Poland’s commercial real estate market is clearly gathering pace. In the first half of 2026, the total value of investment transactions reached €3.03 billion, one of the strongest results recorded over the past decade. According to BNP Paribas Real Estate Poland, investors are being attracted by the strong outlook for the Polish economy and the long-awaited stabilisation of pricing for prime assets.
The impressive result for the first six months of the year was driven largely by the return of major market players. Transactions worth more than €100 million accounted for the majority of total investment volume.
– Poland’s economy is expected to grow by 3.5% in 2026, faster than most Western European economies – says Mateusz Skubiszewski, Senior Director and Head of Capital Markets at BNP Paribas Real Estate Poland. – Investors are once again directing capital to markets where scale, pricing and income security remain attractive.
EU funding and favourable financing conditions relative to property valuations are providing an additional boost to investment activity in Poland.
Retail leads, while rental housing sets a record
The retail sector attracted the greatest investor interest in the first half of the year, supported by major transactions involving shopping centres and retail parks.
The most spectacular transaction, however, was the acquisition of the Resi4Rent portfolio. Vantage Development purchased the assets from Echo Investment and Griffin Partners for a record €575 million. The scale of the deal shows that Poland’s institutional rental housing sector is becoming increasingly mature and attractive to global capital.
The logistics and warehouse sector also continues to maintain a strong position. Activity has been supported by acquisitions of entire property portfolios and by sale-and-leaseback transactions, in which a company sells a property while remaining in it as a long-term tenant. Positive signals are also emerging from the office market, where investor interest in prime office buildings is returning, alongside a moderate recovery in regional cities outside Warsaw.
Who is buying Polish real estate?
The structure of capital flowing into Poland is also changing. Experts at BNP Paribas Real Estate Poland point to growing interest from Western European investors, particularly French SCPI funds, which are becoming increasingly active in seeking investment opportunities in Poland.
Predictability has been one of the key factors behind the return of large-scale capital. Pricing expectations among buyers and sellers have moved significantly closer together, making it easier to complete transactions.
In the second quarter of 2026, prime yields in Poland remained stable. They stood at 6.25% for offices, 6.50% for shopping centres and 7.00% for retail parks.
– The exception was the warehouse and logistics segment, where yields compressed by 0.25 percentage points to 6.00% – explains Karolina Wojciechowska, Director in the Capital Markets Department at BNP Paribas Real Estate Poland. – Continued competition for the highest-quality logistics assets, combined with strong demand, supported above-average performance in this asset class.
Experts expect that any future repricing will initially be concentrated in the best-quality assets, particularly those supported by strong market fundamentals and capable of generating stable rental income.
Source: https://ceo.com.pl/inwestorzy-wracaja-po-biura-magazyny-i-centra-handlowe-w-polsce-95503
