The first quarter of 2026 marked the strongest start to the year for Poland’s commercial real estate investment market since 2022. Investment transaction volume exceeded EUR 1 billion, representing an increase of nearly 44% year on year. According to BNP Paribas Real Estate Poland’s report, Review. Investment Market in Poland – Q1 2026, rising transaction values and improved market liquidity were supported, among other factors, by an inflow of investors, including capital from Asia.
Strong opening and outlook for the coming months
Poland’s commercial investment market recorded a very strong opening at the beginning of 2026. Between January and the end of March alone, transaction volume exceeded EUR 1 billion. This result was almost 44% higher than in the same period last year. Such early growth points to a gradual improvement in market liquidity and rising investor confidence.
“In the coming quarters, stabilising financing conditions, greater predictability of yields and a growing pool of investment assets should support market activity. Despite ongoing global uncertainty, the strong start to 2026 confirms Poland’s solid position compared with other Central and Eastern European markets,” said Mateusz Skubiszewski, Senior Director, Head of Capital Markets at BNP Paribas Real Estate Poland.
Since the beginning of the year, the industrial and logistics sector has remained the leader in Poland’s investment volume, accounting for a 44% share and confirming strong demand for assets supported by long-term structural trends. It was followed by the retail sector, with a 31% share, and the office sector, with 24%, where investor activity focused mainly on well-let properties.
Transaction values are rising
Since January, the total value of purchase and sale transactions in the industrial and logistics sector has reached EUR 447 million, representing growth of more than 120% year on year. In the retail sector, investment volume in the first quarter amounted to EUR 318 million, up 55% compared with the same period last year. Growth was also visible in the office segment, where transactions totalled EUR 248 million, an increase of 35% year on year.
The period under review also saw the return of large-scale deals. The three largest transactions each exceeded EUR 100 million, indicating rising investor activity and improved market liquidity. At the same time, the share of transactions valued between EUR 40 million and EUR 100 million increased. Their combined volume reached EUR 342 million, up by almost 15% year on year.
Among the largest transactions completed at the beginning of 2026 was the sale of the Raben S&LB Portfolio in the industrial and logistics sector, valued at EUR 167.5 million, to W. P. Carey. In the retail sector, the key transaction was the sale of the Auchan portfolio to Adventum for EUR 110 million. On the office market, one of the largest deals was Wood & Company’s acquisition of the Royal Wilanów building for nearly EUR 107 million.
Asian investors appear on the horizon
Although Asian investors have not been particularly active on the Polish market in recent years, the acquisition of the Booster Zabrze logistics park in Silesia by a South Korean investor stands out as a positive exception. The transaction suggests that selected foreign funds are cautiously turning their attention to Poland. Total investment capital from Asia reached EUR 68 million.
In the first-quarter 2026 investment volume, capital from European countries outside the eurozone dominated, accounting for EUR 490 million in transactions.
Capitalisation rates remain stable
In the first quarter of 2026, capitalisation rates for prime assets in Poland remained stable.
“In the industrial and logistics segment, however, the first signs of compression appeared. Transactions involving prime assets were concluded at yields of around 6.0%, confirming the return of investor competition and an improvement in liquidity compared with last year,” commented Karolina Wojciechowska, Director, Capital Markets, BNP Paribas Real Estate Poland.
Stabilisation in the remaining sectors resulted from a narrowing gap between buyers’ and sellers’ pricing expectations rather than from a decline in activity.
Geopolitical uncertainty has so far had a limited impact on the Polish market, while potential capital flows may support Europe and the CEE region. Its longer-term effects will become clearer only in the coming months.
Source: CEO.com.pl / BNP Paribas Real Estate Poland.
