly dependent on brand strength, customer profile and location rather than benefiting from uniform growth.

The consequences are becoming visible in retailers’ property strategies. Luxury groups substantially expanded their global store networks after 2019, but that expansion has slowed. Kering, for example, is pursuing a major portfolio reduction and expects to close around 100 stores globally after recording 75 net closures during 2025.

A similar process is taking place among mainstream fashion groups. Retailers including Inditex and H&M have reduced overall store numbers while concentrating investment on stronger locations and, in some cases, larger flagship stores. The objective is increasingly to generate more sales from individual locations rather than maintain the widest possible physical network.

This does not necessarily point towards declining demand for physical retail property. Instead, demand is becoming more concentrated.

For landlords, that distinction is important. A retailer closing several smaller or weaker stores may simultaneously invest heavily in a flagship location capable of attracting customers from a much wider catchment. Properties offering strong footfall, accessibility, affluent customers and an established concentration of complementary brands therefore become more valuable to occupiers even as overall store numbers decline.

The rental outlook reflects this growing separation. Colliers expects rents for prime high streets and leading shopping centres across most monitored EMEA markets to remain broadly stable during 2026, with further growth possible where availability is particularly restricted. Secondary locations face greater risk of rental pressure as retailers become more selective about which stores justify continued investment.

The result could be an increasingly two-speed European retail market. Leading high streets and dominant shopping centres can potentially maintain occupancy and rental performance even during relatively weak consumer conditions, while secondary properties may have to offer greater flexibility, lower rents or substantial investment to retain occupiers.

Central and Eastern European capitals could participate in this shift, although their prospects vary considerably.

Warsaw provides one example of both the opportunity and the limitations. International luxury brands without a direct Polish presence continue to examine the market, including possibilities for directly operated stores and partnerships with local operators, according to Colliers.

That interest should not, however, be interpreted as evidence that Warsaw has already developed into a major European luxury destination. The Polish capital remains behind established premium markets in areas important to luxury operators, including the concentration of high-spending international visitors, the depth of existing luxury retail and the availability of established premium shopping districts. Colliers itself identifies these factors as constraints on further development.

Warsaw is therefore better viewed as an example of how selective international expansion could create opportunities in CEE rather than as a market certain to experience a wave of luxury openings. Brands that once required extensive national store networks may now be willing to enter a country through one strategically selected location, but the property must meet increasingly demanding criteria.

The same principle applies elsewhere in Europe. As retailers become more selective, the strength of individual properties and locations becomes more important than broad assumptions about national retail-market growth.

For investors, this could change the assessment of retail assets. Occupancy rates and lease lengths remain important, but they do not necessarily reveal whether tenants regard individual stores as strategically important. Catchment spending power, footfall, tourism, transport connections, competing supply, tenant productivity and the surrounding brand mix are becoming increasingly relevant indicators of future income resilience.

Secondary assets face a different challenge. Properties unable to demonstrate sufficient customer traffic or differentiation may have to reposition towards alternative retail formats, leisure, food and beverage, services or mixed-use functions. Others could require substantial capital expenditure to remain competitive with stronger destinations.

The European retail market is therefore not simply moving towards either recovery or decline. It is becoming more polarised.

The more important property implication is that retailers are not necessarily abandoning physical stores; they are becoming more demanding about where those stores are located and how much each location contributes to their business. That could strengthen occupancy and landlords’ negotiating positions at Europe’s best retail destinations while increasing pressure on properties unable to demonstrate comparable footfall, spending power or strategic importance.

The next stage of the European retail market may consequently be defined less by the overall amount of space retailers occupy and more by an increasingly sharp distinction between locations they consider essential and those they can afford to leave behind.

CTPark Warsaw Emilianów Secures BREEAM Outstanding Rating as ALDI Anchors First Building

CTPark Warsaw Emilianów, CTP’s logistics and industrial development north-east of Warsaw, has achieved a BREEAM Outstanding rating with a score of 89.1%, placing the first completed building within the highest category of the environmental certification system.

The assessment covers areas including energy and water efficiency, materials, biodiversity, construction management and the quality of the internal working environment. Kajima Poland delivered the building under a design-and-build contract, while JWA coordinated the BREEAM certification process.

The certification accompanies the completion and commercialisation of the first approximately 54,000 sqm building at the park. Kajima confirmed in May that it had completed the warehouse and production facility for CTP, with ALDI Polska occupying 43,000 sqm.

ALDI’s operation represents close to 80% of the building and serves as the retailer’s third distribution centre in Poland. The facility supports stores across central and north-eastern Poland as the discount chain continues to expand its domestic logistics network.

