Investment in Poland’s commercial real estate market exceeded €3.06 billion in the first half of 2026, representing a 78% increase year on year and the strongest first-half result since 2018, according to data from CBRE. Capital flowed into every segment of the market, with retail properties attracting the greatest investor interest and accounting for more than one-third of the total transaction volume. CBRE experts say the result confirms that the recovery in Poland’s commercial real estate investment market is firmly established.
Poland’s investment market continues to rebound. Transactions worth more than €3.06 billion were completed during the first six months of 2026, marking the strongest first-half performance in eight years. According to market experts, the increased activity reflects the return of investors and the growing competitiveness of Polish commercial real estate compared with other European markets.
“The very strong results recorded in the first half of the year confirm that the recovery in the investment market is sustainable. Three further major office transactions were completed at the beginning of July, while investor interest remains high across all commercial real estate segments. We are seeing an increase in capital values and increasingly favourable financing conditions. Combined with the potential for further rental growth, this is enabling Polish real estate to compete successfully with other European markets,” said Przemysław Felicki, Director in CBRE’s Capital Markets division.
Retail Leads the Market as Residential Investment Surges
The retail sector proved to be the main beneficiary of returning investment capital. It accounted for 34% of total investment volume in the first half of the year, with transactions valued at €1.03 billion. This was almost three times the amount recorded a year earlier.
Investors once again focused on shopping centres and retail parks, which regained their position as the most attractive asset class following a period of greater caution. Transactions included major shopping centres, such as the sale of a 70% stake in Posnania for approximately €370 million, as well as portfolio deals involving Auchan hypermarkets and Vendo Parks. Investors from the Czech Republic, Hungary and the United States were particularly active in this segment.
Industrial and logistics properties remained the second-largest segment, attracting €782 million and accounting for 25% of the total market. Investment volume increased by 13% compared with the corresponding period of the previous year. Nearly half of the sector’s investment value was generated by two major portfolio transactions acquired by investors from the United States.
The residential sector also recorded particularly strong growth. Transaction value increased by as much as 157% to €605 million, giving the segment a 20% share of the overall market. This substantial result was largely driven by a major transaction involving a private rented sector platform, which significantly increased investor interest in the segment.
The office market attracted €594 million in investment and accounted for 19% of the total transaction volume. This represented an increase of 39% compared with the first half of 2025. The largest transaction completed by the end of June was the acquisition of Warsaw’s Central Point office building by a Polish investor.
Although the hotel sector represented only 2% of the market, investment value rose to €50 million. This was an increase of 185% year on year.
Foreign Capital Drives Investment Activity
Poland continues to attract considerable interest from international investors. Foreign capital accounted for approximately 89% of the total value of transactions completed during the first half of the year.
Czech investors were the most active, generating 25% of the total transaction volume, equivalent to approximately €766 million. The United States and Germany followed, each accounting for 19%, or approximately €575 million. Together, investors from these three countries were responsible for nearly 63% of all investment in the Polish market.
“In our investor intentions survey conducted at the end of 2025, Poland ranked third in Europe in terms of expected investment returns. It is now clear that the optimism expressed by investors is translating into both a rising number of transactions and higher investment volumes,” Felicki added.
Polish capital accounted for approximately 11% of the overall transaction volume and was concentrated primarily in the office market, where domestic investors represented 49% of investment activity. Polish investors were significantly less active in the retail and industrial sectors, both of which continued to be dominated by foreign capital.
