This year’s EXPO REAL trade fair in Munich marked a noticeable shift in tone across industry discussions. After a period of uncertainty and stalled investment decisions, the commercial real estate market appears to be entering a stage best described as one of realistic optimism. Capital is returning to the table—but now with far greater discipline and risk awareness.
The Polish market continues to attract attention with appealing capitalization rates, drawing investors in search of higher returns. However, financial performance is no longer the only factor that matters. Increasingly, investors are asking about project fundamentals—such as modernization plans, decarbonization pathways, and precisely calculated CAPEX. The past two years have taught the market that only assets with a clear strategy and manageable risk profile will maintain access to financing.
ESG and Decarbonization Move from Declarations to Action
One of the strongest themes at this year’s fair was ESG and portfolio decarbonization. Unlike in previous years, the discussion was no longer dominated by general statements but by specific questions about data, impact measurement, and financing models for green investments. ESG strategies have clearly evolved into integral elements of project analysis and valuation, rather than serving as optional or image-driven additions.
Selective Revival in the Office Sector
A selective recovery is beginning in the office segment. Demand is concentrating around prime assets, while older buildings require repositioning through modernization, functional transformation, or integration with mixed-use formats. The logistics sector remains solid, maintaining a stable outlook, while the retail segment continues its transformation toward placemaking and multifunctional spaces.
From Buzzwords to Real Tech Integration
Another key trend at EXPO REAL 2025 was the shift from “PropTech” as a buzzword to practical technological applications. Data-driven and AI-based solutions are increasingly supporting investment decision-making, portfolio analysis, and energy management. Technology is becoming a core tool in everyday asset management, enhancing both efficiency and transparency, rather than being treated as a novelty.
A New Market Order Based on Quality and Data
EXPO REAL 2025 confirmed that the market will not return to its pre-crisis operating model. Instead, a new, selective order is emerging—built on quality, data, and a responsible approach to risk. For market participants, the key challenge now will be the speed of adaptation—across investors, developers, and financing institutions alike.
Central Poland’s Role in Shaping the Future
During the event, I had the pleasure of moderating a panel discussion titled “Łódź Region – Powering Poland’s Future Growth”, which showcased how Central Poland can leverage global megatrends in practical ways. The panelists agreed that the Łódź region is evolving into an ecosystem where green energy, infrastructure, and digital competencies converge to create a unified investment environment.
The Bełchatów transformation was highlighted as a key opportunity to balance conventional energy sources while paving the way for data center projects that depend on stable and low-emission power supplies.
At the same time, the development of the Central Communication Port (CPK) represents more than just an infrastructure investment—it’s also a chance to build a new logistics and industrial platform with the potential to attract additional investors. Combined with a strong academic and research base, the Łódź region is emerging as a strategic economic hub for Poland.
Author: Renata Osiecka, Owner and Managing Partner, AXI IMMO
