Poland’s commercial real estate investment market stabilizes in H1 2025

Poland’s commercial real estate investment market showed signs of stabilization in the first half of 2025, with total investment volume reaching EUR 1.7 billion by the end of June, according to BNP Paribas Real Estate Poland’s latest report Review: Investment Market in Poland, Q2 2025. The report highlights a growing contribution from domestic capital, which is becoming more active across various segments of the market.

Although investor sentiment showed modest improvement in the second quarter, overall activity remained subdued. Transactions were primarily smaller in scale, reflecting the cautious approach adopted by market participants amid geopolitical uncertainties and ongoing economic challenges.

Mateusz Skubiszewski, Head of Capital Markets at BNP Paribas Real Estate Poland, noted that investment volumes in the first half of the year represented about 45 percent of the five-year annual average, indicating a tempered but steady recovery trajectory.

The industrial and logistics sector remained the most active, attracting EUR 694 million in investment—a 136 percent increase compared to the same period in 2024. The largest transaction was the sale and leaseback of the Eko Okna portfolio, totaling 264,000 sqm, acquired by Realty Income for EUR 253 million. Other significant deals included AFI Europe’s acquisition of the AFI Home Metro Szwedzka complex in Warsaw for EUR 76.2 million and Reico IS EAM’s purchase of LPP’s 103,000 sqm distribution center in Bydgoszcz for EUR 75.8 million.

Office investments totalled EUR 411 million, while the retail sector recorded EUR 322 million—marking declines of 49 percent and 36 percent respectively year-on-year. Despite this, BNP Paribas Real Estate expects retail investment to rebound in the second half of 2025, driven by anticipated large-scale transactions.

Investor caution continues to limit the number of high-value deals. The first half of the year saw only one transaction exceeding EUR 250 million. High financing costs and a persistent gap between buyer and seller price expectations have made core assets less accessible, particularly to cross-border investors. Many are choosing to focus on smaller, lower-risk assets with more predictable returns.

Skubiszewski believes the second half of the year may see increased activity, supported by expected interest rate reductions, which could lead to yield compression and renewed interest in real estate as an investment class.

Transactions in the EUR 40–100 million range accounted for the largest share of investment activity, totalling EUR 769 million—a 137 percent increase year-on-year. Deals under EUR 20 million amounted to EUR 293 million, reflecting a 16 percent decline. Large-scale deals over EUR 100 million totalled EUR 254 million, down 65 percent from the previous year. This pattern reinforces the trend toward smaller, more risk-averse transactions.

European investors accounted for 59 percent of total investment volume in the first half of the year, followed by U.S. capital at 23 percent, Middle Eastern funds at 12 percent, and African investors contributing 2 percent. Notably, Polish investors have increased their activity and market share, indicating rising confidence in the domestic market and a stronger appetite for local commercial real estate assets.

Yields remained stable across all major asset classes. Prime yields were recorded at 6.25 percent for offices and warehouses, 6.50 percent for shopping centres, and 5.25 percent for logistics assets serving the e-commerce sector.

Karolina Wojciechowska, Director of Capital Markets at BNP Paribas Real Estate Poland, noted that the stability in yields suggests a market expectation of declining financing costs. However, high capital costs continue to constrain development activity, limiting the supply of new, fully leased assets. She added that upcoming funds from the National Recovery and Resilience Plan could provide a much-needed boost to market dynamics and economic growth.

Source: BNP Paribas Real Estate Poland

CIJ Awards Romania 2025: Celebrating Visionaries of “Future Real Estate in the City”

The 18th edition of the prestigious CIJ Awards Romania is set to return this year, bringing together the country’s leading figures in commercial real estate for a celebration of innovation, excellence, and forward-thinking urban development. Organized by CIJ EUROPE, the longest-running commercial property awards platform in Romania, the event continues its tradition of honoring the most outstanding projects, companies, and professionals driving the evolution of the built environment.

CIJ AWARDS Romania 2025 – 4th December 2025 – Radisson Blu Hotel*****, Bucharest

This year’s theme, “Future Real Estate in the City,” underscores the event’s progressive focus and dedication to recognizing those who are shaping the urban landscapes of tomorrow. From developers and investors to architects, consultants, and legal professionals, the CIJ Awards Romania is a platform for celebrating the full spectrum of talent and innovation across the real estate sector.

