In 2024, over 120 transactions were finalized in Poland’s commercial real estate investment market, with a total value exceeding €4.8 billion. This marks an impressive 136 percent increase in transaction volume compared to 2023, with the number of deals rising by 1.5 times year-over-year. This result brings the market closer to the annual average recorded between 2015 and 2017 (€4.6 billion), although it remains nearly 30 percent below the 2018–2022 average, the most active period in Poland’s investment market history.
Diverse Investment Sectors
The office and retail sectors had a comparable share of the total investment volume in 2024—34.4 percent and 33.9 percent, respectively. The high share of retail transactions was driven by three major deals totalling approximately €1.063 billion. The industrial and logistics sector accounted for over 26 percent of the total volume. Investors also showed interest in the hotel sector, purpose-built student accommodation (PBSA), and institutional rental housing (BtR or PRS).
“The dynamic 136 percent increase in investment volume compared to last year is a clear signal of renewed investor confidence in the Polish commercial real estate market. Key transactions in the office, retail, and living sectors confirm the diverse strategies investors are adopting, as they increasingly recognize opportunities in both large regional cities and niche segments such as student housing and PRS,” says Mark Richardson, Head of Investment at Savills.
Record-Breaking Fourth Quarter
Nearly half (48 percent) of the total investment volume was generated in the last three months of the year, reinforcing the traditional surge in activity towards year-end. Some of the largest deals in the past twelve months included the sale of a 49 percent stake in CPI to Sona Asset Management, as well as the sales of Silesia Shopping Centre in Katowice and Magnolia Park in Wrocław—both transactions completed by Nepi Rockcastle in the fourth quarter.
Investor Structure and Market Entrants
Domestic investors accounted for approximately 10 percent of transactions, acquiring properties worth nearly €0.5 billion across more than 40 deals. Their purchases included three office buildings intended for public institutions. Investors from other Central and Eastern European countries (including Ukraine and the Baltic states) were responsible for nearly 20 percent of the total volume, while South African investors accounted for over 20 percent.
2024 also saw the entry of new investors into the Polish market. Among the first-time buyers were South Africa’s Emira Property Fund, which acquired a 25 percent stake in DL Invest, the UK-based Sona Asset Management, which purchased a 49 percent stake in CPI Property Group, and Estonia’s Summus Capital, which acquired two office buildings.
Optimistic Outlook
The strong results indicate a gradual return of the investment market to 2015–2017 levels, with a clear upward trend. The high activity of foreign investors and sector diversification confirm Poland’s attractiveness within the Central and Eastern European region.
“The year 2024 demonstrated that the office sector has regained its appeal, as reflected in both transaction volume and value. Growing interest in buildings in regional cities signals a maturing market. Meanwhile, the living sector is gaining traction due to rising demand for student housing and rental apartments—an evolving trend driven by the needs of young people, including international students. We expect this trend to continue in the coming years,” says Jacek Kałużny, Head of Operational Capital Markets at Savills.
Spotlight on the Office Sector
In 2024, approximately 45 office sector transactions were recorded, totalling over €1.64 billion (€1.34 billion in Warsaw and €298 million in regional cities)—a nearly fourfold increase compared to the previous year. While the majority of deals involved properties in Warsaw, investor activity was visible in all major office hubs across the country.
Some office buildings were acquired for full or partial owner-occupation, including three properties purchased by public institutions, as well as buildings on Mazowiecka 2/4, the two MatchPoint buildings, and the Bokserska Office Center.
Other investors adopted a different strategy, acquiring office buildings to demolish them and repurpose the land for residential development. Notable examples include Curtis Plaza and three buildings from the myhive Mokotów complex.
Investment activity in the office sector highlights not only continued investor interest in prime Warsaw locations but also the increasing appeal of Poland’s regional office markets.
Spotlight on the Retail Sector
In 2024, retail sector investment exceeded €1.6 billion, with over €1 billion stemming from just three major transactions. These included the sale of a six-shopping-center portfolio to Star Capital Finance for €285 million.
Investors remain focused on retail parks and smaller retail assets. Notable deals included the sales of BIG Gorzów and Glinianka retail parks to Big Shopping Centers and the sales of Pasaż Grodziski and Pasaż Kępiński to Falcon Investment Management. Among smaller retail assets, Smart Park Syców was acquired by Saller Group, while Smart Park Zgorzelec was purchased by Newgate Investment.
“Retail parks and convenience-oriented assets continue to attract demand, reflecting shifting consumer preferences toward shopping close to home. Last year’s stable retail sector performance, despite challenging market conditions, underscores its resilience and potential for further growth,” says Mark Richardson, Head of Investment at Savills.
The most active investor by transaction count was Big Shopping Centers, which added four properties to its portfolio. Meanwhile, Nepi Rockcastle invested the highest amount in the retail sector through its two major acquisitions.
Spotlight on the Industrial and Logistics Sector
In 2024, approximately 30 transactions were completed in the industrial and logistics sector, compared to 26 in 2023. The total transaction volume reached nearly €1.26 billion, representing a 27 percent year-over-year increase. In terms of both value and number of transactions, the sector ranked third overall.
Most deals involved modern logistics facilities in strategic locations, highlighting Poland’s sustained attractiveness as a Central and Eastern European logistics hub.
The sector is expected to see significant growth in 2025, particularly with Ares Management Corporation’s planned acquisition of GLP Capital Partners Limited’s international portfolio. This deal, valued at $3.7 billion, is expected to include Polish assets.
Spotlight on Institutional Rental Housing and Student Accommodation
The living sector reached a total value of €141 million in 2024, including both forward funding transactions and acquisitions of existing properties. A major deal was the purchase of the LivinnX student housing property in Kraków (now Basecamp) by Xior Student Housing, accounting for around 20 percent of the sector’s annual transaction volume. This acquisition expanded the Belgian investor’s Polish portfolio to four properties, with further acquisitions announced for early 2025.
The institutional rental housing (BtR) sector also saw significant transactions, including the acquisition of a property on Siennicka 29A in Warsaw by Van der Vorm Vastgoed and the purchase of Wrocławska 53J in Kraków by Lew Invest. Investors such as Griffin Capital Partners continued to pursue forward funding projects, such as the LifeSpot development on Ostrobramska 86 in Warsaw. Additionally, Nrep acquired a property on Nocznickiego Street in Warsaw for a rental housing project in partnership with a local developer.
One of the most notable developments was the launch of a private student accommodation platform by Signal Capital Partners, Griffin Capital Partners, and Echo Investment. This joint venture aims to create a portfolio of 5,000 student housing units within 3–5 years.
Jacek Kałużny adds that investors are also actively seeking land for new PBSA and PRS projects, particularly in Warsaw and other major academic hubs across Poland.
