The Polish commercial real estate market entered 2026 with clear momentum, surpassing the EUR 1 billion investment mark already in the first quarter. Although the number of transactions declined, their scale and quality are increasing, while the return of core capital and growing interest in prime assets point to a gradual rebuilding of investor confidence and improving market fundamentals.
Market in numbers:
- EUR 1.02 billion – total investment volume
- 29 transactions in Q1 2026 vs. 42 transactions in Q1 2025
- Lower liquidity, higher volumes
- Signs of the return of “core” capital and prime asset transactions
Just as the results of 2024 indicated a return to stability, this trend continued throughout 2025. In line with our earlier forecasts, the beginning of 2026 brought a large number of closed deals and a promising start to the year. Total investment value rose to over EUR 1 billion, showing a strong market rebound. We expect this momentum to continue throughout 2026, supported by generally positive investor sentiment toward the Polish real estate market.
In Q1 2026, Poland recorded an investment volume of EUR 1.02 billion, representing a 43% year-on-year increase, despite a 30% drop in liquidity. This was the strongest first-quarter result in four years. In each of the three main commercial real estate sectors, one transaction exceeding EUR 100 million was completed. As a result, the average transaction value increased significantly. Domestic investors accounted for 9% of disclosed investment volume.
The industrial and logistics investment market gained momentum, accounting for 44% of total investment volume. Prime office transactions were completed in Warsaw and Kraków, while most of the office buildings sold were located in regional cities. In the retail sector, an impressive shopping centre portfolio was sold, while interest in retail parks remained strong. In addition, we recorded two forward funding transactions in the living sector, as well as the sale of two hotels.
Industrial and logistics sector – the clear leader
Sector in numbers:
- EUR 447 million – total sector investment volume
- 2 portfolio transactions out of 9 completed in the sector
- Continued interest in “sale and leaseback” transactions
Industrial and logistics properties in Poland are attracting core capital, which remains most active in this market segment. Assets secured by long-term lease agreements continue to attract the greatest investor interest. Investors are seeking stable and predictable cash flows, including sale and leaseback transactions, which remain a cornerstone of the market.
In Q1 2026, the industrial and logistics sector recorded 9 transactions with a total value of EUR 447 million, accounting for 44% of Poland’s total investment volume during the period. This was the best first-quarter result recorded since 2020. Two major transactions were completed by U.S. capital, which acquired a large logistics portfolio from the Raben Group as part of a sale and leaseback transaction, and also acquired Panattoni BSH in Rzeszów.
“The price consensus between sellers and buyers is becoming increasingly common, which is reflected in the revival of investment activity in the sector, driven primarily by the inflow of foreign capital; an additional factor may be the expected repricing of older warehouse assets,” comments Bartłomiej Krzyżak, Senior Director, Investment
Retail sector – an impressive portfolio transaction
Sector in numbers:
- EUR 318 million – total sector investment volume
- 6 out of 10 transactions involved retail parks and standalone grocery stores
- The largest portfolio transaction accounted for 60% of the sector’s total volume
“The retail sector in Poland continues to attract strong investor interest. A broad offering makes the retail real estate investment market accessible both to smaller entities with domestic capital and to global players,” comments Artur Czuba, Director, Investment. “In Q1 2026, we recorded 10 retail property transactions, with the largest portfolio accounting for 60% of the sector’s total volume.”
The main transaction in the sector concerned 8 Auchan shopping centres: Ceetrus sold the malls, while Auchan completed a sale and leaseback transaction with the Hungarian group Adventum (Shopper Park Plus). Retail parks remain at the centre of investor interest. Trei Real Estate finalized the sale of its portfolio of 36 properties by selling the last 7 assets to Ares & Slate Asset Management. Quick Park Mysłowice changed hands in a transaction brokered by Avison Young, expanding the portfolio of Karuzela Holding and Mitiska REIM. Dekada in Konin is now owned by Lords LB. At the beginning of 2026, transactions involving redevelopment plans also appeared. Alfa Centrum in Gdańsk was acquired by Euro Styl, which plans to introduce a residential function on the site. Standalone grocery stores also continue to be subject to transactions.
Office sector – 3 prime transactions
Sector in numbers:
- EUR 245 million – total sector investment volume
- 5 out of 8 transactions were completed in regional cities
- 3 prime transactions
The office sector closed Q1 2026 with a result of EUR 245 million. Particularly noteworthy is the fact that as many as three prime property transactions were finalized. The Lixa D building in Warsaw was acquired by a Swiss family fund, reflecting the activity of European family office investors, who are increasingly focusing on modern Class A office buildings in prime locations. The Renaissance building was sold to the Polish company Syrena Real Estate. In addition, Brain Park A in Kraków was purchased by the French company Arkea Real Estate. However, the most impressive transaction in terms of value, exceeding EUR 100 million, was the acquisition of Royal Wilanów in Warsaw by Wood & Company, represented by Avison Young.
Although regional cities are gaining in popularity, their share in total investment value remains limited. Even though 5 out of 8 transactions took place in regional markets, including one involving a prime office building in Kraków, their combined value accounted for 25% of the sector’s total volume.
“Considering the transactions currently in an advanced stage of negotiation, we expect investment volume in the office sector in 2026 to remain at last year’s level. Market fundamentals remain strong, attracting new sources of capital,” adds Marcin Purgal, Senior Director, Investment.
Conclusions after MIPIM
Poland continues to attract investors thanks to solid economic growth, a predictable legal framework, and a safe and liquid market. Western investors, especially from France, are showing strong interest in the Polish market, and we therefore expect an inflow of core capital.
Over the past two years, domestic capital has become significantly more active, while value-add, opportunistic, and smaller-scale investors have been active across all sectors, focusing on their respective niches. We expect 2026 to deliver better results than the previous year, supported by positive market sentiment and strong growth forecasts.
However, the ongoing uncertainty related to the situation in the Middle East may affect the real estate market. Rising oil prices may trigger renewed inflationary pressure, which in turn could lead to upward pressure on interest rates after a period of gradual declines over the past two years. The real estate market typically reacts more slowly than capital markets and shows a certain degree of inertia, so in the short term a “wait and see” approach may emerge.