The 43,000 sqm operation includes both conventional warehouse space and temperature-controlled areas. More than 13,000 sqm has been allocated to cold-storage and freezer functions, according to the latest project information.

ALDI had previously confirmed that the distribution centre would include facilities for temperature-controlled products as well as almost 90 loading docks. The retailer also said the project would create close to 150 jobs.

Energy and operational efficiency form an important part of the development. ALDI’s earlier project information identified a 500 kWp photovoltaic installation and the recovery of waste heat from the refrigeration system for uses including floor heating and hot-water production.

Kajima has also highlighted the use of large polycarbonate façade panels designed to increase natural daylight inside the warehouse, reducing dependence on artificial lighting while improving conditions for employees.

“A high rating in the certification process confirms that our facility was created for people who spend every day in it. Today, the comfort of work and resource savings are a measurable indicator of investment quality,” said Ewelina Sowa, Regional Business Development Manager at CTP Poland.

The certification is relevant beyond the environmental performance of an individual warehouse. Higher BREEAM standards have become increasingly important within Poland’s institutional logistics sector as developers and owners respond to occupiers seeking lower operating costs and investors incorporating building performance into acquisition and financing decisions.

For large logistics users, the relationship between environmental certification and operational costs can be particularly important. Warehouses with refrigeration, automation and other energy-intensive equipment can consume substantially more power than conventional storage facilities, making building efficiency and on-site energy production increasingly relevant to total occupancy costs.

CTPark Warsaw Emilianów is located in the Radzymin municipality, alongside the S8 expressway and approximately 30 km from Warsaw. The location provides access to the capital while connecting distribution operations with the road network towards north-eastern Poland.

The wider development is planned to comprise three Class A industrial and logistics buildings providing more than 119,000 sqm when completed. The first 54,000 sqm building therefore represents less than half of the park’s planned final capacity.

ALDI’s commitment also provides an early commercial anchor for the development. The retailer originally announced the 43,000 sqm lease in 2025, identifying Emilianów as a strategic addition to its Polish distribution network and a means of improving deliveries across central and north-eastern regions.

The latest BREEAM result adds an environmental performance benchmark to that first phase. While the 89.1% score and Outstanding classification are reported by the project parties, the supporting project details concerning the building’s size, ALDI occupation and sustainability measures are consistent with information previously published independently by Kajima and ALDI.

With the first building substantially occupied and the wider park ultimately planned to exceed 119,000 sqm, CTPark Warsaw Emilianów combines two trends shaping new Polish logistics development: demand for large distribution facilities around Warsaw and increasingly demanding environmental standards for newly delivered industrial stock.

Bucharest Gains Ground in Europe’s Data Centre Race as Power Constraints Reshape Investment

Bucharest is emerging as a potential location for the next phase of European data centre development as artificial intelligence increases demand for computing capacity and electricity constraints make expansion increasingly difficult in some of the continent’s established hubs.

The Romanian capital ranks 21st in Savills’ Power and Place Index, which compares 54 global markets and identifies 30 locations considered well positioned for future data centre development. The assessment takes into account factors including electricity, water, climate, infrastructure and the practical conditions required to deliver new projects. The ranking is therefore better understood as an assessment of future development potential rather than a measure of existing data centre market size.

That distinction is important. Bucharest remains considerably smaller than Europe’s established data centre centres, but this could also provide an opportunity as developers search for alternatives to markets where grid capacity, land availability and lengthy development processes are making expansion increasingly difficult.

Savills’ analysis indicates that access to electricity is becoming one of the principal factors determining the geography of new data centre development. This is particularly relevant as AI workloads require increasingly powerful computing infrastructure, placing additional pressure on electricity networks and making the ability to secure substantial power connections critical to investment decisions.

Romania offers several advantages in this environment. Crosspoint Real Estate, Savills’ international associate in Romania, identifies the country’s fibre network, internet performance and competitive data-service costs as positive factors. At the same time, it acknowledges that electricity costs remain a potential disadvantage for an industry in which energy represents a substantial part of operating expenditure.

This creates a more complicated investment proposition than Bucharest’s ranking alone suggests. A data centre developer requires more than electricity theoretically available within the national energy system. Large amounts of power must be secured at a specific location, delivered within a predictable timeframe and provided at a cost that supports the long-term economics of the facility.

Romania’s energy infrastructure is developing, with additional generation expected from projects including Iernut and Mintia and further investment anticipated in electricity storage. These developments could improve the country’s longer-term position, although planned generation should not be treated as capacity already available to individual data centre projects.

