According to Colliers’ latest report, CEE Investment Scene H1 2026, investment volume in Poland’s commercial real estate market exceeded EUR 3 billion in the first half of 2026. This represented a 71% year-on-year increase and the strongest first-half result since 2018, confirming Poland’s position as the most liquid and diversified property investment market in Central and Eastern Europe.
Compared with other markets in the region, Poland stood out not only because of the scale of investment activity, but also because of its structure. Major transactions were completed across the retail, office, logistics and residential sectors, meaning that Poland’s strong performance was not dependent on a single asset class.
This broad investor activity was particularly important for the market, while the diversity of transactions further reinforced Poland’s position as the most liquid and diversified investment destination in the CEE region.
“Investment activity in Poland accelerated significantly during the first half of 2026, supported by growing investor appetite across all major asset classes. Transaction volume reached EUR 3 billion, representing an increase of 71% year on year,” said Piotr Mirowski, Senior Partner and Head of Investment Services at Colliers in Poland.
“The EUR 2 billion invested during the second quarter resulted in the strongest second-quarter performance ever recorded in the Polish commercial real estate market. The investment volume achieved during the first half of 2026 reflected not only transactions carried over from 2025, but above all a broader recovery in investor activity across the sector and transactions initiated this year,” he added.
Retail Leads the Market
The breadth of investor activity was particularly significant for the Polish market. Its strong performance was not dependent on any single asset class.
Retail remained the leading sector, with the value of transactions exceeding EUR 1 billion. It was followed by industrial and logistics properties, private rented sector residential assets and offices.
This diversification indicates a more balanced capital market than the one observed during the most defensive stage of the investment cycle.
The office sector also regained momentum, particularly in Warsaw and selected regional cities. Polish investors played an important role in several transactions involving prestigious office assets, demonstrating that domestic capital is no longer merely a substitute for foreign investors during periods of uncertainty.
It is increasingly becoming a structural source of market liquidity, especially for medium-sized assets and properties that are already well understood by investors.
“Valuations of prime assets generally remained stable. However, we expect yields for the best office buildings in Warsaw’s central business district to fall clearly below 6% in the coming months, while capital values are likely to reach new record levels,” Mirowski said.
“Market liquidity during the first half of the year continued to be supported by strong activity from Czech, US and German investors, alongside sustained engagement from domestic capital. We expect the second half of the year to bring further diversification in the sources of investment capital,” he added.
Largest Transaction in the History of Poland’s PRS Market
One of the most significant transactions completed during the first half of the year was the sale of 18 completed Resi4Rent projects to Vantage Development for EUR 575 million.
The portfolio comprises 5,322 apartments located in Warsaw, Kraków, Wrocław, Gdańsk, Łódź and Poznań.
It was the largest transaction in the history of Poland’s institutional private rented sector and represents an important benchmark for the segment’s further development.
Another major transaction was the sale of a 70% stake in the Posnania shopping centre.
Poland Outperforms Other Regional Markets
Commercial real estate investment across the six main Central and Eastern European markets reached EUR 5.8 billion during the first half of 2026, confirming a clear recovery in investment activity across the region.
The revival was not broad-based, however. Capital continued to flow selectively towards assets offering stable income, high energy efficiency, compliance with environmental, social and governance standards, and long-term growth prospects.
Against this background, Poland emerged as the region’s leading investment market.
The Czech Republic recorded more than EUR 1.4 billion in investment during the first half of the year and remained one of the region’s most stable and lowest-risk markets.
In Hungary, investment volume approached EUR 600 million, the highest level since 2021, reflecting a gradual recovery in investor confidence following several years of caution.
Strong Economic Fundamentals Support the Property Market
Poland remains one of the fastest-growing large economies in the European Union. According to forecasts, gross domestic product is expected to expand by 3.5% in 2026 and by 2.9% in 2027.
Economic growth is expected to be supported by private consumption, investment financed with EU funds, infrastructure development, the energy transition, defence expenditure and industrial modernisation.
These factors are important for investors. Poland is no longer viewed solely through the prism of cost competitiveness.
It is increasingly regarded as a large, diversified and strategically important European economy combining strong domestic demand, developed logistics infrastructure, industrial potential, a polycentric urban structure and a growing role in strengthening the resilience of European supply chains.
“The return of capital to the CEE region is largely the result of its relatively strong economic fundamentals, and Poland stands out particularly clearly in this respect,” said Grzegorz Sielewicz, Chief Economist for Central and Eastern Europe at Colliers.
“Poland’s strong performance shows that investors are taking an increasingly positive view of the country’s economic prospects compared with the rest of Europe. Amid high geopolitical uncertainty and weaker growth in parts of Western Europe, capital is looking for markets that offer scale, liquidity and long-term growth potential. Poland increasingly meets all of these criteria at the same time,” he added.
According to Colliers’ forecasts, commercial real estate investment in Poland could reach approximately EUR 6 billion for the whole of 2026, while total investment volume across the CEE region could amount to between EUR 12.5 billion and EUR 13 billion.
This would mean that nearly half of all investment completed across the six largest Central and Eastern European economies would be concentrated in Poland, further underlining the importance of the Polish market to both regional and global investors.
Outlook for the Second Half of 2026
The first half of 2026 demonstrated that capital is once again recognising the potential of Central and Eastern Europe. Investment decisions, however, are now being made far more selectively than during previous market cycles.
The region’s competitive advantage is increasingly determined not only by economic growth prospects, but also by asset quality, the resilience of business models and the ability to respond to long-term economic trends.
In this environment, Poland remains one of the most important destinations for investment capital in Central and Eastern Europe, supported by the scale, liquidity and diversification of its market.
Source: CEO.com.pl
