In Q3 the modern retail market in Poland grew by nearly 140,000 sqm of GLA. This is a significant increase as compared to the first half of the year when only a mere 26,000 sqm of GLA within 5 schemes were completed. Notably, the first IKEA store was delivered in Lublin with the residents of Poland’s eastern regions in mind. Furthermore, the authors of the report draw our attention to the bustling end of the year which is set to bring more than 200,000 of GLA sqm in new retail projects.
According to market sources, more than 65,000 people took part in the events surrounding the opening of Galeria Północna, while one million shoppers visited the newly opened shopping centre within less than 4 weeks. This is the best testimony as to how eagerly awaited this place was and how popular it is amongst the residents of Białołęka and the north-east parts of Warsaw as well as those from the areas outside of the capital. It has to be noted that another large scheme with convenient transport links and located in close proximity to the Młociny node will open very soon, i.e. Q1 2019
Natasa Mika, Director, Retail Department, BNP Paribas Real Estate Poland
Strong end of the year
Wide pool of asset types
Over the first three quarters of the year the value recorded for retail investment was at a level of 1.3 billion EUR, which at the same time accounted for more than a half of the total volume of transactions concluded on the commercial market. There is a new trend to be noticed amongst investors, which is their increased willingness to locate their capital in retail formats other than traditional shopping centres. Retail park and outlet centre portfolio acquisitions had a high share in the total retail transaction volume
Patrycja Dzikowska, Head of Research and Consultancy, BNP Paribas Real Estate Poland