As CEE moves into a new phase of the real estate cycle, transaction structures, investor behaviour, and regulatory expectations are shifting at pace. Cross-border capital is gradually returning, domestic investors are taking a stronger role, and ESG-driven obligations are reshaping how deals are structured and executed. Against this backdrop, Dr. Erwin Hanslik MRICS, Partner and CEE Head of Real Estate & Construction at Taylor Wessing, shares his perspective on the most important legal, regulatory and market developments influencing real-estate transactions today.

Older buildings usually consume more energy in operation than new construction. That is not only a cost issue. It also affects how an asset performs against market standards like BREEAM, EU Taxonomy, and CRREM, as well as regulations such as the Energy Performance of Buildings Directive and the rules for Building Automation and Control Systems (BACS). Many owners assume the only way to close the gap is a major refurbishment. Better insulation and new equipment certainly help, but they are expensive and disruptive. Investments in deep fabric and equipment upgrades can reach one to five percent of the asset value.

Auchan has officially opened one of Poland's most technologically advanced fulfilment facilities in Wilcza Góra. The 18,000 sqm build-to-suit facility was developed by Panattoni and is fully adapted for e-grocery operations, equipped with the Ocado automation system. The investment is worth nearly €34 million.

CEE recorded a 38% increase in real estate investments in the first three quarters of 2025, reaching over €7 billion across six major markets, according to Colliers' latest report.

Stokado, the second largest operator on the Polish self-storage market, has started construction of two new development projects in Wrocław and Warsaw. These initiatives represent the company's fourth and fifth ground-up developments since its acquisition by Redefine Properties and Griffin Capital Partners in 2023.

Deutsche Pfandbriefbank (pbb) has provided a €78 million investment facility to AB Tewox, managed by Lords LB Asset Management. The loan will refinance six retail parks and fund the acquisition of two new retail parks across multiple Polish locations.

REICO IS EAM continues its most dynamic year since its foundation, as the REICO Nemovitostní Fund expands its portfolio with a property in the heart of Prague. This marks the largest single-asset transaction ever recorded on the Czech market.

Polish developer Atal has expanded its Kraków portfolio with 188 apartments in the new Atal Bronowice development on Starego Dębu Street. The project offers 2-4 room apartments ranging from 40 to 80 sqm, with completion planned for Q3 2027.

The Czech Republic's commercial real estate investment market is on track for one of its most successful years in history, with transactions worth €2.46 billion completed in the first nine months of 2025, Colliers reports.

Sekyra Group has advanced its Žižkov City project after selecting four architectural studios through a competitive workshop. The studios - Unit architekti, Klaska Ltd, edit! architects and majo architekti - will design the first two residential blocks of the development.