Czech commercial real estate market expected to maintain stable growth after record 2025

fletcher@cijeurope.com
17 December 2025
Finance, Logistics, Market Report, Office, Retail

Following a record year in 2025, the Czech commercial real estate market is expected to maintain stable growth in 2026, supported primarily by domestic investor activity and a diversified sector mix, according to CBRE.

CBRE estimates that total investment volume in the Czech market will approach €4 billion by the end of 2025. Domestic investors accounted for around 80% of total investment activity in the first three quarters of the year, a trend the advisory firm expects to continue into 2026. Looking ahead, CBRE forecasts investment volumes to remain strong, exceeding €3 billion next year.

“The stability of the Czech real estate market, driven by domestic capital, puts us in a good position for continued growth. In 2026, we expect dynamic development and the emergence of strategic opportunities across sectors,” said Clare Sheils, CEO of CBRE for the Czech Republic.

Investment market outlook

According to CBRE, the strong performance in 2025 was underpinned by active domestic investors and transactions across multiple sectors, including offices, retail, hotels, mixed-use schemes and industrial parks.

“The market dynamics and liquidity across sectors that we have seen this year are likely to continue into next year,” said Jakub Stanislav, Head of Investment Property at CBRE. “This also applies to the office market, which will remain robust despite limited supply of new projects.”

Stanislav added that investment activity in shopping centres will continue but with more selective opportunities, while the hotel sector may face constraints due to a limited supply of assets available for sale. “In such an environment, the industrial-logistics segment has very good prospects for strengthening,” he said.

CBRE expects downward pressure on yields to persist in the office segment, reflecting strong demand for prime assets. In other sectors—retail, hotels and industry—yields are expected to remain broadly stable. However, CBRE anticipates a widening gap between yields for prime assets in core locations and secondary properties, particularly in the industrial and logistics sector.

Office market: limited supply and rising rents

New office supply in Prague in 2025 is expected to reach less than 27,000 sq m, marking the lowest annual increase on record. Supply growth is also expected to remain limited in 2026, with only 30,700 sq m currently under construction and scheduled for completion next year.

“The lack of newly completed offices will keep the vacancy rate low and stable at around 6.5% in both 2025 and 2026,” said Simon Orr, Head of Office Agency at CBRE. “Rents are rising across all submarkets, and the gap between premium and secondary properties is widening.”

According to CBRE, lease renegotiations continue to dominate office leasing activity, while large-scale relocations are often being postponed until the next lease cycle. Survey data cited by CBRE indicates that employees have largely returned to offices following the pandemic, supporting demand for high-quality, well-located office space. Demand is expected to be driven mainly by existing occupiers, with pre-leasing becoming more common as construction activity gradually increases.

Industrial and logistics: steady demand with regional differences

The Czech industrial and logistics market is expected to surpass 13 million sq m of completed space by the end of 2025, supported by a wave of large project completions in the fourth quarter. In 2026, new construction is forecast to moderate to around 650,000 sq m, down from approximately 1.2 million sq m in 2025.

Despite a slight increase, vacancy remains low at around 4.5%, although regional differences are significant. Vacancy rates reach around 9% in the Pilsen region, compared with 2.2% in Prague and its surroundings. CBRE also points to “grey vacancy”—shell-and-core space not yet officially recorded—as a source of hidden supply.

Demand remained strong in 2025, with the third quarter marking the second-strongest quarter in the past two decades. Total take-up for the year is expected to reach around 1 million sq m. CBRE forecasts that leasing activity could stabilise at approximately 850,000 sq m in 2026.

“The Czech industrial and logistics sector continues to demonstrate great resilience and the ability to adapt quickly,” said Jan Hřivnacký, Head of Industrial & Logistics Agency at CBRE. “Tenants are now in a slightly stronger position, and developers are more willing to negotiate lease terms and incentives, especially in locations with higher vacancy rates.”

Prime industrial rents currently reach approximately €7.40 per sq m per month, with further growth expected, although rental trends vary significantly by region.

Retail market: growth amid limited new development

After a period of modernisation and expansion of existing shopping centres in 2025, no new large retail developments are expected to open next year. Development activity will focus on projects already underway, including Dornych in Brno, Galerie Pernerka in Pardubice and the renovated Kotva department store in Prague, all scheduled to open in 2028.