“While traditional European hubs are facing increasing constraints related to energy access, land availability and development restrictions, Bucharest is emerging as a well-positioned market for the next wave of investments in digital infrastructure supporting AI development. For data center investors, access to power and connectivity is becoming just as important as location itself,” said Emilian Podaru, Head of Industrial & Logistics at Crosspoint Real Estate.

The first part of that argument is supported by the wider development of the European market. As established data centre locations encounter increasingly difficult infrastructure constraints, developers have greater incentive to consider cities where suitable land, electricity and connectivity can potentially be secured more easily.

However, this should not be interpreted as evidence that Bucharest is certain to attract a major wave of hyperscale investment. Romania is competing with numerous emerging European data centre locations seeking to benefit from the same constraints affecting traditional markets. The ability to provide secured electricity, predictable planning and suitable development sites will ultimately determine which markets capture that investment.

Bucharest’s digital connectivity provides an important foundation, but electricity could become the decisive factor. AI-oriented data centres can require substantially greater power densities than conventional facilities, increasing the importance of both grid capacity and resilient electricity supply.

The growth of data centres also has implications beyond specialist digital infrastructure. Savills estimates that expansion of Europe’s data centre ecosystem could generate approximately 790,000 sqm of additional logistics demand over the next three years. The requirement could include facilities supporting equipment storage, technical services, maintenance and other supply-chain activities associated with the operation and construction of data centres.

This creates a potentially important crossover with conventional commercial property. Large data centre clusters can generate surrounding demand for industrial and logistics facilities, while the infrastructure developed to support them can increase the attractiveness of locations to other technology-intensive businesses.

The trend could also change how industrial land is valued. Transport infrastructure, labour availability and land costs remain important, but electricity capacity and fibre connectivity are becoming additional considerations for developers targeting technology-intensive occupiers.

“For projects linked to the AI economy, investors simultaneously evaluate access to power, digital infrastructure, phased expansion potential and speed of implementation. Cities that can demonstrate these advantages will be better positioned to attract capital in the years ahead,” Podaru said.

For Bucharest, the Savills ranking therefore represents an indication of opportunity rather than confirmation of an established investment trend. The Romanian capital has connectivity advantages and could benefit from the search for additional European data centre locations, but the ability to convert those advantages into completed projects will depend heavily on energy infrastructure, development timelines and investor commitments.

The wider property implication extends beyond Romania. AI is increasing demand for digital infrastructure at precisely the moment when electricity networks and development constraints are limiting expansion in some established European markets. As a result, the geography of data centre investment has the potential to become considerably broader.

Bucharest now has an opportunity to participate in that redistribution of capital. Its success will ultimately depend less on its position in a global ranking and more on whether Romania can translate its digital strengths into secured power, suitable development sites and infrastructure capable of supporting large-scale investment.

Poland’s Headline Warehouse Vacancy Masks a Growing Shortage of Large Units

Poland’s warehouse market looks relatively balanced when viewed through the national vacancy rate, but a closer examination of the first-half 2026 data suggests that occupiers seeking larger blocks of modern space face a considerably tighter market than the headline numbers imply.

SQM Advisory argues that companies looking for units above 15,000 sqm are increasingly competing for the same properties, despite official vacancy remaining around 7%. The consultancy also says pressure is beginning to spread into medium-sized units as speculative construction remains subdued.

The broad direction of that argument is supported by other professional market data, although the national vacancy figure is already somewhat lower than the figure used by SQM. AXI IMMO puts vacancy at 6.3% at the end of June 2026, down 1.8 percentage points year-on-year, while CBRE and AXI IMMO both report approximately 38 million sqm of modern logistics stock and only around 1.30 million sqm under construction.

The development pipeline is particularly important. AXI IMMO says the amount of space under construction has fallen to its lowest level in more than nine years, while only 38.6% of current projects are being built speculatively. CBRE had already recorded a similar trend in Q1, when speculative development represented roughly 37% of the pipeline, its lowest level for several quarters.

This means the amount of genuinely available future space is significantly smaller than the headline construction figure suggests. Much of the pipeline has already been secured through pre-leases or is being developed for specific occupiers, limiting the choice available to companies that need to move quickly.

Demand is also strengthening. Leasing across Poland reached 3.51 million sqm in H1, up 21% year-on-year, while net demand covering new leases and expansions increased by 58%. New leases and expansions represented 60% of activity, indicating that occupiers are increasingly making fresh commitments rather than simply extending existing contracts.

Colliers identified the same trend earlier in the year. Its Q1 data showed gross take-up of around 1.6 million sqm, 40% above the previous year, while net demand increased by 75%. Vacancy was already moving lower despite substantial new completions.

