The global commercial real estate market is searching for a new equilibrium as it adapts to changing macroeconomic conditions. According to the latest edition of Savills’ flagship IMPACTS 2026 report, institutional investors’ target allocations to real estate stand at 10.8% this year.
Savills experts expect the market to stabilise, with its development currently being shaped by three key factors: the need to modernise existing buildings, the rapid growth of artificial intelligence and the reconfiguration of global supply chains.
From a local perspective, the report confirms Poland’s growing importance as a beneficiary of nearshoring and as an attractive destination for investment in modern business services.
Key findings from the IMPACTS 2026 report
The baseline forecast for institutional investment portfolios assumes continued relative stability. The target allocation to real estate stands at 10.8% in 2026, in line with the broadly stable trend observed since the beginning of the decade.
The top four positions in the global Resilient Cities Index continue to be held by established economic powerhouses: New York, Tokyo, London and Seoul. The index assesses cities’ ability to adapt to changing challenges by examining factors such as economic strength, innovation, ESG performance and the real estate market.
The development of artificial intelligence is directly driving investment in data centres. In Europe alone, the sector is expected to generate additional demand for approximately 790,000 square metres of supporting industrial and logistics space over the next three years.
Construction costs have risen significantly in many markets, placing pressure on the profitability of new developments. In New York, the cost of constructing new office space has exceeded USD 10,700 per square metre.
It is estimated that 80% of the buildings in developed-market cities that will still be in use in 2050 have already been built. Comprehensive modernisation of these properties could reduce their energy consumption by between 40% and 70%.
Poland is strengthening its position on the global commercial real estate map. The country ranks highly in the Savills Nearshoring Index, while Warsaw has been recognised as a destination attracting companies seeking skilled employees while maintaining competitive operating costs. Savills describes such locations as “cost-advantaged talent hubs.”
Investing in an era of volatility
According to Savills’ analysis, commercial real estate continues to play a crucial diversification role in investors’ portfolios. Amid significant volatility in financial markets, the sector occupies an attractive position between equities and fixed-income instruments.
Real estate is a tangible asset that can help preserve capital while generating stable financial returns.
In response to growing caution among tenants, office landlords in the United States are becoming more flexible when negotiating lease agreements. At the same time, the flight-to-quality trend remains clearly visible.
Under this trend, corporations are signing long-term leases of 10 or 15 years in the highest-quality buildings, particularly in locations where competition for skilled employees is intense.
Technological development and the labour market
The criteria used by companies to select office locations are changing. Due to global demographic trends, including the shrinking pool of available talent, businesses are increasingly relocating their operations to cities that provide strong access to skilled professionals.
The leading deep-tech hubs remain the San Francisco Bay Area, New York and the United Kingdom’s “Golden Triangle” of London, Oxford and Cambridge. These locations account for a significant share of demand generated by companies operating in the artificial intelligence sector.
The Polish perspective: nearshoring and an attractive labour market
Poland’s position on the global commercial real estate map is particularly prominent in this year’s edition of the report.
According to the Savills Nearshoring Index, Poland is one of the main beneficiaries of nearshoring — the process of relocating supply chains and production facilities closer to their target markets.
The report indicates that Eastern European markets, including Poland, offer investors a favourable balance across all four areas assessed by the index: resilience, economic conditions, the business environment and ESG standards.
Significantly, Poland performs better in the index than would be expected based solely on its level of economic development, measured by GDP per capita.
In the context of the office and modern business services sectors, Warsaw has also been recognised in the Savills Talent Cities Index. The Polish capital was classified as a “cost-advantaged talent hub.”
This means that Warsaw attracts companies looking for qualified employees while also offering competitive operating costs. Lisbon was among the other cities included in the same category.
“In 2026, we primarily expect to see greater rationalisation and cautious management of real estate portfolios. The macroeconomic turbulence of recent years has permanently changed the way commercial properties are planned and operated.
“In an environment of cautious portfolio management, the quality of an asset, its location and its potential to generate value over the long term remain the key considerations behind investment decisions.
“Rising construction costs and increasingly demanding climate regulations are increasing the importance of modernising existing buildings in order to improve their operational and environmental performance.
“At the same time, investors continue to actively seek new, high-quality projects that meet tenants’ expectations. As a result, market interest is focused both on the best new assets and on properties offering opportunities for modernisation and further value growth.
“Despite global challenges, real estate continues to provide investors with a proven means of portfolio diversification, provided that transaction decisions are based on reliable analytical data concerning individual locations,” said Wioleta Wojtczak, Head of Research at Savills Poland.
Source: Savills / CEO Magazine Poland