Retail park construction will continue to dominate the development pipeline, with more than 170,000 sq m expected to be delivered. Macroeconomic indicators such as GDP growth, real wages and consumer confidence are expected to remain broadly stable, supporting retail sales growth of around 3% in 2026.

“Czechia remains a key destination for international retail brands entering the CEE region,” said Jan Janáček, Head of Retail and Retail Leasing at CBRE. “While rising operating costs and changing consumer behaviour require careful strategies, the combination of stable economic growth and continued retail park development provides a solid foundation for the market.”

Janáček added that CBRE’s latest survey indicates that retailers plan further expansion, particularly in regional shopping centres and retail parks, with growing use of artificial intelligence in areas such as marketing, personalisation, customer analytics and supply chain optimisation.

Source: CBRE

NEPI Rockcastle appoints Marius Barbu as Chief Operating Officer

NEPI Rockcastle NV has appointed Marius Barbu as Chief Operating Officer (COO), effective 1 April 2026. He will succeed Marek Noetzel, the current COO and CEO-designate. Barbu has also been nominated to join the Board of Directors and will stand for election at the company’s Annual General Meeting in May 2026.

Marius Barbu is currently Group Asset Management Director at NEPI Rockcastle and has more than 25 years of experience in asset management, real estate and retail. He joined the company in 2012 and was appointed to his current role in June 2022, where he has been responsible for strategic operational priorities, business transformation, marketing and property management.

During his tenure at NEPI Rockcastle, Barbu has progressively expanded his responsibilities, moving from country-level oversight in Romania to managing portfolios across eight Central and Eastern European markets.

Before joining NEPI Rockcastle, Barbu gained experience in real estate asset management, leasing, retail marketing and branding while working for international organisations including Argo Capital Management, Mivan Development and Unilever South Central Europe.

Commenting on the appointment, George Aase, Chairman of NEPI Rockcastle, said: “Marius Barbu has an unrivalled understanding of, and sound experience in, the operational dynamics of the NEPI Rockcastle portfolio. His deep knowledge of the Group, coupled with a proven track record of strong performance and a significant contribution to the executive management team, has made him the Board’s clear and natural choice to ensure continuity in the role of COO. The Board trusts that Mr Barbu will continue to play a key role in shaping NEPI Rockcastle’s market-leading operations.”

The company stated that the appointment reflects the effectiveness of its internal talent management and leadership development strategy.

Beauty salons look to year-end demand amid rising debt levels

Despite a steadily growing number of beauty salons in Poland, many operators are struggling to meet their financial obligations. According to data from the National Debt Register (KRD), the combined debt of hairdressers and beauticians has reached nearly PLN 55 million, an increase of 14% year on year. With higher operating costs and new regulatory requirements weighing on the sector, the upcoming New Year’s Eve period and carnival season are seen as a potential opportunity to improve cash flow.

KRD data shows that more than 3,700 businesses operating in the beauty industry currently have outstanding liabilities, with an average debt of around PLN 14,700 per entity. In total, salons owe PLN 54.8 million to other companies, marking the highest level of indebtedness in several years.

“Compared to last year, the financial arrears of salons have increased by 14%. This has happened despite the growing demand for hairdressing and beauty services,” said Adam Łącki, President of the National Debt Register of the Economic Information Bureau. “The reason may be high labour costs, but also the prices of raw materials and supplies. Spending on skin and hair care products and makeup cosmetics is estimated to have risen by about 10%. Added to this are higher energy and rental costs, as well as wage increases for employees.”

The number of beauty salons and hairdressers continues to grow, with around 132,000 businesses currently operating nationwide. While this ensures a wide choice for customers, it also intensifies competition among entrepreneurs. Sandra Czerwińska, an expert at Rzetelna Firma, points out that the sector’s low entry barriers contribute to this pressure.

“The barrier to entry is low, which encourages entrepreneurs—mainly women—to start their own businesses without a significant initial investment. This creates intense competition,” she said. “For newcomers, the lack of an established reputation makes it harder to attract clients. The industry also faces difficulties in finding qualified staff, as certain treatments require more than short training courses. Lowering standards quickly leads to market exit, and survival rates are low—last year around 5,000 such businesses closed.”

