The tenant is the market’s foundation
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Supply is growing, and with it the sector’s entire ecosystem: the funds and banks financing developments, general contractors, subcontractors, material manufacturers and dozens of investment-related companies. All of them have joined forces in a cycle that begins with securing land and financing, and ends with finding a tenant, without whom the investment would never get off the ground
For almost two decades, the Polish commercial real estate market has been going through an unprecedented, continuous boom. New office buildings, shopping centres and warehouses continue to appear. The scale is impressive: by the end of 2025, Poland’s modern warehouse stock had exceeded 36 mln sqm, the office sector closed the year at around 13 mln sqm (Warsaw accounted for 6.2 mln sqm according to the Polish Chamber of Commercial Real Estate
– PINK), while retail space reached 14.2 mln sqm gla (The Polish Council of Shopping Centres – PRCH).
It is precisely the tenant, the final link completing the cycle, that plays the most important role in this entire system. Signing a lease agreement determines whether a building will be developed at all. Only a well-leased property, with an appropriately long weighted average lease term (WALT) and rent generating a market yield, represents
a valuable investment product – the kind sought after by funds from around the world. This ap
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