Robert Fletcher, CEO and Editor-in-Chief of CIJ EUROPE and the CIJ Awards Romania, commented: “This year’s 18th edition of the CIJ Awards Romania will feature a distinguished lineup of entertainment acts curated specifically for this milestone occasion. I look forward with great anticipation to presenting what promises to be a memorable and celebratory gala evening.”

With its rich legacy and commitment to impartial judging, the CIJ Awards Romania has become a benchmark of excellence in the region. Winners of each category will go on to compete at the Best of the Best CIJ HOF Awards, representing Romania on a regional stage alongside winners from across Central and South-East Europe.

CIJ Awards Romania 2025 – celebrating the future of real estate, today.
CIJ AWARDS Romania 2025 – 4th December 2025 – Radisson Blu Hotel*****, Bucharest

For more details on the event and submission process, visit the link below.

PSN launches sales of Bělehradská 29 residential project in Vinohrady

Developer PSN has launched sales of the first phase of its residential redevelopment at Bělehradská 29, located on the border of Prague’s Vinohrady and Nusle districts. The project involves the comprehensive reconstruction of a neo-baroque townhouse dating back to 1910. The building is being restored to retain its architectural character while incorporating modern standards for urban living.

The renovated structure will comprise 19 residential units and three commercial spaces, to be released in two sales phases. Project completion is expected in the third quarter of 2026.

The reconstruction includes the restoration of key historical elements such as the facade, windows, entrance portals, and shared interiors. At the same time, the building is being upgraded with a new elevator, modern wiring, and technical systems. Amenities will include a sauna, fitness room, bicycle and stroller storage, and several commercial units on the ground floor.

“The goal is to combine the historical quality and atmosphere of the building with the real needs of today’s residents,” said Jaroslav Macháč, Director of Residential Projects at PSN. “This is not just about preserving formality but ensuring the building remains functionally relevant for modern living.”

Units range in size from 1.5+kk to 4+kk, with 2+kk apartments and commercial units included in the first phase. All flats are delivered in a fit-out standard, ready for immediate occupancy. Design features include oak parquet flooring, wooden casement windows, double-glazed balcony doors, and Laufen and Grohe sanitary ware.

The top floor will offer two attic apartments with private terraces overlooking a quiet courtyard. A 2+kk model unit will be available for viewings.

Located in a sought-after part of Prague, Bělehradská 29 sits at the intersection of historic charm and vibrant city life. The area offers cafés, cultural venues, parks like Grébovka and Folimanka, and a full range of urban amenities.

“Bělehradská is the type of street where history blends seamlessly with daily life. Our aim is for this project to become a natural part of that environment,” Macháč added.

Golden Star Group strengthens leadership with two senior promotions in Poland

Golden Star Group, an international real estate investment company, has promoted Paweł Moczybroda to the position of Group Chief Financial Officer and Ewa Dragunajtys to Head of Asset Management.

Paweł Moczybroda joined the company in 2023 and previously served as Financial Controller and Deputy CFO. In his new role, he will oversee the financial operations of Golden Star Group in Poland, the Netherlands, and Germany. His responsibilities include arranging project financing, budgeting, tax oversight, and supporting the organizational structure of the group. Before joining Golden Star, Moczybroda spent eight years at PwC, primarily working on audit projects for clients in the real estate sector.

Ewa Dragunajtys has been with Golden Star Group since 2017, most recently serving as Associate Director. As Head of Asset Management, she will manage a commercial real estate portfolio exceeding 125,000 square meters. Her role includes responsibility for leasing, transaction processes, strategic planning, and the coordination of the Asset, Leasing, and Property Management teams. Dragunajtys has over 13 years of experience in the real estate industry, with previous roles at The Tides Property Group, Atal, and Nuvalu.

The promotions reflect internal succession within the company as it continues to manage and expand its real estate operations across Europe.

Flexible office market continues to expand in Poland

The flexible office sector in Poland is experiencing steady growth, with more than 420,000 square meters of flex space currently available across the country’s seven largest cities. This accounts for just over 3 percent of Poland’s total office stock, with Warsaw and Cracow showing slightly higher market shares at around 4 percent. The growing interest in flexible offices is largely attributed to high office fit-out costs and evolving workplace models, prompting further expansion of this segment in the coming years.

Poland’s flex office market is undergoing a shift toward more diverse and sophisticated leasing formats. Subscription-based models and satellite office solutions—offices located near employees’ homes—are gaining traction. Flexible spaces are also increasingly incorporated into traditional office buildings to better utilize available space and increase appeal.