Small salons under the greatest pressure

According to the KRD, sole proprietorships account for 83% of all debtors in the beauty sector. Their average debt stands at approximately PLN 14,000, and together these smallest entities are responsible for nearly PLN 44 million in liabilities.

“Micro-businesses dominate the beauty industry, but they are also the most exposed to financial shocks,” Czerwińska said. “They operate on very small margins, often without financial buffers or advisory support. Even minor changes—such as rent increases, higher electricity bills or employee pay rises—can quickly lead to financial difficulties.”

Regional differences in debt levels

Salons operating in the Mazovia region record the highest level of debt, with more than 700 businesses owing a combined PLN 13.7 million. Pomerania follows, where 383 salons have accumulated over PLN 6 million in liabilities, while Greater Poland ranks third with 354 entities owing PLN 5.8 million.

At the other end of the scale, salons in Podlasie report the lowest total debt, with 63 businesses owing PLN 290,500. In the Opole region, only 47 entities are indebted, though their combined liabilities amount to PLN 533,000. In Świętokrzyskie, 56 businesses owe a total of PLN 864,000.

“Beauty salons in large cities and metropolitan areas tend to have higher debt levels, while those in smaller towns are often in a better position,” said Adam Łącki. “Higher rents, wage expectations and customer demands in large cities increase operating costs, while smaller towns usually offer lower competition and more stable staffing conditions.”

Regulatory pressure adds to costs

In addition to cost inflation, the sector is facing new regulatory obligations. From 1 January 2025, beauty salons, hairdressers and nail studios are required to register in the Database of Products, Packaging and Waste Management (BDO). The abolition of previous exemptions means that even the smallest businesses generating hazardous waste must now keep records and register, with non-compliance penalties starting at PLN 5,000.

Further changes came into force on 1 September 2025, when the use of TPO—a substance commonly used in nail products—was banned, affecting salons that had already built up inventory.

“It is also worth noting the planned legislative changes extending the powers of the National Labour Inspectorate,” Czerwińska added. “Although the government withdrew from immediate enforceability of decisions, there remains a risk that inspectors could reclassify civil-law or B2B contracts as employment relationships. For many salons relying on these forms of cooperation, this could have serious financial consequences.”

Rising operating and administrative costs, combined with regulatory compliance and potential penalties, are placing additional strain on the sector’s profitability. According to the KRD, a significant share of the industry’s liabilities is owed to financial institutions, including banks, leasing companies, insurers and securitisation funds. As a result, many salon owners are hoping that increased demand during the year-end period will provide some relief to their balance sheets.

Government coalition proposes to classify large-scale housing construction as being in the public interest

Large-scale residential developments could be newly designated as projects in the public interest under a proposed amendment to the Building Act submitted by members of the governing coalition formed by ANO, SPD and the Motorists. According to the draft legislation, this would apply to residential buildings with a total floor area exceeding 10,000 sq m, typically comprising at least 100 apartments.

The proposal is scheduled to be discussed by the cabinet on Tuesday and is expected to come into force in mid-2026. The draft bill and accompanying explanatory memorandum have been published on the Chamber of Deputies’ website.

The amendment is part of a broader revision of construction legislation prepared by ANO, which aims to simplify and accelerate permitting procedures. The proposal introduces the principle of “one office, one procedure and one decision,” eliminating the current parallel approval processes and reducing the number of binding opinions issued by multiple authorities.

Under the draft, a newly established Office for the Development of the Territory of the Czech Republic would be responsible for deciding on so-called reserved buildings, including large-scale housing projects, through a single-stage procedure. Construction officials currently employed by regional and municipal authorities would be transferred to the new office. According to the proposal, they would receive a one-off financial adjustment reflecting the difference between their current salaries and new remuneration in the state administration, which would be increased by 10 percent.

The new office would operate as a centralized state authority, combining existing construction-related competencies from the Ministry of Regional Development, the Ministry of Industry and Trade, the Ministry of Transport, and the Transport and Energy Construction Authority. It would oversee 14 regional offices, including one in Prague, supported by 205 local workplaces in municipalities with extended powers. Additional local offices could be established depending on regional needs. Municipalities would retain responsibility primarily for spatial planning.