The strongest independent support for SQM’s argument about large units comes from AXI IMMO. Its H1 report specifically states that availability of warehouses above 15,000 sqm is declining rapidly and warns that occupiers requiring larger blocks of space may have difficulty finding suitable options in selected locations.

That does not mean Poland is running out of warehouse space in an absolute sense. A national vacancy rate above 6% still represents a substantial amount of available floor area. The issue is the composition of that vacancy.

Available stock may be divided across smaller modules, older buildings, locations outside an occupier’s preferred logistics corridor or properties that do not meet particular technical requirements. A company needing 20,000 or 30,000 sqm in one location cannot necessarily use a national vacancy figure as a meaningful indicator of choice.

SQM says this is already changing leasing negotiations.

“This is the most significant trend we’re currently seeing in the market. In recent weeks, in several leasing processes handled by SQM Advisory, we’ve had to compete with two or three other interested companies before formal negotiations even began,” said Tomasz Arent, Partner at SQM Advisory.

That observation remains company-specific rather than a market statistic, but it is consistent with the broader evidence of stronger net demand and declining availability of larger blocks.

The trend is not unique to Poland. CBRE reports that vacancy across Europe’s ten principal logistics markets stood at approximately 5.6% in H1 2026, while speculative construction has dropped sharply and now represents only around 1.3% of existing stock. Poland and Spain were the only two major markets in the group to record a year-on-year decline in vacancy during the first half.

Germany provides a useful comparison. CBRE recorded a national big-box vacancy rate of 4.7% in Q1 2026, broadly confirming the level cited by SQM. By H1, take-up had increased 11% year-on-year to around 3 million sqm while big-box vacancy continued to fall and rents increased in stronger logistics locations.

Regional conditions in Germany are even tighter than the national number suggests. Frankfurt Rhine-Main recorded just 0.5% big-box vacancy at mid-year, while Munich effectively had no vacant big-box space. Hamburg also remained extremely supply-constrained.

SQM’s German rent comparison is also broadly credible. CBRE reported an average prime rent of EUR 9.21/sqm/month across Germany’s five largest markets in Q1, while Cushman & Wakefield recorded a top-five average of EUR 8.95/sqm/month. Individual markets ranged substantially higher, with Munich above EUR 11/sqm/month.

The Czech comparison needs more adjustment.

SQM cites Czech vacancy at around 5.8%, but the latest industrial data put the national rate closer to 5.5% at the end of Q2, equivalent to roughly 751,000 sqm of immediately available space.

Its Prague rental range of EUR 8–10/sqm/month is also too broad if presented as the standard prime warehouse rent. Industrial Research Forum data show conventional prime warehouse rents in Prague at around EUR 7.00–7.50/sqm/month, while the EUR 8.25–10 range applies specifically to more expensive city-logistics properties. Outside Prague, prime rents in selected locations generally range from approximately EUR 5.50 to EUR 6.60/sqm/month.

That distinction strengthens rather than weakens Poland’s cost argument. SQM reports typical modern Polish warehouse rents of around EUR 4–5/sqm/month, excluding incentives, which remains materially below prime levels in Germany and Prague.

Poland’s comparatively lower occupational costs help explain its continued attraction for distribution, logistics and manufacturing users, but that advantage can also contribute to stronger demand for the best properties.

The market is therefore becoming increasingly segmented by size, location and technical specification.

For occupiers requiring smaller modules, the headline vacancy rate may still indicate reasonable choice. For companies seeking large modern units in core logistics corridors, the relevant availability can be considerably tighter.

That distinction also explains why older warehouses may be attracting renewed attention. SQM says companies that previously prioritised newly built facilities are becoming more willing to consider older properties where the location, technical specification and immediate availability meet operational requirements.

There is not yet enough independent H1 data to quantify how large that shift towards older stock has become, so it should be treated as an occupier trend observed by SQM rather than a confirmed national market statistic. However, it would be a logical consequence of declining availability in the modern large-unit segment.

The evidence therefore supports the core of SQM’s argument, but with an important qualification: Poland does not have a general warehouse shortage. It has an increasingly selective availability problem.

National vacancy is falling but remains above 6%. What is becoming scarce is the combination many occupiers require: a large contiguous unit, modern specification, immediate availability and the right logistics location.

With new development increasingly dependent on pre-leasing and speculative construction remaining restrained, companies requiring substantial facilities may need to begin searches earlier or commit to buildings before completion.

For landlords, that could strengthen negotiating positions in the largest and most liquid logistics markets. For developers, continued absorption could eventually justify more speculative starts. For occupiers, however, the practical message from H1 2026 is already becoming clearer: the national vacancy rate says how much space exists, but increasingly it does not say whether the right space is actually available.

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