The Polish commercial real estate investment market in 2025 shows mixed performance, with lower volumes than the previous year but emerging signs of recovery. According to CBRE, total investment since the beginning of the year amounted to EUR 2.5 billion, reflecting a 9.3% y/y decline. The slowdown aligns with broader European trends, where investment processes are taking longer and transaction values are often lower, even though the number of deals remains relatively stable. However, several major transactions currently in progress suggest that activity may strengthen in Q4 2025 and into 2026.

In Q3 2025, 29 transactions were completed, with the office sector dominating the market. Offices accounted for 57% of quarterly investment volume, driven by significant deals in Warsaw, including the EUR 180 million sale of shares in the Mennica Legacy Tower — the largest transaction of the quarter across all sectors. Overall, Warsaw attracted the vast majority of office capital, representing 92% of investments in the segment.

The logistics sector recorded EUR 179 million in Q3 investments, led by the sale of Panattoni Park Rzeszów North, while the retail sector saw EUR 109 million invested, mostly in regional retail parks. This continues a multi-year trend of investor preference toward convenience-focused retail formats over large shopping centers.

The residential sector maintained steady interest, although the quarterly transaction volume was modest. The most notable deal was Xior’s EUR 32 million acquisition of a student housing complex in Warsaw. The market is anticipating the landmark EUR 560 million sale of the Resi4Rent rental housing platform, expected to be a key moment for institutional residential investment in Poland.

Polish investors played a substantial role in the market, accounting for 21.8% of total capital, or EUR 551 million, indicating growing domestic confidence in income-producing property assets.

(WBJ)