After two days of meetings and conversations at MIPIM 2026 in Cannes, the European market is sending a clear signal: capital is returning to investment processes, but with greater selectivity than before the interest rate hiking cycle. Investors are not retreating from risk — they are learning to price it more precisely.

The strongest interest today is in assets with value growth potential and the residential sector, which remains the most active part of the European real estate market. At the same time, appetite is growing for stable assets with long-term leases in prime locations — particularly where rental growth prospects are credible.

Conversations at MIPIM confirm that investors are returning to Poland and the region, though with considerably more caution than a few years ago. They are looking for assets that offer either a clear value growth potential or predictable income and a strong location. Nobody is making opportunistic investments today. 

Residential drives the market

The residential sector remains the strongest segment and one of the defining themes of this year's MIPIM. Developers are actively seeking land for new projects in Poland's major cities. The focus is on plots suitable for schemes of around 5,000–10,000 sqm GFA and phased developments that allow flexibility in adjusting delivery pace to changing market conditions.

Capital is concentrating on Warsaw, Cracow, Wroclaw, Gdansk and Poznan. These are the markets where land liquidity and the depth of buyer demand justify new investment today.

Warsaw remains firmly at the center

Warsaw featured in conversations at MIPIM as unquestionably the most important real estate market in Poland and one of the key reference points in the CEE region. Investor interest — from those considering their first entry into the Polish market as well as those preparing further acquisitions — is focused primarily on residential land in central locations, office assets with value-add potential, and mixed-use developments. The argument that consistently comes up is Warsaw's market liquidity compared to other regional capitals.

The office market begins to stabilize

The office sector is no longer perceived solely through the lens of risk. A key factor behind the shift in sentiment is the limited supply of new projects. In many cities, the development of new office buildings has been halted or postponed, which in the coming years could significantly improve conditions in the leasing market.

In Warsaw, developers are increasingly signalling rising rents in the prime office locations. This is a direct result of the shrinking pipeline of new supply combined with stable demand from tenants. As a result, some investors are once again analysing opportunities to acquire office buildings in the capital, particularly assets with potential to improve occupancy levels or increase rental rates.

Waiting for core capital to return

Conversations with investors reveal a clear evolution in strategy. After several years in which value-add dominated, the market is beginning to look for the return of core capital — directed at stable, well-located assets with long-term leases. A number of ongoing sales processes suggest that this capital is once again looking at Poland albeit cautiously and selectively.

New players in retail parks

Retail parks maintain their reputation as one of the most predictable segments of the market. The defining feature of the current moment, however, is a shift in the buyer profile. Growing activity is being seen from investors from Central and Eastern Europe — the Czech Republic, Slovakia and the Baltic states — as well as selected French capital.

The strategy most commonly adopted is the acquisition of single assets with the intention of gradually building a portfolio that can be monetised as a larger package in future years. It is a model that allows risk to be managed while building scale.

Logistics: active, but still cautious

Logistics remains one of the most active segments of the market. Multiple sales processes are underway, covering both single warehouse assets and larger portfolio transactions. At the same time, there is a visible expectation of the return of institutional core capital, which dominated the sector in previous years. Investor interest is concentrated on projects with long leases providing income stability. The overall picture for logistics at MIPIM 2026 supports a cautiously optimistic outlook for the year.

New asset classes gaining ground

An increasingly frequent topic of conversation is segments that may grow faster than traditional asset classes. Data centres, research and development facilities, and healthcare real estate are receiving particular attention. They are driven by the convergence of two parallel megatrends: technological transformation and demographic change.

Poland as a stable point in an uncertain environment

The geopolitical dimension has not disappeared from conversations, but its character is changing. Investors increasingly accept that the risk related to the war in Ukraine has largely been priced into valuations and yields. Greater uncertainty is now being generated by the situation in the Middle East and its potential consequences for the global economy. Against this backdrop, Poland is being perceived with growing consistency as a stable and predictable market within the CEE region.

A new phase of the cycle

MIPIM 2026 confirms that the real estate market is entering a new phase of the cycle — not a return to the euphoria of a few years ago, but a gradual recovery built on selectivity and capital discipline. Investors are returning where they see quality, income predictability or a clear value growth potential. In Poland, the primary beneficiaries of this trend today are the residential sector, the best office projects in Warsaw, and selected retail and logistics assets.

(WBJ)