Retail parks dominate investments in Poland's retail sector

Retail parks have become the dominant and most successful investment format in Poland's retail real estate sector. 

Wojciech Jurga - Scallier

Over the past five years, their numbers have doubled, with new developments continuing at a record pace, according to research authored by Wojciech Jurga, managing partner at developer Scallier.
This surge is largely due to how well retail parks align with the expectations of private capital, which is now a key market driver. They offer straightforward lease structures, predictable cash flows, and a relatively low entry point of around PLN 10 mln. Long-term lease agreements with national and international retailers secure real annual returns of 7–8% (before tax), which can rise to over a dozen per cent with bank financing.
Income stability is further supported by annual rent indexation (around 3.5–4%) and optimised service charges. Additionally, well-managed tenant mixes and property conditions can lead to increased rental rates. Banks view this segment's risk profile favourably, especially due to long-term, euro-denominated leases with major retail chains.
While large cities are saturated, new retail park developments are now targeting county-level towns and smaller urban centers with populations exceeding 15,000–20,000. Highly visible plots of 1–2 hectares with direct access to main roads are particularly attractive, fueling intense competition for land. 
In 2025, Poland generated €4.5 bn of the €11.6 billion invested in commercial real estate across the six main CEE markets, with domestic investors contributing a record 20% (€860 mln) of this capital.
The rising number of acquisitions and portfolio transactions in 2025 (like Vendo Parks) confirms the growing liquidity and appeal of retail parks to both specialised investment entities and affluent private investors. However, the absence of REIT regulations in Poland limits the institutionalisation of domestic capital.
Looking ahead, further portfolio transactions and new investor entries are expected this year. Poland remains a market with strong fundamentals: dynamic GDP growth, low unemployment, rising wages, and moderate inflation continue to drive private consumption. 
Despite record new supply (approximately 500,000 m2 in 2025), the retail park market maintains a very low vacancy rate, confirming the stability and effectiveness of its business model. The sector is currently in a favourable investment phase with significant growth potential.