Polish retail market remains stable

A summary provided by JLL reflected a 24.500 square metres growth of retail space on the market. Shopping centres in key agglomerations are on the lead and account for most of the 665,000 square metres of new retail space under construction. The investment market saw a total volume of €130 million in transactions. A major deal is yet to come as Redefine Properties agreed to acquire a 75% stake in Echo Investment's commercial platform in Poland. The average retail vacancy rate in major agglomerations is 2.9%. Prime rates in Warsaw are traditionally higher, whereas rents in other cities' prime assets remain constant. Polish brands are expanding into foreign markets, mainly located near Poland but also into countries of the Persian Gulf. Mixed-use developments have gained popularity, where retail and service spaces are offered in residential projects, office buildings or transportation hubs.