The results of Poland’s commercial real estate investment market in the first three quarters of 2025 – totaling €2.6 billion – reflect a stable market environment, with volumes comparable to last year’s performance for the same period (€2.8 billion). A total of 105 transactions were completed, indicating increased liquidity compared to 2024 (87 transactions). Domestic capital continues to strengthen its presence, taking advantage of attractive asset prices, while core capital remains cautious – only two deals exceeded €100 million.
Office and logistics assets dominated the market in terms of transaction volume. The office sector saw over 50% participation by Polish investors, underscoring the growing importance of domestic capital. The warehouse sector experienced lower liquidity but several key deals confirmed its strategic role. Retail property investments remained stable, focusing mainly on retail parks and redevelopment projects. In the residential and student housing segments, several secondary market deals were completed, with expectations high for the record acquisition of 18 Resi4Rent assets by Vantage Development.
Supported by solid economic fundamentals and overall stability, Poland’s investment market continues its balanced growth trajectory. The sector is now anticipating the return of core capital and the emergence of large portfolio transactions, which are expected to further boost investment activity in the coming quarters.
Market at a glance
- €2.6 billion total investment volume (including €828 million in Q3 2025)
- 105 transactions in Q1–Q3 2025 vs. 87 transactions in Q1–Q3 2024
- Comparable investment volume year-on-year
- 23% share of Polish capital in total investment volume vs. 10% in 2024
- Office sector led by domestic investors
Office sector – domestic capital gains ground
The office sector was the market leader in Q1–Q3 2025, both in terms of total volume and number of transactions. The largest office deal, and the only one exceeding €100 million, was Mennica Polska’s acquisition of the remaining 50% stake in Mennica Legacy Tower. Other major transactions included Vibe, Plac Zamkowy – Business with Heritage, Wronia 31 in Warsaw, and High5ive I & II in Kraków.
With an average transaction size slightly above €25 million, the market was dominated by value-add and opportunistic investments, still awaiting the return of core capital. Polish investors accounted for over 50% of both total volume and number of transactions, with acquisitions including properties purchased by owner-occupiers, including public sector entities.
Sector snapshot:
- €899 million in total volume
- 36 transactions
- 51% share of Polish capital
“Core capital remains cautious across all sectors, as investors following such strategies continue to avoid risk amid ongoing macroeconomic and geopolitical uncertainty. As a result, only five core office transactions were completed in the first three quarters of 2025.
However, we are optimistic about the coming months, expecting several such deals to be finalized in Warsaw and regional cities. Value-add and opportunistic investors, on the other hand, are showing stronger activity, selectively pursuing opportunities. This is where Polish capital is most engaged, accounting for over 50% of office volume and transaction count by Q3 2025,”
– commented Marcin Purgal, Senior Director, Investment at Avison Young.
Logistics sector – moderate liquidity, large volumes
The warehouse real estate market remained stable in Q1–Q3 2025, with results similar to the previous year. Transaction value reached €873 million, representing roughly one-third of total investment volume. Moderate liquidity resulted from a limited number of portfolio deals (only three so far this year) and the ongoing process of price adjustment between sellers and buyers.
Most activity occurred outside Poland’s top five markets – 17% of total volume came from emerging regions such as Bydgoszcz and Rzeszów, and 16% from smaller cities including Olsztyn and Opole. Sale-and-leaseback deals accounted for over 40% of total sector investment value, involving properties both in major hubs and regional markets.
Sector snapshot:
- €873 million total volume
- 5 sale-and-leaseback deals out of 18 total transactions
- 54% of volume outside major cities (“Big Five”)
“Sale-and-leaseback transactions represented 44% of total volume this year, led by the landmark sale of two Eko-Okna properties to Realty Income. This is not only the largest sale-and-leaseback transaction in Poland in the first three quarters of 2025, but also the biggest ever in Central and Eastern Europe.
From an investor’s perspective, such structures provide stable, long-term income supported by reliable tenants. They also allow portfolio diversification without direct exposure to tenant operational risk. However, investors must remain mindful of potential challenges such as tenant insolvency, re-letting risk, property condition, or environmental liabilities. Hence, thorough due diligence remains key to investment safety and profitability,”
– said Bartłomiej Krzyżak, Senior Director, Investment at Avison Young.
Retail sector – retail park portfolios expand
The retail property sector recorded €453 million in transactions in Q1–Q3 2025. Retail parks, convenience assets, and standalone grocery stores remained highly attractive, accounting for two-thirds of all deals and 56% of total transaction volume. Redevelopment acquisitions represented 20% of activity, mainly involving shopping centers and standalone properties being repurposed for residential use.
Regional shopping centers were the third most attractive asset class, with six assets traded across four transactions. Despite the lack of top-tier shopping center deals, the diversity of retail investment opportunities helped maintain stable market liquidity. Avison Young advised on four of the ten largest retail deals completed in the first three quarters of 2025, spanning all retail formats.
Sector snapshot:
- €453 million total volume
- 6 redevelopment deals
- 27 of 39 transactions involving retail parks or grocery stores
“In recent years, Poland has become an attractive entry point for investors expanding into Central and Eastern Europe. The most notable retail transaction in Q1–Q3 2025 was the acquisition of the 10-asset A Centrum portfolio by Czech investor My Park.
The retail park segment continues to perform strongly, supported by the convenience shopping trend and a stable tenant mix dominated by discount and essential goods retailers.
For new investors entering Poland, retail parks represent a relatively safe asset class: they offer lower entry costs compared to prime shopping centers, stable rental income, and are typically located in growing regional cities with resilient consumer demand. This combination of affordability, stability, and growth potential makes retail parks a key target for new players in Poland’s commercial real estate market,”
– noted Artur Czuba, Director, Investment at Avison Young.
PRS sector – a landmark deal on the horizon
Between Q1 and Q3 2025, residential investment transactions in Poland totaled €223 million, of which €150 million came from three PRS (Private Rented Sector) projects in Warsaw. AFI Europe completed two of these transactions, while Xior Student Housing acquired one asset from Syrena RE.
Other transactions included three co-living assets in Gdańsk acquired by NREP, with Avison Young’s technical advisory team providing full project monitoring and construction oversight. The market now awaits a milestone transaction – Vantage Development’s acquisition of 18 Resi4Rent PRS assets, expected to be the largest ever in the Polish PRS sector.
The strong fundamentals of Poland’s residential market continue to attract both domestic and international investors, including PHN, Ronson Development, and Skanska, all showing growing interest in this fast-developing segment.
“Poland’s PRS investment market, being in its early stage, has so far been dominated by primary market transactions, with properties acquired directly from developers.
Secondary market deals emerged in 2022, marking the next phase in PRS market evolution. That year, Catella sold its three assets in Warsaw and Kraków, exiting the Polish real estate market.
Currently, a landmark transaction is nearing completion – Vantage Development’s purchase of 18 Resi4Rent assets, representing over 20% of Poland’s total PRS stock,”
– said Patryk Błach, Senior Consultant, Investment at Avison Young.
