Tuesday, 4 August 2026
Commercial real estate investment across Central and Eastern Europe strengthened during the first half of 2026, with transaction volumes reaching €5.8 billion, representing a 7% increase compared with the same period last year. According to Colliers’ latest CEE Investment Scene H1 2026 report, investor confidence is gradually returning, although capital is being deployed more selectively and is increasingly focused on assets offering resilient income, strong sustainability credentials and long-term growth potential.
The report suggests the region has entered a different phase of the investment cycle. Rather than a broad recovery across all property sectors, investors are prioritising assets that can benefit from structural trends including digitalisation, nearshoring, the energy transition and the continued growth of institutional residential rental housing. Financing conditions have also improved, but lenders remain increasingly selective, favouring high-quality assets supported by strong fundamentals and credible ESG strategies.
Poland was the region’s strongest-performing market, attracting more than €3.0 billion of investment during the first six months of the year and accounting for 52% of total CEE transaction volume. According to Colliers, this represents the country’s strongest first-half investment performance since 2018, supported by major transactions across the retail, logistics, office and private rented sector (PRS) markets. Among the largest deals was the €575 million sale of 18 completed Resi4Rent projects to Vantage Development, a transaction the report describes as an important milestone in the development of Poland’s institutional residential rental market. Domestic investors also played a growing role in supporting liquidity alongside international capital.
Czechia remained the region’s second-largest investment market, recording more than €1.4 billion in completed transactions. While this was below the exceptionally strong first half of 2025, Colliers says the decline primarily reflects market stabilisation following a record year rather than weaker market fundamentals. Hungary also recorded its strongest first-half performance since 2021, with investment volumes approaching €600 million, supported by easing inflation, improving macroeconomic sentiment and renewed activity from domestic and regional investors.
The sector mix also became more balanced during the first half of the year. Offices attracted the largest share of investment at 29%, followed by retail with 27%, while residential and living assets accounted for 19% and industrial and logistics represented 17% of total investment activity. The report notes that demand remains strongest for prime office buildings with strong environmental credentials and central locations, while secondary assets continue to face greater leasing and investment challenges. Retail parks, convenience-led schemes and dominant shopping centres also continued to attract investor interest, supported by resilient consumer spending across much of the region.
Colliers also concludes that financing is becoming increasingly risk-based rather than broadly restrictive. Credit remains available for well-positioned assets, but buildings with weaker energy performance, significant capital expenditure requirements or uncertain leasing prospects are expected to face more challenging financing conditions. This trend is expected to accelerate the repositioning and redevelopment of less competitive assets while supporting demand for modern, energy-efficient properties.
Looking ahead, Colliers maintains a cautiously positive outlook for the remainder of 2026. The report notes that transaction pipelines remain active, financing continues to be available for high-quality assets and domestic capital is playing an increasingly important role in supporting market liquidity. At the same time, elevated interest rates, refinancing risks and geopolitical uncertainty continue to influence investor decision-making. According to Colliers, Poland is expected to remain the region’s leading investment destination, while Czechia and Hungary are likely to continue attracting investor interest as macroeconomic conditions improve and confidence gradually returns. More broadly, the report concludes that commercial real estate investment across Central and Eastern Europe is entering a more mature phase in which resilience, operational performance and long-term relevance have become the key drivers of value creation.
