Is a sense of optimism slowly returning to the office real estate market? Recent transactions involving a wide range of assets suggest so. According to data from international advisory firm Cushman & Wakefield, the value of transactions in this segment reached nearly EUR 400 million in the first half of 2025, with EUR 232 million recorded in the second quarter alone. This indicates a continued rebound in investor interest. Cushman & Wakefield experts expect the annual transaction volume to climb even higher, with capital inflows coming not only from the domestic market and other CEE countries but also from the UK, Scandinavia, and Belgium. A positive signal for the market was the recent sale of the VIBE office building by Ghelamco to international investment firm Manova Partners, representing German capital.
Balance Between Warsaw and Regional Cities
Cushman & Wakefield data shows that investors are once again recognizing the potential of various asset classes across diverse locations. While Warsaw remains the main focus, the Q2 2025 transaction volume was evenly split between Warsaw and regional cities, with EUR 116 million allocated to each segment.
Investor interest currently spans a broad spectrum of assets—from value-add properties and projects requiring repositioning to top-tier landmark buildings. “We are also seeing growing openness to locations outside Warsaw’s central business district, provided they offer high standards, stable tenants, and long-term growth potential,” said Marcin Kocerba, Partner, Capital Markets, Cushman & Wakefield Poland.
Among the largest deals was the sale of the 15,800 sq m VIBE building in Warsaw, finalized in Q3. The seller was Belgian developer Ghelamco, while the buyer was Munich-based Manova Partners, an international real estate investment manager. Other notable deals included Uniqa Real Estate’s acquisition of the 16,600 sq m Wronia 31 building and Syrena Real Estate’s purchase of the 8,100 sq m Zaułek Piękna office building near Aleje Ujazdowskie. In Kraków, Niam sold two buildings in the High5ive complex (totaling 23,600 sq m).
Cushman & Wakefield’s experts advised on transactions worth approximately EUR 122 million closed by the end of August. These included both core assets, such as VIBE in central Warsaw, and value-add properties, including Zaułek Piękna in Śródmieście and assets outside the center like Nefryt and Topaz in Mokotów. Meanwhile, the sale of the Piastów Office Center in Szczecin to a joint venture between Czech fund Investika and Bud Holdings confirms that smaller regional markets are once again attracting investor attention, said Maciej Rostropowicz, Senior Consultant, Capital Markets Poland, Cushman & Wakefield.
According to the firm’s experts, investors’ strategies remain highly diverse, requiring advisory companies to provide broad competencies at the transaction preparation stage. Comprehensive modernization or repositioning analyses and ESG due diligence are becoming an integral part of these processes.
Western Capital Returns
The capital structure of transactions is becoming increasingly diverse. On one hand, regional capital—particularly funds from the Czech Republic and the Baltic states—continues to expand its share in the Polish market. On the other, Western European investors, particularly from Germany, Belgium, and the UK, are showing stronger activity.
Domestic private capital is also playing a larger role, reflecting an ongoing trend of growing activity among Polish individual investors and family offices.
“There is clear momentum on the office market, with numerous due diligence processes currently in advanced stages, giving a solid foundation for forecasting more closed transactions in the second half of the year. We estimate that additional deals worth EUR 250–300 million could be finalized this year, allowing the 2025 total to exceed EUR 400 million,” added Marcin Kocerba.
Financing: ESG Becomes a Decisive Factor
Investor appetite is also supported by greater openness from financial institutions. While banks remain selective, they are more willing to finance acquisitions than refinancing, especially in cases where projects meet sustainability criteria.
For older office buildings—which, according to Cushman & Wakefield, represent as much as 52% of Poland’s total Class A and B office supply (built before 2015)—it is becoming crucial to prepare realistic plans for energy modernization and decarbonization. Hybrid financing structures are increasingly common, combining funds for both acquisition and partial modernization aligned with sustainable development goals.
Source: ceo.com.pl
