Poland’s commercial real estate investment market continued its strong performance in the first half of 2026, with total investment volume exceeding €3 billion. This represents a 77% year-on-year increase and marks the strongest first-half performance since 2018. Activity accelerated significantly in the second quarter, with almost €2 billion transacted – nearly double the volume recorded in the first three months of the year.
According to Knight Frank, the market has entered a new phase of heightened activity across all major commercial real estate sectors. At the same time, the high number of transactions currently under negotiation or in the final stages of execution indicates that total investment volume in 2026 is expected to exceed €6 billion.
Retail assets accounted for the largest share of investment volume in the first half of the year (34%), driven by several landmark transactions, including the sale of a 70% stake in Posnania shopping centre, as well as the Auchan and Vendo retail park portfolios. The industrial and logistics sector ranked second, accounting for 26% of total investment volume, followed by the office sector with a 20% share. The living sector also recorded significant growth, increasing its share to 19% following the record-breaking acquisition of the Resi4Rent portfolio.
The market continues to be driven primarily by regional capital. Investors from Central and Eastern Europe accounted for 46% of total investment volume, with Czech investors representing more than half of this amount, having invested in excess of €766 million. At the same time, US capital maintained a strong presence, accounting for 19% of the market.
Office market regains investor interest
Office investment volume reached €594 million in the first half of the year, representing a 35% increase compared with the same period in 2025. Investors are increasingly targeting prime CBD office assets in Warsaw, where rising occupier demand and a very limited development pipeline are supporting rental growth.
“We are seeing a clear return of investor appetite for high-quality office assets in Warsaw. From a pan-European perspective, pricing has become increasingly attractive, and Warsaw’s prime office market is well positioned to deliver strong total returns over the next five years. Investor interest is also expanding beyond the capital towards the highest-quality assets in Poland’s key regional cities,” says Charles Taylor, CEO, Knight Frank Poland.
“Polish investors continue to demonstrate strong activity, particularly in the office sector, where domestic capital accounted for 49% of total investment volume. The acquisition of the Central Point office building in central Warsaw by Lewandopol was not only the largest transaction involving Polish capital but also one of the biggest investment deals completed in the first half of the year. However, the lack of an appropriate legal and institutional framework to support broader participation of domestic investors in the commercial real estate market means that most acquisitions by Polish investors continue to involve assets valued below €15 million,” adds Krzysztof Cipiur, Director, Private Wealth, Knight Frank Poland.
Industrial & logistics continues to attract global capital
Investment volume in the industrial and logistics sector reached nearly €782 million in the first half of 2026, up 13% year-on-year and marking the strongest result since 2021. The number of completed transactions increased by 50%, with investors remaining highly selective and focusing primarily on modern assets secured by long-term leases and strong tenant covenants.
“Poland remains one of Europe’s leading logistics markets. Its scale, robust occupier demand and strong long-term growth prospects continue to attract institutional capital from around the world. Investors are particularly interested in build-to-suit (BTS) developments and sale-and-leaseback transactions, which offer stable and predictable income streams,” comments Michał Grabara, Director, Head of Industrial & Logistics Capital Markets, Knight Frank Poland.
The strength of international investor appetite is reflected in the capital structure of the sector, with US investors accounting for as much as 62% of total industrial investment volume.
Investors from Central and Eastern Europe accounted for 75% of office investment volume in the first half of the year. At the same time, Polish capital was responsible for nearly half of all office transactions.
Knight Frank expects investment activity to remain strong throughout the second half of 2026. The outlook is supported by Poland’s favourable macroeconomic environment, with GDP forecast to grow by 3.5% in 2026, together with resilient occupier market fundamentals across all major commercial real estate sectors.
