WBJ: Despite today’s slowdown, which structural fundamentals in Poland – such as economic growth, demographics, or its role in CEE – continue to support the case for long-term investment? 

Mateusz Skubiszewski: Despite the current slowdown, Poland continues to rest on solid structural fundamentals such as stable economic growth, favorable demographics, and its strategic role in Central and Eastern Europe. Key macroeconomic trends and strong performance support Poland’s long-term appeal, a rare feature compared to other European economies.

Poland’s economy benefits from a large domestic consumer base of nearly 38 million people, which creates stability even when external capital flows weaken. The labor market is strong, supported by a skilled workforce and a steady inflow of international companies locating operations here. Compared with other CEE countries, Poland attracts more long-term institutional capital – a mix of scale, talent, and track record that underpins resilience.

Which real estate sectors are proving relatively resilient in the current environment in Poland, and where might selective opportunities emerge first?

If you look at the different real estate sectors in Poland, a few have been in the lead for several years now, and this trend remains stable. Logistics continues to perform strongly, underpinned by Poland’s strategic location in the heart of Europe and its well-developed transport infrastructure, which together make it a natural hub for distribution and e-commerce.  The residential sector also shows resilience and long-term potential, particularly the private rented sector (PRS), continues to draw investor interest. At the same time, retail investment, benefitting from stable consumer demand and resilient footfall in convenience-based schemes is regaining attractiveness, with a notable amount of domestic capital flowing into this segment as well as residential. Looking ahead, selective opportunities may also emerge in the hospitality market, which is now on a growth path, as tourism and business travel steadily recover after the COVID-related downturn.

These patterns show that Poland offers varied opportunities even in uncertainty.

What new capital trends are visible in the Polish market?

In recent months we have observed growing interest from investors across Central Europe flowing into the Polish market, underlining Poland’s leading position in the region. At the same time, we are seeing increasing interest from French capital – a new and notable trend that strengthens international engagement. We are pleased that BNP Paribas Real Estate can support French investors in entering and expanding in the Polish market.

The inflow of CEE-based capital shows that Poland attracts not only global funds but also regional players who understand local dynamics and see relative value. The rise of French investors reflects broader European diversification strategies, as they search for markets with stronger growth prospects than in Western Europe. Combined with steady domestic capital, which has become more visible especially in retail and residential, these shifts signal that Poland remains firmly on the radar of both regional and international investors despite the challenging cycle.

Which investment structures have recently been favored by investors in Poland?

We are observing growing interest in sale-and-leaseback structures, both from investors and from corporate clients. These solutions provide attractive alternatives to traditional cash or debt financing, offering flexibility and liquidity. We believe this trend will remain important in the coming months and continue to shape investor activity in Poland.

Sale-and-leaseback deals let occupiers unlock capital tied up in real estate, while providing investors long-term, income-generating properties backed by established tenants. In today’s costlier financing environment, they balance liquidity with stability and reflect a more collaborative approach between landlords and occupiers. As companies across manufacturing, retail, and logistics rethink capital allocation, this structure is likely to stay relevant. 

Mateusz Skubiszewski

Senior Director Head of Capital Markets

BNP Paribas Real Estate Poland