Poland’s commercial real estate market in 2025 reaffirmed its investment appeal against the European backdrop. Strong transaction activity in Q4, stable capitalization rates, and the growing role of domestic capital suggest the market has entered a recovery phase, with further growth expected in 2026.
The total investment transaction volume in 2025 reached EUR 4.5 billion, including EUR 1.9 billion in the fourth quarter alone. Despite a 12% decline versus 2024, the result remained clearly above 2023 levels, confirming solid market fundamentals and high transactional liquidity.
Market liquidity and the growing role of domestic capital
The market’s positive outlook is supported by persistently high liquidity: more than 150 investment transactions were recorded in 2025. Core+ and value-add strategies dominated, yet growing activity from large institutional investors is increasingly visible—something that could translate into a higher number of large core and portfolio transactions in 2026.
“Both the number of transactions involving local investors and those involving global investors is increasing. This shows that Poland not only attracts foreign capital, but is also becoming an attractive place for domestic investors to allocate capital,” comments Krzysztof Cipiur, Managing Director and Head of Capital Markets at Knight Frank.
In 2025, Polish capital accounted for a record 18% of the total investment volume. The largest foreign sources of capital were the Czech Republic (24%) and the United States (17%).
Offices as the leader, logistics as a stable pillar
The office sector returned to the top spot in the investment structure, accounting for 39% of total volume. In 2025, transaction value in this segment reached EUR 1.76 billion, representing an 8% year-on-year increase. Higher volumes were accompanied by notably stronger liquidity, with more than 50 transactions recorded.
In 2025, most market deals were small transactions with volumes not exceeding EUR 15 million. However, we are seeing increased activity from large institutional investors interested in core and core+ buildings, which should translate into a greater number of large transactions and further volume growth.
The logistics sector continues to serve as a stable pillar of the investment market, attracting primarily global institutional capital. Investment volume rose by 11% to nearly EUR 1.5 billion, while the number of transactions increased by 17%. The diversified transaction structure included both single-asset deals and portfolio transactions as well as sale-and-leaseback, confirming the sector’s long-term attractiveness.
“Logistics remains one of the most stable market segments, offering investors attractive capitalization rates compared with Western Europe, as well as with the Central and Eastern European region,” emphasizes Krzysztof Cipiur.
Selective return of capital and high liquidity in retail
In 2025, the retail market recorded a volume of nearly EUR 859 million, significantly lower than the previous year due to the limited number of large transactions exceeding EUR 100 million. Investor interest remains focused on smaller assets of up to 10,000 sq m, located mainly in smaller towns.
“High market liquidity and the emergence of large transactions confirm a rebuilding of confidence in the retail sector. It benefits from a positive macroeconomic environment, including falling inflation and rising retail sales, which translates into higher turnover and low vacancy rates in retail properties,” says Dorota Lachowska, Head of Research at Knight Frank.
Strong potential in the living sector
The living sector remains an emerging market in Poland, representing around 7% of total investment volume. In 2025, its value reached nearly EUR 324 million, dominated by institutional rental housing. The sector’s positive outlook is reinforced by a preliminary agreement between Resi4Rent and Vantage Development to purchase more than 5,300 rental apartments—once finalized, it will be the largest transaction in the history of Poland’s living sector.
