Poland Setting out the direction for the real estate industry

The work was created with the support of partners: Baker Tilly TPA, EPP, PwC Polska, Singu, and Skanska.

ESG is no longer an add-on to strategy, but a real factor influencing asset value. 'ESG for Commercial Real Estate 3.0. Selected Issues and Practices' demonstrates that ESG today directly impacts cash flow stability and access to financing. The work examines the impact of climate risks on real estate, lending and investment decisions, decarbonisation of existing buildings, the circular economy, ESG data automation, and evolving regulations, including the EU Taxonomy and the Omnibus package.

ESG is no longer an add-on to strategy. When extreme weather events generate billions of dollars in losses, the market must view real estate through the lens of real risk
Ewa Andrzejewska, member of the PINK management board

Decarbonisation in Numbers and in Practice

The study documents specific examples of transformation. King Cross Marcelin – a 20-year-old shopping center in Poznań managed by EPP – reduced its primary energy consumption by 61 pct after a comprehensive modernisation. The facility was upgraded from energy class D to B and now meets the EU Taxonomy criteria for climate change mitigation. Importantly, the work took place without interruption to the centre's operations.

For the retail sector, ESG already represents very specific modernisation decisions. The examples described in the publication demonstrate that older facilities can be effectively transformed. This is very good news for a market where the percentage of properties requiring modernisation is growing.
Bogda Korolczuk, managing director of the Polish Council for Development (PRCH)

The Paradox of Sustainability

Growing awareness does not automatically translate into a faster pace of action. The RICS Sustainability Report 2025 within the compendium based on a survey of over 3,500 professionals from 36 countries, points out that the global Sustainable Building Index, while remaining positive, is clearly losing momentum. Approximately 46 pct of respondents from the construction sector declare that they do not measure CO₂ emissions at all, a percentage that has increased compared to the previous survey.

The RICS Sustainability Report 2025, which we discussed in detail in our publication, reveals a clear paradox: awareness is growing, but the pace of real action is slowing. Therefore, we need a common language, standards, and practical tools to translate ESG into business decisions.
Seweryna Afanasjew, head of the Poland advisory group, RICS

The publication highlights barriers: divergent financial incentives between landlords and tenants, a lack of consistent environmental data, regulatory complexity, and a skills gap. The solution, as demonstrated by the best practices described in the study, lies in green lease agreements, collaboration and communication between market players, automation of environmental data collection, and, above all, continuous education.

Regulations: Simplification Doesn't Mean Retreat

The year 2025 brought significant changes to the European ESG legal environment. Omnibus I limited CSRD reporting obligations to entities employing over 1,000 employees and with a turnover exceeding EUR 450 mln, excluding approximately 80 pct of companies from the original scope of the directive. At the same time, new requirements for the Energy Performance of Buildings (EPBD) came into force, and their transposition into Polish law is expected by May 2026.

The long-term value of real estate will increasingly depend on how the market manages decarbonization, climate resilience, and operational transformation. This publication aims to help market participants better understand the scale of change and move from declarations to action more quickly.
Małgorzata Anna Poręba, director, ULI Poland

A digital version of the publication is available on the websites of the organisation and its partners.