The first quarter of 2026 was the strongest opening quarter for Poland’s commercial real estate investment market since 2022. The total investment transaction volume exceeded EUR 1 billion, representing an increase of nearly 44% year on year. According to BNP Paribas Real Estate Poland’s report, “Review. Investment Market in Poland – Q1 2026”, the rising value of transactions and improving market liquidity have been supported, among other factors, by the inflow of investors, including capital from Asia.
Strong start and outlook for the coming quarters
Poland’s commercial investment market recorded a very strong opening to 2026. Between January and the end of March alone, the transaction volume exceeded EUR 1 billion. This result was almost 44% higher than the value recorded in the same period last year. Such early growth points to a gradual improvement in market liquidity and rising investor confidence.
“In the coming quarters, stabilising financing conditions, greater predictability of returns and a growing pool of investment assets should support market activity. Despite ongoing global uncertainty, the strong start to 2026 confirms Poland’s solid position compared with other Central and Eastern European markets,” said Mateusz Skubiszewski, Senior Director, Head of Capital Markets at BNP Paribas Real Estate Poland.
Since the beginning of the year, the industrial and logistics sector has remained the leader in Poland’s investment volume, accounting for a 44% share and confirming strong demand for assets supported by long-term structural trends. It was followed by the retail sector, with a 31% share, and the office sector, with 24%, where investor activity focused mainly on well-let properties.
Transaction sizes are increasing
Since January, the total value of buy-sell transactions in the industrial and logistics sector reached EUR 447 million, an increase of more than 120% year on year. In the retail sector, investment volume in the first quarter amounted to EUR 318 million, up 55% compared with the same period last year. Growth was also visible in the office segment, where transactions totalled EUR 248 million, representing a 35% year-on-year increase.
The analysed period saw the return of large-scale transactions. The three largest deals each exceeded EUR 100 million, indicating growing investor activity and improving market liquidity. At the same time, the share of transactions valued between EUR 40 million and EUR 100 million also increased. Their combined volume reached EUR 342 million, up by almost 15% year on year.
Among the largest transactions completed at the beginning of 2026 was the sale of the Raben S&LB Portfolio in the industrial and logistics sector for EUR 167.5 million to WP Carey. In the retail sector, the key transaction was the sale of the Auchan portfolio to Adventum for EUR 110 million. In the office market, one of the largest deals was Wood & Company’s acquisition of the Royal Wilanów building for nearly EUR 107 million.
Asian investors on the horizon
Although Asian investors have not been particularly active in the Polish market in recent years, the acquisition of the Booster Zabrze logistics park in Silesia by a South Korean investor stands out as a positive exception. The transaction suggests that selected foreign funds are cautiously turning their attention to Poland. Total investment capital from Asia reached EUR 68 million.
In the investment volume recorded in the first quarter of 2026, capital from non-eurozone Europe dominated, accounting for EUR 490 million worth of transactions.
Capitalisation rates remain stable
In the first quarter of 2026, capitalisation rates for prime assets in Poland remained stable.
“However, the industrial and logistics segment showed the first signs of compression. Transactions involving prime assets were concluded at yields of around 6.0%, confirming the return of investor competition and improved liquidity compared with last year,” commented Karolina Wojciechowska, Director, Capital Markets at BNP Paribas Real Estate Poland.
Stabilisation in other sectors resulted from the narrowing of price expectations between buyers and sellers, rather than from a decline in activity.
Geopolitical uncertainty has so far had a limited impact on the Polish market, while potential capital flows may benefit Europe and the CEE region. Its longer-term effects will become clearer only in the coming months.