According to the explanatory memorandum, the aim of the reform is to introduce an integrated permitting system managed by a single authority for construction projects requiring approval under the Building Act. “The integrated procedure, with the minimum number of separate underlying decisions, completes one permitting process with the possibility of a single integrated administrative and judicial review,” the document states. The amendment would also introduce the possibility of expropriation for the construction of transport and technical infrastructure connections.

Further changes include a new mechanism allowing municipalities to collect compensation from landowners whose property values increase as a result of changes to zoning or spatial planning documentation, provided that the landowner consented to or requested the change. The amount and payment terms of such compensation would be set by municipal decree.

The sponsors of the bill acknowledge that the reform would have both one-off and recurring impacts on the state budget, including costs related to staff training, IT investments and operating expenses of the new system of building authorities. Part of these costs would be offset by reduced transfers to regions and municipalities for delegated administrative tasks.

According to the explanatory memorandum, “the adoption of the bill will lead to significant economic recovery and economic growth, and thus an increase in state tax revenues, thanks to the substantial acceleration and streamlining of spatial planning and building permitting procedures.”

Source: CTK

CNB does not expect tighter rules for investment mortgages to affect housing prices

The Bank Board of the Czech National Bank (CNB) does not expect that stricter rules for mortgages used to finance investment property purchases will have a significant impact on housing prices or on the overall volume of new mortgage lending. According to the CNB, the primary objective of the measure is to reduce credit risk rather than to influence market dynamics.

This follows the publication of minutes from the Bank Board’s meeting on financial stability held at the end of November. At the meeting, the Board recommended that banks tighten conditions for investment mortgages from April 2026 by requiring higher borrower capital and introducing limits on total indebtedness relative to income.

The Board agreed that mortgages taken out for investment properties are generally riskier than those for owner-occupied housing and are more likely to default in the event of an economic downturn. In such a scenario, repossessed properties could contribute to greater volatility in property prices, potentially affecting the valuation of owner-occupied housing loans on banks’ balance sheets.

Under the CNB’s definition, an investment purchase includes the acquisition of a third or subsequent residential property, as well as properties bought primarily for rental purposes. In these cases, banks should apply a maximum loan-to-value (LTV) ratio of 70 percent, while the borrower’s total debt should not exceed seven times their annual income (DTI).

Bank Board member Karina Kubelková was the only member to vote against the recommendation. According to the meeting record, she noted that investors have various ways to adapt to the CNB’s guidance and therefore “it cannot be expected to have a significant impact on market development.”

Other Board members also concluded that the measures are likely to have only a limited effect on the total volume of newly granted mortgages and on real estate prices. However, they emphasised that the key purpose of the initiative is to reduce the risk profile of newly issued investment mortgages and to slow the growth of their share within overall mortgage lending.

Source: CTK

Polish Capital Claims a Growing Stake

Domestic capital is playing an increasingly visible role in acquisitions on the Polish commercial real estate market, as this asset class becomes a natural direction for capital allocation. Local investors are gradually strengthening their position as a strategic group of market participants. Their motivations include protecting asset value, portfolio diversification, prestige considerations and long-term strategies focused on generating stable passive income.

“These factors make commercial real estate an increasingly obvious and consistently chosen asset class for domestic capital,” says Bartłomiej Zagrodnik, Managing Partner & CEO of Walter Herz.

Expansion of Polish Capital

After the first three quarters of 2025, the share of Polish capital in acquisitions on the commercial real estate market rose to 23 percent. The office sector stood out in particular, with Polish investors accounting for more than 50 percent of all transactions, both by number and by total value.

The growth trajectory of domestic investors has been notable. Three years ago, Polish companies accounted for around 2 percent of total transaction volume in Poland. In 2024, their share increased to approximately 9–10 percent, and in the first quarter of 2025 it reached 17 percent, representing more than one-third of all completed deals.

During the first nine months of 2025, domestic investors allocated more than €0.6 billion to the Polish commercial real estate market, up from approximately €0.5 billion invested in the previous year.

