Polish Commercial Property Investment Jumps 82% to €4.72 Billion

Polish commercial property attracted €4.72 billion in the first nine months of 2026, up 82% year on year and the strongest comparable result since 2018, according to CBRE.

By Przemysław Felicki. The Polish original was published on 3 November 2026.

Poland remained Central and Eastern Europe’s largest commercial real estate investment market. It accounted for €4.72 billion, or 52%, of the €9.13 billion invested across the region in the first three quarters of 2026. US investors accounted for a quarter of Polish volume, while domestic investors contributed 10%, mainly in offices.

“The commercial property investment market is recovering. The first three quarters of 2026 brought €4.72 billion in transactions, the highest since 2018, and Poland remained the largest investment market in Central and Eastern Europe. More transactions and renewed interest in larger assets drove the increase. Solid economic fundamentals and competitive capitalisation rates are attracting investors,” said Przemysław Felicki, a director in CBRE’s Capital Markets team.

Retail leads as investment rises across sectors

Investment increased across all sectors compared with the first nine months of 2025. Retail assets attracted €1.52 billion, nearly a third of the total. Warehouses ranked second with €1.34 billion, or 28%, followed by offices with €1.14 billion, or 24%.

US investors focus on warehouses

US investors were the most active, putting €1.18 billion into Polish commercial property, or 25% of total investment. They focused on warehouses and accounted for 66% of that sector’s volume. Czech investors put in €796 million, or 17%, mainly in retail. German investors contributed €575 million, or 12%.

Polish investors ranked fourth, spending €491 million, or 10% of the total. They were most active in offices, where they accounted for 31% of spending and completed two out of every three office building acquisitions.

“Portfolio deals accounted for 44% of investment volume from the start of the year. That signals the return of investors with substantial capital who prefer to buy at scale. These purchases were mainly made by Hungarian, US and Czech investors who know the market well. Portfolios allow them to build a position in Poland quickly and diversify risk, so we expect the trend to continue in the coming quarters,” Felicki said.