Saturday, 18 October 2025
Poland’s commercial real estate investment market has maintained a solid footing through the first nine months of 2025, with total transaction volume reaching €2.6 billion, according to the latest Property Investment Market Report from Avison Young. The result is broadly in line with the €2.8 billion recorded during the same period last year, signaling that investor confidence in the Polish market remains resilient despite ongoing macroeconomic uncertainty.
The report shows that 105 transactions were completed by the end of the third quarter, up from 87 deals a year earlier, reflecting improved liquidity and a broader spread of activity across asset classes. Domestic capital continued to strengthen its position, accounting for over half of all office sector transactions.
“Polish investors are taking advantage of attractive pricing and showing increasing confidence in value-add and opportunistic assets,” said Marcin Purgal, Senior Director of Investment at Avison Young. “Core capital remains cautious, but we expect its return as the economy stabilizes and key transactions close in Warsaw and major regional cities.”
The office sector led the market both in volume and deal count, with 36 transactions totaling €899 million. The largest deal of the year so far was Mennica Polska’s acquisition of a 50% stake in Mennica Legacy Tower, a transaction exceeding €100 million. Other notable deals included Warsaw’s Vibe and Plac Zamkowy – Business with Heritage, as well as High5ive I & II in Kraków.
The industrial and logistics sector remained a cornerstone of the market, generating €873 million in transactions—around one-third of the total investment volume. Activity was shaped by major sale-and-leaseback deals, which accounted for nearly half of the sector’s total, including the landmark sale of two Eko-Okna properties to Realty Income, the largest transaction of its kind ever recorded in Central and Eastern Europe.
“The warehouse sector continues to attract long-term investors seeking stable income from strong tenants,” said Bartłomiej Krzyżak, Senior Director of Investment at Avison Young. “However, limited portfolio deals and ongoing price adjustments are still tempering overall liquidity.”
Investor interest in retail property also held steady, with total volume of €453 million. Retail parks and convenience formats accounted for two-thirds of all transactions, underlining their popularity as resilient and low-risk investment products. Redevelopment projects—often converting underperforming retail assets into residential schemes—made up around 20% of activity.
One of the largest retail transactions was Czech investor My Park’s acquisition of a 10-asset A Centrum portfolio, which highlights cross-border confidence in Polish retail.
The private rented sector (PRS) continues to evolve as a key component of the residential investment market, with total volume of €223 million through Q3. Major acquisitions included deals by AFI Europe, Xior Student Housing, and NREP. Market attention is now focused on Vantage Development’s planned acquisition of 18 Resi4Rent assets, a record-breaking deal that would mark a milestone in Poland’s emerging PRS market.
Avison Young’s analysis points to Poland’s stable economy and strong fundamentals as core reasons for continued investor interest. Domestic capital now represents 23% of total investment volume, up sharply from 10% a year earlier. While institutional “core” investors remain cautious, the firm expects renewed portfolio activity in 2026 as interest rates ease and international capital returns.
“Now is the moment for strategic investors to act,” the report concludes. “As financing conditions improve and yields compress, opportunities in Poland’s commercial real estate market will become increasingly competitive.”
With robust mid-cap activity, a growing role for Polish buyers, and a pipeline of major transactions on the horizon, Poland’s property market appears to be entering a period of renewed stability and selective optimism heading into 2026.
Source: Avison Young, “Property Investment Market in Poland Q3 2025”
