Thursday, 10 September 2026
Poland returned to the top of the Central and Eastern European property investment market during the first half of 2026, with transactions reaching approximately €3.06 billion, according to Colliers. The result was 72% higher than a year earlier and represented more than half of investment activity across the CEE-6 region.
Around €2 billion was transacted during the second quarter alone, which Colliers describes as the strongest Q2 recorded on the Polish commercial property market. Activity extended across retail, logistics, offices and institutional rental housing, although several major transactions had a substantial influence on the overall result.
Retail attracted the largest amount of capital, generating approximately €1 billion of transactions during the first six months. The result indicates a significant improvement in investor appetite for Polish retail property following several years in which capital was more heavily concentrated on logistics and other asset classes.
“Poland’s investment market recorded a significant increase in activity, strengthening its position as the largest commercial real estate market in the CEE-6 region,” said Piotr Mirowski, Senior Partner and Head of Investment Services at Colliers. He added that transactions across different property sectors demonstrate the breadth of assets currently attracting buyers.
International investors nevertheless continue to account for the majority of capital entering the market. Separate CBRE research estimates that foreign buyers represented approximately 89% of H1 investment volume, leaving Polish investors with around 11%. Domestic capital has become more visible than during earlier investment cycles, however, and has gained particular importance in selected sectors, including offices.
One transaction had an especially significant effect on the first-half figures. The sale of the 5,322-apartment Resi4Rent portfolio for approximately €575 million represented almost one fifth of the entire H1 investment volume. The portfolio comprises 18 completed residential projects across Warsaw, Kraków, Wrocław, Gdańsk, Łódź and Poznań.
The transaction also marked an important step in the development of Poland’s institutional rental sector. Almost 30,000 PRS apartments are currently operating across the country’s seven largest residential markets, while more than 6,000 additional units are under construction.
“The Polish institutional rental market has entered a more mature stage of development,” said Michał Witkowski, Director Corporate Finance CEE Living Services at Colliers. He said the portfolio transaction demonstrated that established Polish rental assets have reached a scale capable of attracting institutional investment.
Conditions in the traditional residential market also improved. Developers sold approximately 27,000 apartments across the seven largest cities during H1, 14.5% more than in the corresponding period of 2025. Warsaw and Kraków recorded particularly strong increases, while available supply has started to decline in some cities.
Industrial and logistics property continues to benefit from stronger occupier activity. Poland’s modern warehouse and industrial stock reached almost 37.5 million sqm, while gross leasing during the first half increased by approximately 20% year-on-year and reached its highest level since 2022. Vacancy declined to 6.2%, around two percentage points below the level recorded a year earlier.
E-commerce contributed significantly to warehouse demand, including requirements from Chinese companies establishing or expanding European distribution operations. This is adding another source of demand to a market traditionally supported by retailers, logistics providers, manufacturers and automotive companies.
The office market is experiencing a different imbalance. Leasing reached 723,400 sqm during the first six months, approximately 5% higher year-on-year, while only 346,000 sqm of new office space was under construction. Vacancy consequently declined to 13.1%.
Warsaw is particularly affected by limited new development and the withdrawal of older buildings from the market. More than 70,000 sqm of office space was removed from available stock during H1 for refurbishment or conversion to alternative uses.
“Poland’s office market entered the second half of 2026 with a structural supply gap which, at the current level of demand, is unlikely to close before 2029,” said Olga Drela, Associate Director Market Insights at Colliers. She noted that several projects remain capable of moving into construction if developers secure sufficient pre-leasing.
Retail development, meanwhile, remains comparatively active. Approximately 207,000 sqm of modern retail space was completed during H1, taking Poland’s total stock above 14 million sqm. Retail parks account for close to 90% of the space currently under construction, although increasing competition is beginning to encourage operators to reconsider networks, modernise properties and become more selective about expansion.
The broader economy continues to provide support for property demand. Colliers’ base scenario assumes Polish GDP growth of approximately 3.5% in 2026, following 3.6% in 2025. Industrial production increased 3.9% year-on-year during H1, while retail sales were 6.2% higher in June.
The scale of Poland’s investment recovery is therefore significant, but the headline 72% increase requires some perspective. The €575 million Resi4Rent transaction alone accounted for roughly 19% of H1 volume, demonstrating how individual portfolio deals can materially influence comparisons between periods.
Even after allowing for that effect, activity across retail, logistics, offices and residential property indicates that investment liquidity has improved. Falling logistics vacancy, constrained office development, stronger residential sales and renewed interest in retail provide investors with a broader range of opportunities than during the weakest stage of the recent property cycle.
The second half of 2026 will determine whether the rebound develops into a sustained investment recovery. With further transactions already progressing, the key question is whether Poland can maintain volumes above recent years while attracting capital across multiple sectors rather than depending on a small number of exceptionally large deals.
