20:55 9 June 2026
The commercial real estate market in Poland ahead of the mid-year summary
Marcin Purgal – Co-Head of Investment Department
Bartłomiej Krzyżak - Co-Head of Investment Department
Artur Czuba – Director, Investment Department
The performance of the Polish commercial real estate investment market during the first 5 months of 2026 has been quite impressive. Based on estimated figures for announced transactions, total investment volume has reached approx. EUR 2.3 billion across around 50 deals.
May alone generated approx. EUR 1.1 billion in transaction volume, which doubles the result achieved in the first 4 months of 2026. This confirms the strong momentum and dynamics of the Polish market.
The high performance recorded in May was primarily driven by two large transactions. The first was the completion of an exceptional deal in private rented sector (PRS) - Resi4Rent sold 18 assets to Vantage Development at the price over EUR 560 million. The second was the portfolio transaction, with Ares Management acquiring 5 warehouse properties (SIM portfolio) for more than EUR 200 million.
Furthermore, since the beginning of the year, each of the 4 main commercial real estate sectors has recorded at least one transaction exceeding EUR 100 million. As a result, the average transaction size has increased significantly, with liquidity lower than during the same period in 2025.
In Q1 of 2026, industrial sector accounted for the largest share of the investment market, representing 44% of total transaction volume. After 5 months, the sector remains in the leading position, with investment volume estimated at more than EUR 700 million.
This strong performance has been driven largely by the completion of 2 portfolio transactions: the sale of the Raben portfolio to WP Carey in sale-and-leaseback structure, and the already mentioned acquisition of the SIM portfolio by Ares Management, announced in May. These transactions indicate a gradual recovery of the portfolio investments, which is clearly supporting overall transaction volumes.
The pricing gap between buyers and sellers continues to narrow, resulting in improved transaction activity across the industrial sector, primarily driven by foreign capital. In addition, the anticipated repricing of older assets may further stimulate market activity and create new investment opportunities.
“Assets secured by long-term lease agreements continue to attract significant investor interest. Investors are seeking stable and predictable cash flows, including sale-and-leaseback transactions, which remain an important driver of the market.” - comments Bartłomiej Krzyżak, Co-Head of Investment Department.
The retail sector ranks second after the first 5 months of 2026, with total investment volume exceeding EUR 0.5 billion, while also recording the highest number of completed transactions among all commercial real estate sectors during this period.
The largest retail transaction completed so far in 2026 was the acquisition of 8 Auchan shopping centres by the Hungarian investment group Adventum. In May alone, ownership of 4 retail parks and 1 shopping centre changed hands, including Pasaż Łódzki, which was acquired by Czech investor Crestpoint Capital Partners, marking its entry into the Polish real estate market.
Retail parks and smaller convenience schemes accounted for approximately half of all retail transactions completed during 5-month period. The largest transaction involving this type of asset remains the sale by Trei Real Estate of 7 properties to Ares Management and Slate Asset Management as part of a larger portfolio deal.
“The transactions also included stand-alone retail properties. The retail sector in Poland continues to attract significant investor interest. The broad spectrum of available investment opportunities makes this sector accessible to both smaller domestic investors and global capital, seeking to acquire the whole portfolios or assets larger in scale.” - adds Artur Czuba, Director, Investment Department.
The largest office transaction completed in 2026 to date, and the only office deal exceeding EUR 100 million, was the acquisition of Royal Wilanów in Warsaw by Wood & Company from Capital Park Group. Avison Young provided comprehensive investment and technical advisory services to the buyer throughout the transaction process.
Office transactions completed in May were dominated by Polish capital, which accounted for 3 out of 4 deals. All 4 transactions regarded buildings located in regional cities. The dominance of regional markets in terms of transaction count has been visible since the beginning of the year. The most notable deals were two prime office transactions in Kraków involving Brain Park A and The Park Kraków.
“Taking into account transactions currently at an advanced stage of negotiation, both in Warsaw and regional cities, we anticipate that investment volume in the office sector in 2026 might remain in line with last year’s performance or even exceed it – depending on the closing pace of transaction processes. We observe increased investment activity in this sector, with more investors returning their focus to office properties.” - comments Marcin Purgal, Co-Head of Investment Department.
Poland continues to be viewed positively by investors as an economically stable country, with strong fundamentals, offering a predictable legal environment and a secure, transparent and liquid real estate market. As previously observed, investor interest from Western Europe is increasing, particularly among French investors, who are actively exploring opportunities across various asset classes. Capital from the CEE region, including the Czechia, Hungary, and also from the Baltic countries, remains strongly present in the Polish market. We are also beginning to see early signs of renewed activity from Asian investors.
Over the past two years, domestic capital has also become significantly more active, which is evident not only in the number of transactions but also in the volume deployed. We hope that this trend will continue, with Polish capital maintaining a high level of engagement in the commercial real estate market.
Looking ahead, we expect 2026 to outperform the previous year, supported by positive market sentiment, strong economic fundamentals and a robust transaction pipeline.
(Press Materials)
