Although investor activity in Poland’s commercial real estate market remains lower than a year ago, signs of revival are emerging. Several major transactions are underway. Since the beginning of 2025, total investment volume has reached EUR 2.5 billion, according to the latest data from CBRE. The share of Polish capital has exceeded one-fifth of the total volume. In the third quarter, the office sector was the most active, followed by logistics and retail.
“As in other European markets, investment processes in Poland are taking longer. While the number of deals is similar to the average of previous years, their total value is lower. However, the second half of the year has shown some signs of recovery. Several large transactions are currently in progress. We expect the fourth quarter and the following year to bring better results, both in Poland and across Europe,”
said Przemysław Felicki, Director of Capital Markets at CBRE.
From January to September 2025, investments in commercial real estate totaled EUR 2.5 billion, a 9.3% decrease compared to the EUR 2.8 billion recorded in the same period last year. In the third quarter alone, 29 transactions were completed. The office sector led the way, accounting for 57% of this volume, followed by logistics (22%) and retail (13%). Compared to the beginning of the year, the hotel sector saw increased activity, with three transactions completed. In the residential sector, one deal was signed.
Offices Back in Demand
The office market attracted the highest investor interest. In Q3 2025, EUR 474 million was invested in office properties, marking an increase compared to the previous quarter. The largest transaction was the sale of shares in the Mennica Legacy Tower by Golub GetHouse, Radziwiłł, and CVI to Mennica Polska for a total of EUR 180 million – also the largest deal across all sectors in Q3 2025. The vast majority of capital – 92% – was placed in the Warsaw market, with only 8% going to regional cities. Since the beginning of the year, Warsaw has captured three-quarters of total volume.
Logistics and Retail Slow Down
The logistics sector reported weaker investment figures than in the previous quarter, with EUR 179 million placed in Q3. The biggest deal was the sale of Panattoni Park Rzeszów North for EUR 58.7 million to Arete Investment Group.
Retail attracted EUR 109 million in investments, also showing a decline quarter-on-quarter. Most transactions were completed in regional cities and focused mainly on retail parks, continuing a trend from recent years. Warsaw accounted for just 3.5% of the total transaction value recorded since the start of 2025.
Residential Sector Continues Steady Growth
The residential sector is showing steady growth, despite a weaker performance compared to last year. In Q3, a single deal was closed involving student accommodation: Belgian investor Xior acquired the prestigious Wenedów 3 complex in Warsaw for EUR 32 million. Since January, approximately EUR 248 million has been invested in the residential market. A significant milestone will be the expected sale of the Resi 4 Rent platform for EUR 560 million, which the industry is closely anticipating.
“It’s worth noting the significant role of Polish capital in the commercial real estate investment market. Since the beginning of the year, Polish investors have accounted for 21.8% of total volume, with over EUR 551 million invested,”
added Przemysław Felicki.
Source: ceo.com.pl
