20:04 9 February 2026
Opinion: Polish real estate is doing better than we think
Poland’s real estate market is gradually returning to balance, showing stabilization rather than boom conditions, according to Kamil Kowa, managing director at Savills Polska. Investment interest in early 2026 is strongest in offices and logistics, supported by limited new office supply in central Warsaw and a mature, resilient warehouse market that continues to deliver stable returns. Retail is also regaining appeal, particularly convenience formats and retail parks, thanks to steady turnover and loyal customer bases.
Domestic investors are becoming more active and accounted for a record 20% of transaction volume in 2025, though they mainly target small and mid-sized assets due to the absence of large institutional capital such as REITs. Despite geopolitical concerns and limited buyer competition, market fundamentals remain strong, with solid GDP growth, low unemployment, easing inflation, and attractive valuations.
The office sector is split into two speeds: oversupplied regional markets versus central Warsaw, where shortages are pushing rents higher. Logistics remains stable after years of rapid expansion, while PRS, student housing, and niche residential segments continue to grow selectively. Overall, 2026 is expected to outperform 2025 in investment volumes, though without record-breaking levels.
