Total investment volume across the seven CEE markets tracked by Cushman & Wakefield reached approximately €5.4 billion in the first half of 2026, broadly unchanged year on year, according to the firm's CEE Investment Market Update for H1 2026. The stable headline figure masked a marked shift in activity towards Poland, which accounted for 56.7% of regional volume, up from roughly one-third a year earlier, recording its strongest first half since 2018.
Three structural trends defined the period. Liquidity became more concentrated in Poland, while the Czech Republic fell to second place despite remaining supply-constrained. The share of CEE-origin capital fell from 64.8% to 55.0%, while Western European capital, led by Germany, nearly doubled its regional share from 12.8% to 22.7%. In several markets, the main constraint was a limited supply of institutional-grade assets rather than a shortage of capital.
"Czechia's restricted investment supply is evident when compared with the available capital, and this has been reflected in pricing over the last six months. Poland's improving occupier market in most sectors is creating positive income for landlords, however, the investment market has yet to recognise this, which means Poland might be offering an attractive buying opportunity compared with the broader European landscape," said Jeff Alson, Head of EMEA L&I Capital Markets at Cushman & Wakefield.
By sector, office investment rose 13% year on year as vacancy across CEE capitals fell to 10.0%. Retail investment rose 24%, driven mainly by the €370 million acquisition of a 70% stake in Galeria Posnania in Poland. Residential investment surged 256% year on year, largely due to portfolio transactions in Poland and the Czech Republic. Industrial investment fell 45% year on year against a high 2025 comparison base, while hotel investment dropped 50% to €314 million, though this remained above the five-year average preceding 2025. Poland recorded €3.1 billion in H1 2026, up 80.4% year on year, with average deal size rising from €22.6 million to approximately €45.7 million and portfolio transactions increasing from 14% to 42% of Polish volume. The Czech Republic recorded €1.2 billion (down 40.7%), Hungary €495 million (up 42.6%), Slovakia €225 million (down 57.6%), Romania €211 million (down 46%), Bulgaria €144 million (down 24.1%) and Serbia €47 million (down 77.7%).
"The shift in the sources of capital is one of the most significant findings from the first half of the year. German capital's share of regional volume rose from 1.6% to 11.4%, while the share of CEE-origin capital declined as outbound investment from the Czech Republic slowed. This represents a meaningful change in who is now setting the pace of pricing across the region," said Marie Baláčová, Head of Business Development Services, CEE+Nordics at Cushman & Wakefield.
Several markets are positioned for a stronger second half, subject to the completion of transactions under negotiation. In Romania, a retail portfolio transaction and a logistics asset sale with a combined value of approximately €530 million are expected to close by year-end. In Bulgaria, a cross-border retail transaction worth around €122 million remains subject to regulatory approval. Poland's pipeline of office, retail and long-income logistics transactions suggests its regional dominance is likely to continue through to year-end, while improving investor confidence in Hungary is opening opportunities for new deals.
