Following four challenging years and an investment market slowdown in 2023, the results recorded in 2024 indicated a return to stability, a trend that persisted throughout 2025. Nevertheless, the total transaction volume in Poland for 2025 remained below the 2024 level, primarily due to the limited number of transactions involving institutional capital, according to Avison Young.
Market liquidity has remained stable, with 151 transactions completed, broadly in line with the previous year. Poland’s total investment volume for 2025 reached €4.5 billion, with Q4 alone representing over 40 percent of this result. Contrary to the previous year, when the 10 largest transactions accounted for nearly 50 percent of the total investment volume, 2025 was characterised by numerous but less spectacular deals in terms of volume. However, several milestone transactions initiated in 2025 will be finalised at the beginning of 2026.
The office sector contributed 40 percent of the total investment volume in 2025, primarily regarding Warsaw-based office buildings. The industrial investment market stood strong with several portfolio and impressive sale & leaseback transactions. In the retail sector portfolio of 25 Vendo Parks was divested, accompanied by unabated demand for retail parks and convenience schemes. Additionally, the year witnessed transactions involving 5 hotels and 9 living schemes. Polish capital has clearly marked its presence on the commercial real estate investment market.
Highlights:
- €4.5bn (-13 percent Y-O-Y) – total investment volume in 2025
- 151 transactions in 2025 vs 154 transactions in 2024
- 18 percent share of Polish capital in the total investment volume in 2025 vs 9 percent in 2024
- Several milestone transactions initiated in 2025 will be finalised in 2026
Office market – tempting morsel for domestic capital
In 2023, investor interest surged in older value-add and opportunistic office buildings. By contrast, 2024 and 2025 saw increased activity in core and core+ asset sales, particularly in Warsaw. This trend reflects market repricing, with asking prices aligning more closely with transaction values and current market conditions. Nonetheless, demand remains strong for older properties with potential for functional changes, owner-occupier headquarters, conversions or adaptations to align with new market realities. Such products very often attract domestic buyers, seeking investments of a smaller size.
The most notable office transactions in 2025 exceeding the €100 million threshold included Mennica Polska acquisition of a 50 percent stake in Mennica Legacy Tower, the divestment of Wola Center to Trigea Real Estate Fund, and the repurchase of 49 percent stake of the CPI portfolio, which was the most significant in terms of investment volume, representing over one-quarter of the office sector’s total results. Other major office assets that changed hands during the year included Senator, Vibe, and Wronia 31 in Warsaw, as well as High Five I & II in Kraków and Centrum Południe 3 in Wrocław.
This year, Avison Young anticipates sustained strong activity in the office sector, with transactions involving both older assets and potentially prime office buildings.
Sector highlights:
- €1.8bn (+7 percent Y-O-Y) – office investment volume in 2025
- 30 / 51 transactions were closed in Warsaw
- 5 major deals representing 50 percent of the office investment volume in 2025
- Polish capital is responsible for 30 percent of the sector’s volume and 50 percent of the number of transactions in 2025
“Domestic capital, responsible for 30 percent of the sector’s volume and 50 percent of the number of office transactions, is continuously prominent in the office investment sector, showing a rising appetite for smaller formats. This shift reflects a move away from residential investments towards commercial real estate by Polish investors, seeking value-add and opportunistic products,” commented Marcin Purgal, Senior Director, Investment at Avison Young.
Industrial market – stable and resistant
The warehouse sector, which emerged as the dominant segment of Poland’s investment market during the challenging conditions of 2023, maintained its stability throughout 2024 and 2025. The past year was characterised by sustained demand for sale and leaseback transactions, along with a growing shift in investor focus towards secondary industrial hubs, accommodating nearly 40 percent of total industrial investment volume.
In 2025, the industrial real estate sector in Poland recorded an investment volume of approximately €1.5 billion. Market activity was characterised by a limited number of large-scale transactions, with only two deals exceeding €100 million. Among these, the most notable was the landmark sale and leaseback of two Eko-Okna properties to Realty Income, being the largest sale & leaseback deal ever completed across the entire CEE region.
Sector highlights:
- €1.5bn (+10 percent Y-O-Y) industrial investment volume in 2025
- 8/34 portfolio transactions
- The largest sale & leaseback deal ever completed across the entire CEE region
“With numerous transactions currently in progress, Poland’s industrial investment market is poised to deliver record volumes in 2026. The narrowing pricing gap among market participants is expected to further accelerate growth, primarily driven by foreign capital inflows. We expect continuous interest in sale and leaseback transactions. Additionally, the anticipated repricing of older warehouse schemes may support a recovery in secondary transactions,” commented Bartłomiej Krzyżak, Senior Director, Investment at Avison Young.