“Polish companies are taking advantage of the attractive pricing of assets available on the domestic market. They see opportunities in the clear valuation gaps between high-quality properties in Poland and comparable assets in other European markets,” says Zagrodnik.

“Investment activity is also supported by market transparency, transaction security, stable domestic demand, rising rental levels and improved access to debt financing,” he adds.

Polish Capital Close Behind Western European Investors

In 2025, investors from Western Europe continue to hold a slight lead over Polish capital in terms of investment volume. They are followed by U.S. investors, whose activity remains lower than that of domestic buyers.

According to the Walter Herz report “Why Invest in Poland in 2026”, the role of high-net-worth individuals (HNWIs) from Poland is increasing. These investors are becoming more active not only in acquiring stabilised office, retail and logistics assets, but also in development projects, typically structured as joint ventures with developers. Alternative investment structures are also gaining importance, including debt funds, bonds, convertible loans and investments executed through family foundations.

The HNWI group—defined as individuals with net assets exceeding USD 1 million, excluding their primary residence—numbered approximately 20,490 people in Poland at the end of 2024, controlling assets estimated at USD 72.19 billion. Warsaw, described as one of Europe’s fastest-growing wealth hubs, is home to nearly 13,000 millionaires, 32 centimillionaires and four billionaires.

In terms of the number of HNWIs, Poland ranks among the leading countries in Central and Eastern Europe, ahead of Greece, the Czech Republic and Romania, while remaining behind the largest Western European markets such as the United Kingdom (2.8 million HNWIs), France (2.8 million) and Germany (2.7 million).

Attractive Real Estate Yields in Poland

According to Walter Herz analyses, total transaction volume on the Polish commercial real estate market in 2025 may exceed €5 billion, matching or surpassing the result recorded in 2024. During the first nine months of the year, the largest share of capital was invested in the office and industrial-logistics sectors, each accounting for roughly one-third of total investment volume. Retail properties represented approximately 20 percent of transaction value.

Domestic investors are focusing primarily on assets valued between €5 million and €30 million.

Private investors increasingly view real estate as an attractive alternative investment offering higher returns than many traditional instruments. According to Walter Herz, Warsaw currently offers some of the highest yields in the CEE region. In the first half of 2025, prime office and logistics yields stood at around 6.25 percent, while prime retail yields were approximately 6.50 percent. By comparison, prime yields in markets such as London or Paris remain in the range of 3.5–4 percent, enhancing Poland’s appeal, particularly for HNWIs seeking a favourable risk-return profile.

Investment Priorities of Polish HNWIs

Walter Herz notes that Polish high-net-worth individuals are guided by several distinct investment motivations. Prestige remains an important factor: for many investors, real estate is not only a source of return but also a symbol of status. Ownership of landmark office buildings or historic properties in city centres provides income, long-term value growth and reputational benefits.

Capital preservation and inflation protection represent another key priority. Commercial real estate is viewed as a relatively stable asset class with limited exposure to short-term market volatility. Risk is further mitigated through diversification across sectors, locations and regions.

A core motivation remains the ability to generate predictable passive income without the need for active management. Long-term lease agreements offer stable cash flows, often delivering annual returns in the range of 6–10 percent. In addition, depreciation mechanisms can provide tax efficiencies.

Forms of Investment

High-net-worth investors have access to a broad range of real estate investment structures, from passive instruments to models requiring greater operational involvement. One of the simplest options is acquiring shares in development or investment companies, providing exposure to diversified portfolios without direct asset management responsibilities.

Debt funds secured by real estate offer an alternative with predictable cash flows, generating regular interest income through development financing. Similar characteristics apply to bonds issued by real estate companies, where investors commit capital for a fixed period in exchange for a defined yield.

Investors seeking higher returns may opt for mezzanine financing, which combines debt and equity features, offering interest income alongside participation in project profits. Convertible loans operate on a similar basis, allowing debt positions to be converted into equity under predefined conditions.

A traditional strategy for HNWIs remains the acquisition of income-generating, leased properties that combine prestige, stable cash flow and potential for value enhancement.

“Technical due diligence (TDD) is crucial before acquiring a property, as it helps identify risks and estimate operational and capital expenditure. Facility management analysis and assessment of design solutions are also essential, as they determine the functional flexibility of an asset,” emphasises Bartłomiej Zagrodnik.

