After four challenging years and a slowdown in the investment market in 2023, results in 2024 pointed to a return to stability, and this trend continued throughout 2025. Nevertheless, the total transaction volume in Poland in 2025 remained below the 2024 level, mainly due to a limited number of institutional-capital deals.
Market liquidity remained stable, with 151 transactions completed—broadly in line with the previous year. Total investment volume reached EUR 4.5 billion, with more than 40% generated by deals closed in Q4. Unlike the previous year, when the ten largest transactions accounted for nearly 50% of total investment volume, 2025 was characterized by numerous—but less spectacular in value—transactions. Still, several important deals initiated in 2025 are expected to close in early 2026.
The office sector, the leader in 2025, accounted for 39% of total volume executed in 2025, mainly thanks to Warsaw transactions. The industrial and logistics sector remained strong, supported by several portfolio deals and impressive sale-and-leaseback transactions. In retail, the sale of a portfolio of 25 Vendo Park retail parks clearly demonstrated continued demand for retail parks and convenience formats. In addition, the market recorded five hotel transactions and nine in the residential sector. Notably, Polish capital strengthened its presence in the commercial real estate investment market in 2025.
Key figures
- EUR 4.5 billion (-13% YoY) – total investment volume in 2025
- 151 transactions in 2025 vs. 154 in 2024
- 18% share of Polish capital in total transaction volume in 2025 vs. 9% in 2024
- Several major transactions launched in 2025 are expected to close in 2026
Offices: Domestic Capital Steps Up
In 2023, investors increased their interest in older value-add and opportunistic office buildings. In 2024 and 2025, however, we saw higher activity in the sale of core and core+ assets—especially in Warsaw. This trend reflects a shift in market pricing, with asking prices moving closer to transaction values and current market conditions. At the same time, older properties remain in demand, particularly those with potential for repositioning, conversion, refurbishment, or owner-occupier use. Such assets often attract domestic investors.
The most notable office deals in 2025 with values exceeding EUR 100 million included: Mennica Polska’s acquisition of a 50% stake in Mennica Legacy Tower, the sale of Wola Center to Trigea Real Estate Fund, and the buyback of a 49% stake in the CPI portfolio—the largest transaction by volume, representing more than one quarter of the office sector’s total result. Other major office assets that changed hands last year included Senator, Vibe and Wronia 31 in Warsaw, as well as High Five I & II in Kraków and Centrum Południe 3 in Wrocław.
This year, we expect office-sector activity to remain high—both in transactions involving older assets and potentially in best-in-class office buildings.
Office sector in numbers
- EUR 1.8 billion (+7% YoY) – total office investment volume in 2025
- 30 out of 51 transactions were completed in Warsaw
- The five largest transactions accounted for 50% of 2025 office-sector volume
- Polish capital represented 30% of sector volume and half of all office transactions
“Domestic capital—accounting for 30% of sector volume and 50% of transactions—continues to play a significant role in the office sector, showing growing interest in smaller-format assets. This reflects the increasing engagement of Polish investors in commercial real estate, particularly in value-add and opportunistic strategies,” commented Marcin Purgal, Senior Director, Investment at Avison Young.
Industrial & Logistics: Stable and Resilient
The industrial and logistics sector, which emerged as the dominant segment of Poland’s investment market under difficult conditions in 2023, remained stable in 2024 and 2025. Last year saw sustained demand for sale-and-leaseback transactions, along with growing investor interest in smaller industrial hubs—where nearly 40% of total sector investment volume was completed in 2025.
In 2025, industrial and logistics investment volume reached approximately EUR 1.5 billion. Market activity was characterized by a limited number of large-scale deals—only two exceeded EUR 100 million. The most significant was a landmark sale-and-leaseback transaction covering two properties of Polish manufacturer Eko-Okna, sold to Realty Income. It was also the largest sale-and-leaseback transaction in the history of the entire Central and Eastern Europe (CEE) region.
Industrial & logistics sector in numbers
- EUR 1.5 billion (+10% YoY) – total sector volume in 2025
- 8 portfolio deals out of 34 transactions in the sector
- The largest sale-and-leaseback transaction ever completed in the CEE region
“With many transactions currently underway, Poland’s industrial investment market is on track to deliver record results in 2026. Narrowing pricing gaps between sellers and buyers should further accelerate growth, driven primarily by foreign capital inflows. We expect continued interest in sale-and-leaseback transactions. In addition, the anticipated repricing of older logistics assets could support a revival in secondary-market activity,” added Bartłomiej Krzyżak, Senior Director, Investment at Avison Young.
