The value of investments in commercial real estate in Poland continues to grow. In the first quarter of 2026, it exceeded €1 billion, marking a 44% year-on-year increase, according to CBRE’s report “Investment Market in Poland Q1 2026.” Signs of recovery are most visible in the industrial and retail sectors. The share of Polish capital reached 8.5%, with domestic investors contributing most significantly to the office market, accounting for nearly a quarter of its total volume. Czech investors also focused on offices, Americans primarily acquired industrial assets, while Hungarian capital was most active in retail.
The industrial sector delivered particularly strong results, accounting for 42% of the total transaction volume in Q1, or approximately €447 million. Retail also had a strong start to the year, reaching nearly the same transaction value as in the entire first half of the previous year. It represented 30% of total investment volume in the quarter, translating to around €318 million.
Around €245 million was invested in office assets, representing 23% of the total market. Despite a relatively slow start, activity in the office segment is expected to increase in 2026, supported by several large projects currently in the pipeline.
The institutional private rented sector (PRS) recorded one transaction at the beginning of the year (Palio C), with a total value of just over €33 million. Greater activity is still anticipated in this segment. The hotel market also saw one transaction, worth approximately €13 million.
Polish capital targets offices and retail
The value of capital invested by Polish investors in the commercial real estate market in Q1 2026 reached 8.5% (€88 million). Office properties were the dominant investment direction, attracting €55 million (25% of office volume), while €33 million (10% of retail volume) was allocated to retail assets.
“Limited participation of large players in the investment market, and thus lower competition, creates opportunities for Polish investors, whose role is expected to continue growing. Domestic entrepreneurs with profitable businesses and accumulated capital view commercial real estate as a stable addition to their investment portfolios. Many of them have reached business maturity and perceive such assets as a way to secure their future,” said Przemysław Felicki, Director in the Capital Markets Department at CBRE.
Czech investors were also active in the office market, with investments totaling €107 million. Hungarian investors focused on retail, committing €187 million. American capital was also clearly visible, with €257 million invested in Polish industrial properties and €70 million in retail assets.