Some investors choose joint ventures with developers, contributing land and capital while the operating partner manages development execution. Others pursue full development projects independently, a strategy offering higher margins but involving greater risk and operational complexity.

An increasing number of investors are also focusing on the revitalisation of older properties. Through modernisation and adaptation to current standards, such assets can gain significant value, both as income-producing properties and resale opportunities. More advanced strategies include changes of use, which require complex planning processes but can substantially increase asset valuations.

Source: Walter Herz

DL Invest Group acquires Platan Park Warsaw

DL Invest Group has completed the acquisition of Platan Park Warsaw, a commercial real estate complex located near Warsaw Chopin Airport. Following the transaction, the property will operate under the name DL Invest Park Platan. The parties did not disclose the transaction value.

The complex is situated at the intersection of Poleczki Street and the S79 route, close to Warsaw Chopin Airport. It offers more than 55,000 sq m of fully leased space and includes areas with potential for further development.

The property comprises a mix of uses, including a Tier III data centre operated by Equinix, a self-storage facility and Small Business Units (SBU) space.

According to DL Invest Group, the acquisition forms part of its strategy to expand a diversified portfolio, which now exceeds €1.1 billion in value. The Group manages its assets through in-house operational teams.

DL Invest Group operates an integrated business model that combines development, general contracting, in-house design, as well as asset and property management. The company employs more than 250 specialists and delivers commercial real estate projects across Poland and selected European markets.

“DL Invest Park Platan is a strategic acquisition that strengthens our presence in the technology and logistics real estate segment. The property offers strong potential for further transformation into a modern operational hub, resilient to market volatility,” said Dominik Leszczyński, CEO and Founder of DL Invest Group

Panattoni completes build-to-own facility for E.G.O. Group in Łódź

Panattoni has completed the construction of a new production facility for the E.G.O. Group, a supplier of components for the household appliances industry. The 15,000 sq m factory was delivered in a build-to-own (BTO) model and is located in Łódź, adjacent to the company’s existing headquarters.

E.G.O. has operated on the global market for 100 years and has been present in Poland since 2005. In Łódź, the company runs one of its largest manufacturing centres for household appliance components. Operations will now be transferred to the new facility on Jędrzejowska Street.

“The new E.G.O. production plant, with equivalent space for important administrative and development areas, enables us to respond even better to customer requirements,” said Mariusz Stepniewski, General Manager of E.G.O. Polska Sp. z o.o. “The new infrastructure offers us many opportunities to optimize workflows and processes, and our employees enjoy excellent working conditions. We are all looking forward to the new building.”

Panattoni highlighted the collaborative nature of the project. “We are delighted to have accompanied E.G.O. in the delivery of such a significant project. From the very beginning, our cooperation was close and constructive – the building was designed in direct consultation with the client to perfectly meet its operational needs and support further growth,” said Katarzyna Kujawiak, Regional Managing Director Central Poland & Greater Poland at Panattoni. She added that the site’s location near E.G.O.’s headquarters and business partners, as well as the availability of additional land, allows for potential future expansion.

Commenting on the wider regional context, Marek Dobrzycki, Partner at Panattoni, said: “We are delivering a modern facility that perfectly fits the needs of our business partner. This is yet another confirmation that Łódź is one of Europe’s most important industrial hubs. In the region, we have already delivered over 2.35 million sq m of modern industrial space, supporting global leaders in the development of their businesses.”

The new facility is located approximately 8 km from the centre of Łódź and around 4 km from the A1 motorway, providing access to regional and national transport routes. The building was designed and constructed in line with technical and environmental standards applicable to modern industrial developments.

Enel-med expands presence at Signum Work Station in Warsaw with new office and medical facility

TriGranit has signed a lease agreement with the enel-med medical center for an additional 2,500 sq m of space at the Signum Work Station office building in Warsaw. Under the agreement, enel-med will continue operating its existing medical facility in the building, where it has been present since 2010, and will also open a new office headquarters.

The expanded medical facility will broaden its range of services to include, among others, oncology prevention and a medical gym. The newly leased office space in the Mokotów district will accommodate key enel-med departments, including IT, finance, human resources and the customer service center.