Retail market – retail park portfolios on the radar
The retail investment market accounted for nearly 20 percent of Poland’s total transaction volume in 2025, marking a significant decline from the 32 percent share recorded in 2024. Following a strong focus on regional shopping centres, including large prime assets in the previous year, 2025 was characterised by the dominance of retail parks. The retail park market is maturing, with a visible consolidation trend, resulting in anticipated portfolio deals.
The retail sector closed 2025 with a total transaction volume of €859 million. This represents a year-on-year decline of nearly 50 percent, driven by a shift in the structure of acquired assets. Unlike in 2024, no prime shopping centres were transacted. Instead, 70 percent of completed deals involved retail parks and convenience retail, including two major portfolio transactions. My Park acquired 10 A Centrum assets, while Trei Real Estate divested 25 retail parks to Ares Management Corporation and Slate Asset Management.
Another notable deal was Summus Capital’s acquisition of Galeria Libero shopping centre in Katowice, one of only two retail transactions exceeding the €100 million mark in 2025. Avison Young expects further transactions involving retail parks and convenience-type properties, but attention should also be paid to shopping malls with dominant positions in cities and solid, stable fundamentals. This asset class is currently being widely analysed by investors, and more deals are expected to close shortly.
Sector highlights:
- €859m (-48 percent Y-O-Y) retail investment volume 2025
- 36 / 52 transactions regarding retail parks and convenience retail in 2025
- 2 retail park portfolios divested in 2025
“Redevelopment transactions continued throughout 2025, including projects such as Arkady Wrocławskie, CH Glinki, and Galeria Lubelska, brokered by Avison Young. The Polish retail investment market offers opportunities across a variety of formats, ranging from established shopping centres and redevelopment projects to retail parks and ground-floor retail units,” commented Artur Czuba, Director, Investment at Avison Young.
PRS market – living sector milestone on the horizon
Poland’s residential investment market recorded a total volume of €223 million in 2025, with €150 million allocated to three PRS (Private Rented Sector) projects in Warsaw. AFI Europe completed two of these transactions, while Xior Student Housing acquired one asset from Syrena RE. The remaining transactions were executed by NREP and involved three co-living assets in Gdańsk, for which Avison Young’s technical advisory team provided comprehensive support, including project monitoring and construction supervision. Notably, an unprecedented PRS transaction is underway: Vantage Development has announced the acquisition of 18 Resi4Rent PRS assets. The strong potential of Poland’s residential market has attracted growing attention from both domestic and international investors, including PHN, Ronson Development, and Skanska, all of whom have expressed interest in this rapidly expanding segment.
“The PRS investment market in Poland, in its initial phase, has been dominated by primary market transactions, with buildings acquired directly from developers. Secondary market transactions appeared in 2022, beginning the next phase of the PRS market in Poland. Catella sold its three operating assets in Warsaw and Kraków, simultaneously withdrawing from the Polish real estate market. Now a sector milestone deal is about to be completed, with Vantage Development’s acquisition of 18 Resi4Rent assets, translating to over 20 percent of currently operating PRS units in the country,” commented Patryk Błach, Senior Consultant, Investment at Avison Young.
What to expect in 2026?
Poland remains an attractive destination for investors, supported by robust economic growth and strong market fundamentals.
“We are still awaiting the return of large institutional investors. Anticipated interest rate cuts in both the eurozone and Poland, combined with the potential de-escalation of the war in Ukraine, are expected to stimulate renewed inflows of foreign capital. We expect continued growth in capital market activity, primarily focused on small and mid-sized assets.
Polish investors are likely to remain key players in 2026, as they have both the resources and capacity to invest. Their activity spans all sectors, with a particular focus on assets offering higher yields or strong value-add potential.
We also expect sustained interest from investors across Central and Eastern Europe – especially from Czechia, Hungary, and the Baltic states – as well as from Western European capital, including France and Belgium, which is already actively pursuing new acquisitions.
The beginning of 2026 is set to be dynamic, with many transactions initiated in 2025 scheduled to close early in the year. We anticipate continued strong activity in the office sector, involving both older buildings and potentially prime office assets. In retail, retail parks and smaller shopping centres are expected to remain the key drivers. Meanwhile, the industrial sector, which has historically performed very well, is projected to significantly improve its results in 2026,” commented Paulina Brzeszkiewicz-Kuczyńska, Research and Data Manager at Avison Young.
