POLAND Trends and Developments Contributed by: Agnieszka Stankiewicz, Rafał Siwek, Filip Janeczko and Samanta Wenda-Uszyńska, Greenberg Traurig, LLP
lowest rate in the last ten years) and growing investor confidence, particularly in Warsaw and major regional cities. In the past few years, Poland has become a major European hub for shared services and business ser - vice centres, which has driven demand for office space. There is no real indication of a broad trend of offshoring such functions from Poland to Asia. Instead, Poland is benefiting from nearshoring within Europe from West to East, and some Asian supply chain dependencies are being relocated closer to the EU market. While some regional cities in Poland have experienced declining demand from shared service occupiers (mainly related to IT services) due to a shift towards working from home, landlords have seen increased interest from traditional occupiers for modern office space located in central districts. Office space is now seen not only as a place to work but also to social - ise, innovate and exchange ideas, and landlords have recalibrated their offers to suit those needs. Poland – a safe haven in Europe While international geopolitical instability remains the overarching global concern, in 2026 Poland is set to maintain its position as one of Europe’s fastest-grow - ing economies. The real estate market is gradually finding equilibrium, supported by Poland’s stable eco - nomic backdrop, low inflation and improving financing conditions – all creating a favourable environment for investment. At the same time, there is visible investor interest in non-traditional property types. Below we offer insight into segments that are not typically covered in market reports but should be seen as trends to watch out for from the perspective of investors seeking to capitalise on emerging sectors. Defence in Real Estate Geopolitical factors and market interest The outbreak of war in Ukraine as well as rising geo - political tensions worldwide have brought real estate investments in the defence sector into the spotlight, marking the emergence of a notable trend in Poland’s real estate market. The ongoing conflict in the Middle
East, the shifting political focus of the United States and potential delays in traditional armament deliveries have made investment in national defence capabilities a fundamental issue for the Polish government. One facet of this is dual-use real estate – properties designed or adapted to serve both civilian and strate - gic or security-related functions. This includes public and parking facilities, and sports infrastructure, which can be repurposed for emergency response opera - tions, civil defence, data storage, logistics hubs, or even temporary housing in crisis situations. A second aspect is the development of industrial, light industrial, logistics and storage facilities for defence purposes and how the government and private sector may collaborate in building additional capabilities in this arena. Although the need to rapidly enhance Poland’s defence capabilities is clear to lawmakers, politicians and investors alike, the market has not yet seen actu - al implementation of such projects on a wider scale. Notwithstanding the somewhat inadequate regulatory framework, defence-related investments, including real estate investments, are already taking place and will significantly increase in the coming years as the government does not have the capacity, technology or competencies to build the required defence infrastruc - ture and industries itself. We expect the development of defence infrastructure will involve a mix of public and private ventures, as is the case today, albeit on a much smaller scale. Challenges for defence-related real estate. What changes are needed within the legal and regulatory framework? First, the regulatory framework is yet to catch up with this hybrid asset class. Zoning laws, building codes, and fire and safety standards need updating to sup - port the efficient development of multi-functional facilities without bureaucratic delays. Examples of the required amendments to the existing legislation include: • introducing a clear definition of dual-use infrastruc - ture;
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