Founded in 1993, the ENEL-MED Group is one of Poland’s largest private healthcare providers, offering services nationwide. Its portfolio includes medical centers, dental clinics, aesthetic medicine facilities, orthopedic and rehabilitation clinics, long-term care services for seniors and a hospital in Warsaw. The group currently operates 35 medical branches, 25 dental clinics, several specialist facilities and cooperates with more than 1,600 partner units under corporate healthcare subscription programs. Centrum Medyczne ENEL-MED S.A. has been listed on the Warsaw Stock Exchange since 2011.

“Signum Work Station is a place where we have been taking care of our patients for more than a decade, and we cannot imagine not continuing this cooperation,” said Jacek Rozwadowski, CEO of enel-med. “For the several thousand patients who use medical services here every day, this remains one of the most important healthcare locations in Warsaw. That is why we plan to keep expanding here and continue offering both existing and new patients access to a prestigious facility, highly rated specialists, and modern medical equipment.”

He added: “The expanded branch now integrates state-of-the-art oncology prevention, extensive imaging and laboratory diagnostics, and specialized outpatient services. At the same time, we are increasing our presence in this Warsaw building by creating a second company headquarters. Within the next few months, we will open a workspace for several hundred of our employees along with a training center.”

The new office will occupy 2,500 sq m on the second floor of Signum Work Station. CBRE represented the tenant during lease negotiations and the signing of the 10-year agreement. Under a separate agreement concluded in June 2025, enel-med also occupies more than 2,200 sq m of ground-floor space in the building, housing its diagnostic and therapeutic center.

Marta Zawadzka, Head of Leasing and Asset Management at TriGranit, commented: “We are very pleased to be strengthening our cooperation with the ENEL-MED Group. Our partnership is a model example of a landlord–tenant relationship where mutual trust and the highest standards translate directly into organic business growth.”

She added that the transaction reflects a broader market trend. “The new office lease at Signum Work Station also reflects a prevailing market trend in which tenants primarily seek expansion opportunities within buildings where they already operate. We are also encouraged by the renewed interest in modern, functional office space in Warsaw’s Służewiec district,” Zawadzka said, noting that vacancy rates in the area declined from 21.1% to 18.8% quarter on quarter by the end of September 2025. “This transaction validates our joint strategy with DRFG: the acquisition and active management of high-potential assets that serve key, long-term sectors such as healthcare.”

Signum Work Station is located on Domaniewska Street in Warsaw’s Mokotów business district. The building offers more than 32,400 sq m of leasable space across seven above-ground and three underground floors, along with 870 parking spaces. It features large, flexible floorplates of approximately 4,650 sq m and holds a BREEAM “Excellent” certification. As part of an ongoing modernization programme, the building has been equipped with two independent power supply sources and, from January 2026, will be powered exclusively by green energy.

The property was acquired by DRFG in December 2024. It is currently owned by the CREIF fund and DRFG Investment Group, acting through DRFG Assets. TriGranit, part of the DRFG Investment Group, is responsible for the building’s commercialization and asset management.

Deka Immobilien acquires mixed-use property in central Paris

Deka Immobilien has acquired a mixed-use property in Paris for approximately €33 million from a private owner. The asset will be added to the portfolio of the open-ended real estate fund Deka-ImmobilienEuropa.

The building is located at 21 Avenue de l’Opéra and was constructed in the Haussmann style in the second half of the 19th century. It offers close to 2,500 sqm of leasable space, comprising offices, retail and residential units, and is currently occupied by four tenants.

In 2019, Deka Immobilien acquired the neighbouring properties at 23 Avenue de l’Opéra and 29 Rue des Pyramides for the same fund. Together with the newly acquired building, the properties form a contiguous ensemble. The retail areas on the ground floor, first floor and basement are leased to French retailer Monoprix, which has operated at this location between the Paris Opera and the Louvre in the first arrondissement for around 85 years, benefiting from sustained footfall and tourism.

According to Deka Immobilien, the transaction allows the fund to consolidate its holdings in Paris’s central business district by adding the remaining property within the block. The combined ownership is expected to support coordinated asset management and offer greater flexibility in responding to future market developments and tenant requirements through potential physical and operational links between the buildings.

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