Tenants are now viewing flexible offices as a viable long-term alternative to conventional setups. Some businesses have opted to fully transition to flex spaces, driven by the need for cost control, scalability, and faster operational readiness.

Warsaw remains the largest flex market in the country, with about 235,000 square meters of space. Cracow follows with nearly 70,000 square meters, and additional growth is seen in cities like Wroclaw, the Tri-City, Poznan, Lodz, and Katowice. In total, regional cities outside of Warsaw offer nearly 190,000 square meters of flexible space, equal to around 23,000 workstations.

In 2024, flex office leasing activity in Warsaw grew by roughly 70 percent compared to the previous year. Further expansion is anticipated, particularly through new developments in major regional hubs. Central locations with strong public transport links, such as metro access, are seeing the highest demand. Most tenants seek private office spaces for teams of 3 to 15 people, with growing interest also observed in larger units used by project-based teams or foreign companies entering the Polish market.

The sector is dominated by tenants from IT, e-commerce, marketing, consulting, finance, and the startup ecosystem. In regional cities, demand is led by tech firms and companies in the SSC/BPO sector. Flex office operators are maintaining relatively low vacancy rates—generally around 8 to 10 percent—and are often able to commercialize new space more quickly than traditional landlords.

New local operators continue to enter the market, including The Shire, BeIN Offices, and Puzzle Office. Developers are also launching their own flex brands to complement their office portfolios. Global players such as Regus, WeWork, and Mindspace are active in Poland, alongside local brands like Chilliflex, Loftmill, OmniOffice, Business Link, and CitySpace.

Flexible office offerings now include co-working desks, serviced offices, project-specific offices, and virtual office services. Premium providers such as Brain Embassy, The Nest, and Mindspace offer high-end spaces that include wellness areas, cafés, and concierge services.

Monthly rental rates for flex space vary based on location and quality. In Warsaw’s city center, prices for a desk typically range from EUR 300 to 475, while regional cities see rates between EUR 200 and 375. Prices generally cover rent, utilities, internet, and access to shared amenities. Contracts tend to be short-term, with tenants expecting flexibility, transparency, and streamlined services.

Walter Herz supports both companies seeking flexible workspaces and operators looking to lease space from building owners. The firm has recently worked on projects such as The Shire in Cracow and BeIN Offices in Poznan, with additional projects underway in Wroclaw, the Tri-City, and Cracow.

Empik reopens in expanded format at Galeria Przymorze

The Empik store in Galeria Przymorze has reopened in an expanded format, increasing its size by 100 sqm to a total of over 360 sqm. The new space allows for a broader selection of books, games, music, stationery, toys, and creative supplies.

The updated store layout includes both traditional and self-service checkouts, an interactive store map, and assistance from staff for locating items. A reservation option is also available, allowing customers to collect selected products within two hours.

The expanded Empik is located on level 0 of Galeria Przymorze, next to the Deichmann store.

Hanon Systems’ Kladno facility earns top sustainability rating

The Panattoni Park Kladno South industrial zone has been awarded the highest rating of “Outstanding” under the BREEAM New Construction international sustainability certification. The project, developed jointly by Panattoni and Accolade, includes a new production hall and the renovation of an existing industrial building, totaling over 36,000 square meters.

The facility is leased by Hanon Systems Thermal Technology, a manufacturer of automotive cooling systems. The company expanded its operations with the addition of a nearly 21,000 square meter production hall, while the existing 15,500 square meter hall underwent a significant renovation. Both construction phases were completed without interrupting ongoing operations.

The project incorporated a range of sustainability-focused measures from early planning through to execution. These included the use of low-carbon materials, a waste management strategy that diverted more than 85% of construction waste from landfills, and energy-efficient building systems. A helicopter was used to deliver some construction components to reduce road traffic impact.

Energy performance improvements include a 2,225 kWp photovoltaic installation that now fully powers the facility’s electricity needs. Combined with heat pumps and gas heating, this has resulted in a 54.66% reduction in annual CO₂ emissions, equivalent to more than 3,000 tons. A rainwater harvesting system has also reduced drinking water use for flushing by over 66%.

The BREEAM Outstanding rating is achieved by only a small percentage of buildings pursuing certification. According to Accolade, this is the ninth project in its portfolio to reach this level.

