According to the latest data from advisory firm Savills, the total value of investment transactions in the Polish commercial real estate market exceeded €1.05 billion in Q1 2026. This represents a 64% year-on-year increase and marks the sixth-highest result on record for the first three months of the year.
- Total volume: €1.05 billion (+64% year-on-year)
- Industrial & logistics sector: Market leader with €446 million (+121% year-on-year)
- Retail sector: €318 million, with portfolio transactions accounting for as much as 78%
- Office sector: €248 million, with only three transactions involving office buildings in Warsaw
- Number of transactions: 31 deals finalized
“The beginning of 2026 brought a clear market rebound, and a total volume exceeding €1 billion is only the fourth such quarterly result since early 2023,” comments Małgorzata Lińska-Bator, Director, Investment, at Savills Poland. “Although we recorded a 45% decline compared to the very strong Q4 2025, this is typical market seasonality. The strong year-on-year growth dynamics and the fact that several significant transactions were finalized already in early April provide a solid foundation for cautious optimism in the coming months.”
US investors dominated the Polish market, accounting for 31% of total volume. Investors from Hungary (19.5%) and the Czech Republic (13.4%) were also highly active. Domestic capital represented nearly 9% of the total investment value in Q1.
Industrial & Logistics Sector – Leading Growth
This segment maintained its leading position in terms of investment volume, recording more than a twofold increase (+121%) compared to Q1 2025. Among the nine transactions, sale-and-leaseback deals and build-to-suit (BTS) projects played a key role. The largest transaction was the acquisition of the Raben portfolio by US-based W. P. Carey, combined with a 15-year lease agreement. Other notable deals included a facility built for Bosch in Rzeszów and the acquisition of the Booster warehouse in Upper Silesia by Vestas Investment Management Europe – a fund representing Korean capital.
Retail Sector – Portfolio Dominance
Investment volume in retail properties increased by over 50% year-on-year to €318 million. The market was dominated by portfolio transactions, accounting for 78% of the sector’s total volume. Key deals included the sale of another tranche of Trei Real Estate assets to a consortium of Ares and Slate Asset Management, as well as the acquisition of a portfolio of assets operated by Auchan by Hungary’s Adventum Group. Among single-asset transactions, the sales of Quick Park Mysłowice and Dekada Konin stood out.
Office Sector – Regional Activity and Domestic Capital
In Q1 2026, nine office assets were sold for a combined value of €248 million. Although only three transactions took place in Warsaw, the capital accounted for as much as 75% of the sector’s volume, mainly due to the sale of Royal Wilanów to Czech fund Wood & Company. In regional cities, the largest deal was the acquisition of a building in the Brain Park A complex in Kraków by French SCPI fund – Transitions Europe. Polish investors showed notable activity, completing five transactions (including the Renaissance Building in Warsaw and Silesia Business Park in Katowice) with a total value of €58 million.
“We are observing the return of capital from the Asia-Pacific region, which is an important signal for the market after two years without finalized transactions from this direction,” says Mark Richardson, Head of Investment at Savills Poland. “Prime yields remain stable – around 6.00% for Warsaw offices and approximately 6.25% for retail and industrial assets. Favorable macroeconomic forecasts for Poland, stabilization of financing conditions, and a narrowing gap between sellers’ and buyers’ expectations allow us to look at the outlook for the rest of the year with cautious optimism.”
