Vacancy rate in shopping centers in Olsztyn (northeastern Poland) increased to 2.9 percent at the end of 2016, up from 1.5 percent in December 2015. Rents are under slight downward pressure, due to the increasing competition in the market and the prevalence of “tenant market,” a recent report by Colliers International stated. Last year, the many schemes were revitalized and recommercialized, a trend that will continue this year as well, according to Colliers analysts.
Altogether, Olsztyn features 121,000 sqm of shopping center space within five malls. The largest mall, Galeria Warmińska, was launched in 2014 and offers 42,500 sqm of GLA within 170 units.