The site’s location in the Kladno region offers strong infrastructure links and access to a skilled workforce. It is close to the D5, D6, and D7 motorways and near Václav Havel International Airport. The upcoming modernization of the rail connection between Prague, the airport, and Kladno is expected to further enhance the area’s connectivity.

cargo-partner extends and expands lease at MLP Pruszków II

Logistics company cargo-partner has extended its lease at the MLP Pruszków II logistics park and increased its occupied space to approximately 14,400 sqm. The lease renewal covers around 12,800 sqm of existing space, with an additional 1,600 sqm added. The transaction was brokered by Renthis Estate.

The collaboration between cargo-partner and MLP Group dates back to 2006, making the logistics provider one of MLP’s longest-standing tenants. The company originally operated from the MLP Pruszków I park before relocating to MLP Pruszków II in 2017. Since then, it has gradually increased its presence at the site.

cargo-partner provides a range of logistics services including air, sea, and land transport, as well as warehousing. The company also specializes in IT-supported supply chain solutions.

MLP Group’s logistics park near Warsaw is one of the largest in the region, with a planned leasable area of 427,000 sqm. The site features infrastructure to support sustainability efforts, including photovoltaic panels and buildings certified under the BREEAM system. It is located in Brwinów, close to key transport routes such as the A2 motorway and international rail lines, and offers public transport links and bike-sharing facilities.

The lease extension aligns with MLP Group’s long-term asset retention strategy, under which the company develops and manages its logistics properties.

neoshare Real Estate renamed PTXRE to reflect independent growth strategy

neoshare Real Estate has been rebranded as PTXRE, effective 1 August 2025. The name—short for “People · Tech · X · Real Estate”—marks the firm’s move toward a more independent market identity. The decision was made jointly by the management and supervisory boards, along with shareholders of the neoshare Group. PTXRE will continue as a wholly owned subsidiary of neoshare AG.

The new brand separates the real estate advisory business from neoshare AG’s technology-focused operations. PTXRE is led by managing directors Piotr Bienkowski, Sascha Baran, Peter Bigelmaier, and José Martínez. The company will retain exclusive access to neoshare AG’s real estate consulting technology, supporting its services in transactions, valuations, and finance.

PTXRE currently operates from offices in Frankfurt am Main, Düsseldorf, Munich, Augsburg, Mannheim, and Nuremberg, with further expansion planned. New locations are expected in Berlin, Hamburg, Cologne, and Stuttgart. The company aims to build interdisciplinary teams in each city, covering its core business areas.

Since its launch in early 2025, PTXRE has acquired mandates in the residential, logistics, and office sectors, representing transaction volumes of approximately €1 billion. Financing advisory mandates total over €1 billion as well. The company plans to grow selectively, using a localised approach while maintaining internal collaboration across its network.

PTXRE includes neoshare Valuation GmbH as a separate entity for valuation services. The structure ensures compliance with regulatory requirements by maintaining operational independence between valuation and advisory functions.

PTXRE will continue to use the “neoshare” SaaS platform developed by its parent company but will operate as an independent consultancy focused on the German market.

HIH forms strategic partnerships to expand EV charging infrastructure

HIH Group, through its subsidiary eternigy, has entered into strategic partnerships with Service4Charger and HEIMLADEN to expand electric vehicle charging infrastructure across its portfolio. The initiative aims to electrify up to 25,000 parking spaces at HIH-managed properties by 2030.

Service4Charger and HEIMLADEN will serve as preferred partners for the planning, construction, and operation of the new charging infrastructure. eternigy will coordinate the process, serving as a consulting interface between property owners and the two companies.

As part of the agreement, Service4Charger has acquired ten already-electrified properties in the HIH portfolio, which include 197 parking spaces and 87 operational charging points. The partners are currently evaluating 26 additional sites, comprising 3,600 parking spaces, for potential expansion.

Lukas Thiede, Head of eMobility at HIH Real Estate, stated that the move aligns with ESG strategies increasingly demanded by investors, regulators, and tenants. Upcoming legislative requirements, such as Germany’s Building Electromobility Infrastructure Act (GEIG) and the EU’s revised Energy Performance of Buildings Directive (EPBD), will further require non-residential properties to be equipped with charging infrastructure by 2027.

Service4Charger CEO Lucas Althammer noted that the company is investing directly in infrastructure and assuming operational responsibility. HEIMLADEN’s managing director Max Wojtynia added that the first joint projects will be implemented by the end of this year.

In addition to construction, the services offered by Service4Charger and HEIMLADEN will include grid connection, coordination with utility companies, commissioning, billing, contract management, maintenance, and the supply of green electricity.

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