Investment activity in Poland continued to gather pace through the third quarter of 2026, with transaction volume rising by 81% year-on-year, according to research by Avison Young. By the end of September, total investment volume had reached €4.7 billion across 93 completed transactions, marking a significant increase in activity while maintaining stable market liquidity. The strong performance was driven by the anticipated return of core capital and a rise in large portfolio transactions, with 15 deals exceeding €100 million. The Q1–Q3 2026 period recorded the highest investment volume since 2018, underlining the strength of the market’s recovery.
Market in numbers:
- €4.7 bn – total investment volume Q1-Q3 (+ 81% y-o-y)
- 93 deals
- Best Q1-Q3 period since 2018
- Surge in large industrial and retail portfolio transactions
The retail and industrial sectors were the main drivers of investment activity by volume. Retail market maturity facilitated portfolio transactions, including retail parks. Industrial results were driven by large portfolio transactions, with a dominant share of US capital. The office market recorded 7 prime transactions, including Polish capital, representing 30% of the volume in this sector. Landmark deals were also completed in the PRS and hotel sectors, including the sale of the Resi4Rent portfolio and the Sofitel Warsaw Victoria hotel.
Core capital is gradually re-entering the market, targeting high-quality assets. This trend has contributed to a notable increase in average transaction volumes. Supported by favourable investor sentiment, resilient economic indicators and a strong deal pipeline, 2026 is set to considerably outperform the previous year.
Retail sector – expanding retail parks portfolios
Sector in numbers:
- €1.5 bn – total sector’s volume in Q1-Q3
- 8 shopping centres sold in regional cities
- 7/30 portfolio deals
The retail sector recorded €1.5 billion in investment volume during the first three quarters of 2026, delivering its strongest year-on-year performance since 2018. Accounting for approximately one-third of total investment activity, the result was largely driven by portfolio transactions, regarding both shopping centres and retail parks, which contributed 45% of the sector’s total volume during the period.
Regional shopping centres remained a key investment target, with eight single-asset transactions completed across Poland, including the landmark sale of a 70% stake in Posnania to Trigea Real Estate Fund. Retail parks also continued to attract strong investor interest, with the growing maturity of this asset class supporting an increasing number of portfolio transactions. Such deals enable investors to gain immediate market exposure and operational scale, while allowing vendors to maximise value through efficient portfolio disposals.
“Avison Young professionals brokered 4 retail transactions completed so far this year, including all retail formats. Our track record includes the third largest retail park portfolio transaction on the Polish investment market, namely Vendo Park Portfolio acquisition by Star Capital Finance and Generali. We also brokered the disposal of Galería Pestka in Poznań as well as retail parks in Mysłowice and Błaszki. The diversity of investment opportunities across the Polish retail market continues to support strong liquidity and broad investor interest,” says Artur Czuba, Director, Investment Department
Industrial sector – market polarisation
Sector in numbers:
- €1.3 bln – total sector’s volume in Q1-Q3
- 7/27 portfolio transactions
- 66% of volume is of US origin
The Polish industrial investment market recorded €1.3 billion in transaction volume in the first three quarters of 2026, marking the strongest year-on-year performance since 2022. Representing 28% of total investment activity, the sector’s volume was generated through 27 completed transactions. Market activity was highly concentrated, with the five largest deals accounting for 56% of total industrial volume. US investors remained the dominant source of capital, participating in all five major transactions and contributing 66% of the sector’s total capital inflow.
This highlights the continued appeal of Polish logistics assets to international institutional investors, particularly those pursuing portfolio acquisitions. Sale & leaseback transactions remained an important market driver, generating €220 million across five deals. While over 70% of volume was concentrated in the Big Five markets, institutional capital was also active in secondary locations.
“Investment activity remains strong, but capital allocation is highly selective. Demand is focused on assets with secure long-term income, while value-add properties continue to attract opportunistic investors. At the same time, sale-and-leaseback transactions have emerged as an important source of investment opportunities in the logistics sector. This market polarisation is likely to remain one of the key trends in the coming quarters,” says Bartłomiej Krzyżak, Co-Head of Investment Department
Office sector – landmark transaction in Warsaw
Sector in numbers:
- €1.1 bln – total sector’s volume in Q1-Q3 2026
- 30 transactions
- The largest single-asset office deal recorded in Warsaw since 2022
The office sector in Q1-Q3 2026, with its volume built up by single-asset transactions, remained slightly behind other asset classes, contributing 24% of the overall transaction volume. Nevertheless, it recorded 7 prime deals across Warsaw, Kraków and Gdańsk. The most impressive was the acquisition of The Bridge in Warsaw by Eastnine, which was the largest single building transaction since the disposal of Generation Park Y in Q3 2022.
With an average transaction size exceeding €38 million, the Polish office investment market demonstrates a notable degree of depth and diversification. While several high-profile prime transactions have driven headline activity, market liquidity remains supported by a broad base of smaller and mid-sized deals, reflecting sustained investor interest across a range of asset profiles.
Domestic investors accounted for 30% of office investment volume year-to-date, highlighting their continued relevance in the sector. Overall, Polish capital is the most active in the office segment so far this year.
“The broadening of transaction activity across different deal-size categories points to a clear improvement in liquidity in Poland’s office investment market. However, investor demand remains highly selective, with capital focused on assets offering prime locations, modern specifications, strong tenant covenants and long-term value creation potential. Growing interest in regional city opportunities, alongside continued activity from domestic investors and owner-occupiers, is being complemented by the return of institutional capital from Western Europe. While smaller transactions dominated investment activity in recent years, investors are increasingly prepared to pursue larger and more prestigious assets. Nevertheless, demand continues to favour best-in-class buildings that meet the highest standards of quality, operational efficiency and sustainability,” concludes Marcin Purgal, Co-Head of the Investment Department at Avison Young.