Retail: Retail Park Portfolios in the Spotlight
In 2025, retail real estate accounted for nearly 20% of Poland’s total investment volume—down significantly from 32% in 2024. After a strong focus last year on regional shopping centers, including large prime assets, 2025 was dominated by retail parks. The retail park segment is maturing, and a visible consolidation trend is translating into the expected pipeline of portfolio transactions.
The retail sector closed 2025 with total transaction volume of EUR 859 million, nearly 50% lower year-on-year due to a change in the structure of acquired assets. Unlike 2024, no prime shopping center transactions were completed. Instead, 70% of transactions involved retail parks and convenience assets, including two major portfolio deals: My Park acquired 10 A Centrum assets, while Trei Real Estate sold 25 retail parks to Ares Management Corporation and Slate Asset Management.
Another important transaction was the acquisition of Galeria Libero shopping center in Katowice by Summus Capital, one of only two retail deals exceeding EUR 100 million. In 2026, we expect further retail park and convenience transactions, but investors’ attention may also turn toward dominant shopping centers with strong, stable fundamentals. This asset class is currently being widely reviewed, and additional closings are expected in the near term.
Retail sector in numbers
- EUR 859 million (-48% YoY) – retail investment volume in 2025
- 36 of 52 transactions in the sector involved retail parks and convenience assets
- Two retail park portfolios sold
“Transactions aimed at further redevelopment were popular throughout 2025 and included projects such as Arkady Wrocławskie, CH Glinki and Galeria Lubelska, where Avison Young acted as advisor. Poland’s retail investment market offers a broad range of opportunities across formats—from established shopping centers and redevelopment projects, through retail parks, to ground-floor retail units in residential or office buildings,” commented Artur Czuba, Director, Investment at Avison Young.
PRS: A Landmark Deal on the Horizon
In 2025, total investment volume in Poland’s residential real estate market reached EUR 223 million, with EUR 150 million allocated to three private rented sector (PRS) projects in Warsaw. AFI Europe executed two of these transactions, while Xior Student Housing acquired one asset from Syrena RE. The remaining transactions were completed by NREP and involved three co-living assets in Gdańsk, where Avison Young’s technical advisory team provided comprehensive support, including project monitoring and construction supervision.
A precedent-setting PRS transaction is still underway: Vantage Development announced plans to acquire 18 PRS assets from Resi4Rent. The strong potential of Poland’s residential market is attracting growing interest from both domestic and international investors, including PHN, Ronson Development and Skanska, who have expressed interest in this fast-developing segment.
“Because the PRS investment market in Poland is still in an early stage, it has so far been dominated by primary-market transactions, in which buildings are acquired directly from developers,” said Patryk Błach, Senior Consultant, Investment at Avison Young. “Secondary-market deals emerged only in 2022, with the sale of Catella’s Warsaw and Kraków assets, alongside Catella’s exit from Poland. That marked the beginning of a new phase in the market’s development. Today, a breakthrough transaction is being finalized—the acquisition by Vantage Development of Resi4Rent’s 18 assets, representing more than 20% of the currently operating PRS units in the country.”
What to Expect in 2026
Poland remains an attractive destination for investors, supported by solid economic growth and strong market fundamentals.
The market is still waiting for the return of large institutional investors. Expected interest rate cuts in both the eurozone and Poland—along with the potential easing of the conflict in Ukraine—should stimulate foreign capital inflows.
We anticipate further growth in investment activity focused on small and mid-sized assets. Polish investors are expected to remain key players in 2026, as they have both the resources and the capacity to invest. Their interest spans all sectors, but is particularly focused on assets offering higher yields or strong potential for value growth.
We also expect continued strong activity from investors from Central and Eastern Europe—especially the Czech Republic, Hungary and the Baltic states—as well as from Western Europe, including France and Belgium, which are already seeking new acquisition opportunities.
Early 2026 is shaping up to be dynamic, with many transactions initiated in 2025 expected to close in the first months of the year.
We forecast sustained high activity in the office sector—both for older buildings and potentially for best-in-class office assets. In retail, the main growth engines are likely to remain retail parks and smaller shopping centers.
Meanwhile, the industrial and logistics sector—historically a strong performer—has a chance to significantly improve its results in 2026.
