The Warsaw Agglomeration is the biggest retail market in Poland, offering a total of ca. 1.65 million sqm of space in formats such as: shopping centres (over 1,14 million sqm), retail parks (265,000 sqm), retail warehouses (186,000 sqm) and outlet centres (56,000 sqm), summarized JLL.
Anna Bartoszewicz-Wnuk, Head of Research and Consulting at JLL Poland, said: “In 2015, the Warsaw Agglomeration grew by 64,000 sqm of new retail space with shopping centres accounting for 45,900 sqm of this number. The biggest project commissioned for use was the extension of Wola Park.”
The biggest retail projects completed in the Warsaw Agglomeration in 2015
Project
|
Format
|
Developer
|
Size (sq m)
|
Wola Park – extension
|
Shopping centre
|
IKEA Centres Poland
|
17,600
|
MODO Domy Mody
|
Shopping centre
|
Devin Investments
|
16,000
|
Ferio Wawer
|
Shopping centre
|
Raiffeisen Evolution Project Development
|
12,300
|
Royal Wilanów
|
Retail in office project
|
Capital Park
|
6,900
|
Factory Ursus – extension
|
Outlet centre
|
Neinver
|
6,000
|
Plac Vogla
|
Retail park
|
Ghelamco Poland
|
5,200
|
Source: JLL
“The Warsaw Agglomeration, with its average shopping centre density of 447 sqm per 1,000 residents, remains one of the least dense markets in Poland and lags behind other major metropolitan cities such as Wrocław, Poznań, Tri-City, Łódź and Kraków. This situation, however, is likely to change in the mid to long-term as around 120,000 sqm of retail space is now under construction. Shopping centres account for up to 106,700 sqm with Galeria Północna, located on Białołęka, the largest project under development at the moment”, adds Anna Bartoszewicz-Wnuk.
Retail projects under construction in the Warsaw Agglomeration
Project
|
Format
|
Developer
|
Size (sq m)
|
Galeria Północna
|
Shopping centre
|
GTC
|
64,000
|
Fabryka Wołomin
|
Shopping centre
|
Rockcastle Global Real Estate Group Limited, Acteeum Group
|
23,500
|
Galeria Legionowo
|
Shopping centre
|
Jerzy Petz
|
10,500
|
CEDET
|
Department store
|
Immobel
|
7,000
|
Hala Koszyki
|
Catering/dining/services
|
Griffin Group
|
6,000
|
Galeria Grodova
|
Shopping centre
|
NAP Invest Alfa Sp. z o.o.
|
5,200
|
Atrium Promenada extension
|
Shopping centre
|
Atrium European Real Estate Limited
|
3,500
|
Source: JLL
“Warsaw remains the bridgehead for debuts and further expansions for numerous foreign brands, especially those looking for prestigious locations. In 2015, the Warsaw market saw the debuts of international fashion chains – Superdry, Kiabi and Courir, and cosmetics brands – Origins. Furthermore, the food and restaurant segments developed as well as Paul, Fuddruckers, Dairy Queen, Benihana, Dunkin’ Donuts have also entered the market,” commented Anna Wysocka, Head of Retail Agency at JLL.
The vacancy rate in modern shopping centres currently stands at 1.5 percent, which is a significantly lower result than the national average for cities above 200,000 residents (3.1 percent).
Monthly prime rents per sqm in shopping centres stand at €110 – 130 per sqm a month. Rents are between €9-10 per sqm a month in retail parks, and €80-90 per sqm a month for retail units located on high streets.
“The most important trends that we are observing on the retail market in the Warsaw Agglomeration include extensions and refurbishments of existing projects as well as the development of mixed-use schemes. Still, there is room for the traditional shopping centres, which is illustrated by the construction of Galeria Północna,” summarized Anna Wysocka.