Polish capital hits a record high. Cushman & Wakefield summarises 2025 in the commercial property market

05 February 2026

Although commercial real estate investment volume in Poland reached approximately EUR 4.5 billion in 2025 – representing a 13% decrease year-on-year – the past 12 months marked a period of significant structural change. Notably, Polish capital moved into the spotlight, accounting for around 20% of total investment activity, up by more than 11% year-on-year. This trend underscores the market’s growing maturity and the increasingly prominent role of local investors in shaping its dynamics, according to experts at global real estate services firm Cushman & Wakefield.

From a capital markets perspective, one of the key developments in 2025 was the unprecedented share of Polish capital. This is not only about the figures – data shows that Polish investors accounted for approximately 20% of total transaction volume and as much as 30% of office investment – but also reflects the increasing professionalisation of local investors. Today, they have the relevant expertise and relationships, and are ready to make decisions in an environment marked by uncertainty, which continues to deter many international players. This represents a step change that is likely to fundamentally transform the structure of the Polish investment market over the longer term,”

says Marcin Kocerba, Partner, Capital Markets, Cushman & Wakefield.

Each market segment tells its own story

Offices emerged as the top performer, with more than EUR 1.74 billion worth of transactions, taking the largest share of 2025’s total investment volume. Investment activity was largely driven by Warsaw, particularly central locations experiencing low supply levels and rising rental rates, although activity also picked up in non-central locations of the capital. Importantly, domestic capital accounted for as much as one-third of office transactions across Poland.

With EUR 1.33 billion invested, the warehouse sector came second. The sector continues to benefit from long-term trends such as e-commerce growth, nearshoring and supply chain digitalisation, with transactions strongly oriented towards high quality. The largest deal in this segment – and in the commercial property market overall – was Realty Income’s acquisition of two assets from EKO-OKNA in a sale-and-leaseback transaction.

The retail market closed 2025 with a transaction volume of nearly EUR 900 million. While investment activity was dominated by retail parks, which continue to offer stable income streams and high liquidity, there was also renewed interest in larger, well-established shopping centres.

The decline of over 10 per cent in the 2025 investment volume was largely due to a dearth of sales of large and dominant retail assets. At the same time, we are seeing market confidence recover, with Western investors, including those from France, the UK and the US, increasingly revisiting assets in Poland. The warehouse and office sectors are seeing robust demand for high-quality assets with a strong track record, while pricing is becoming acceptable to both sides of transactions. If this trend continues, 2026 could mark an inflection point for the market, especially if core funds return,”

comments Marcin Kocerba.

CEE on the radar of global investors

Central and Eastern Europe (CEE), with Poland as the region’s largest and most liquid market, is gaining prominence in institutional investors’ strategies. The appeal of the region continues to grow, supported by strong fundamentals, economic resilience and competitive rates of return. For many investment funds, CEE has moved into the top three investment destinations.

At the same time, regional capital – mainly from Czechia and Poland – remains the most active, characterised by flexibility and rapid decision-making, both of which are critical in the current market environment.

Expectations for 2026: stabilisation, selectivity and ESG

Looking ahead to the coming months, experts at Cushman & Wakefield expect investors to maintain a selective approach amid a continued inflow of local capital and a gradual return of Western investment funds, particularly those pursuing core and core+ strategies.

While high interest rates in the eurozone continue to put pressure on yields, they are also encouraging investors to look for stable, diversified markets such as Poland. At the same time, sustainability considerations are gaining importance, both in terms of access to financing and buyer-side due diligence.

Despite lower investment volumes, the market is sending clear signals of stabilisation: greater owner flexibility, improved financing availability, diverse investor strategies – from core+ to opportunistic – and the growing significance of sustainable assets. All of this indicates that the foundations for a market rebound in 2026 have already been laid,”

concludes Marcin Kocerba.

Magdalena Znyk-Ossowska

Senior Consultant at Linkleaders

+48 502 556 846

Karolina Samczyńska

Head of Marketing and Sales Enablement, Poland at Cushman & Wakefield