Poland may become one of the most important sale-and-leaseback markets in Central and Eastern Europe this year. There is a strong likelihood of a significantly increased presence of foreign investors in Polish sale-and-leaseback transactions. The country offers exactly what international capital is currently seeking: relatively higher capitalization rates than in Western Europe, solid economic growth, a stable corporate sector, and a mature real estate market. In addition, Poland is home to companies with international credit ratings, private capital groups, private equity funds, and regional industry leaders. This combination is opening the market to capital that was previously more heavily concentrated in Western Europe.
The outlook for sale-and-leaseback transactions in 2026 will depend primarily on global appetite for real assets and long-term cash flows, reinforced by local legal stability and the growing maturity of Polish enterprises. If these three elements—global capital, domestic predictability, and structural economic transformation—align, Poland has a real opportunity to become one of the leading sale-and-leaseback markets in the region.
International capital is already actively investing in Poland. The market combines the key features investors are looking for: relatively higher yields compared to Western Europe, solid economic growth, a stable corporate environment, and a professional real estate sector. In 2026, a clear increase in foreign investor participation in sale-and-leaseback transactions is highly likely, driven by a combination of global and local trends.
Poland stands out as particularly attractive compared to other markets due to a favorable mix of structural factors. The country entered the year with projected GDP growth of around 3.5%, while the eurozone average remains in the range of 1–1.5%. This translates directly into tenant stability and more predictable cash flows.
At the same time, the yield spread between Poland and Western European markets remains at approximately 100–200 basis points for comparable assets and tenant quality. Combined with a significant share of owner-occupied real estate and the increasing maturity of the corporate sector, this creates one of the most attractive risk-return profiles in the region.
For international sale-and-leaseback funds, scale is a critical factor. Investors are increasingly seeking repeatability and the ability to build larger exposure, even if they begin with single assets. As the largest market in the region, Poland is now capable of consistently delivering such volumes. Equally important is the structure of supply. The market offers a relatively large number of standalone, functional assets—particularly in logistics, industrial, retail, and operational infrastructure sectors—occupied by stable tenants with long-term business horizons.
Poland also remains the largest commercial real estate market in Central and Eastern Europe, capable of regularly accommodating transactions of a scale relevant to international capital. Investors are increasingly acquiring single assets as part of broader strategies to build sector exposure. What matters is the ability to execute follow-up transactions of a similar standard, and in this respect, Poland offers significantly greater product consistency than other markets in the region.
A growing number of companies operating in Poland are internationally rated entities, private capital groups, or regional leaders in their sectors. For foreign investors, this means the opportunity to acquire assets not only in attractive locations but also with tenants whose credit quality is comparable to Western European standards. This fundamentally changes the perception of risk and opens the market to capital that was previously reserved for countries such as Germany, France, or the Nordic region.
A key difference between 2026 and previous years is that foreign investors are likely to transition from opportunistic participants to permanent players in the Polish market. They will develop regional strategies, with Poland serving as a core market. This shift is expected to lead to faster investment decisions, increased competition for high-quality transactions, and more attractive conditions for companies selling assets through sale-and-leaseback structures.
In practice, 2026 could mark the moment when the Polish sale-and-leaseback market becomes fully integrated into major European investment portfolios. This typically creates a snowball effect: the more international capital is already present, the easier it becomes to attract additional investors, larger transactions, and new sectors. For this reason, the growing presence of foreign investors is likely to become one of the key drivers of the overall development of the Polish real estate market.
If Poland maintains its reputation as a market with consistent legal frameworks and enforceable lease and ownership agreements, its attractiveness should remain high even amid minor fiscal changes. The main risks today are largely non-tax-related. The first is the availability and cost of financing. Despite expected improvements in credit conditions, the cost of debt in Central and Eastern Europe remains structurally higher than in the eurozone. In practice, differences in financing margins can reach 50–100 basis points, particularly for assets with lower technical or energy standards.
Secondly, ESG criteria are becoming increasingly important. Properties that fail to meet energy efficiency standards are more frequently facing higher financing costs or limited access to capital, which in turn affects valuations and transaction structures. An additional risk lies in regulatory uncertainty—investors are often less concerned about regulatory changes themselves than about the lack of stability and clarity in how those changes are interpreted and applied.
