Commercial real estate investment across six Central and Eastern European markets reached €5.8 billion in the first half of 2026, according to Colliers, with the Czech Republic accounting for roughly a quarter of that total at over €1.4 billion. Although this represents a nominal decline from the record €2.2 billion recorded in the same period last year, analysts at Colliers view the result as a stabilisation following an period of exceptional activity.
"Improving financing conditions, decreasing inflation and solid domestic demand are bringing big money back into the game. However, this is not a broad-based market recovery. Capital is flowing very selectively. Investors are primarily targeting high-quality properties that are resilient to economic fluctuations, meet strict ESG criteria and offer secure long-term returns," said Josef Stanko, director of market research at Colliers, adding that projects related to digitalisation, nearshoring and energy transition have attracted the most attention.
Prime yields in Prague are the lowest across all segments among the six capitals reviewed by Colliers. Office yields stand at 5.25%, compared with 6.25% in both Warsaw and Bratislava, while industrial warehouse yields sit at 5.00%. For premium shopping centres, Prague's yield of 6.00% is below the average for Germany's four largest cities at 6.63%. Investor interest in the Czech Republic is currently concentrated on rental housing projects, alongside continued demand for office buildings, where vacancy rates in central Prague have fallen, though older buildings on the city's outskirts face rising tenant disinterest.
Czech capital has been particularly active in Poland, which recorded transactions exceeding €3 billion in the first half of 2026, its strongest such period since 2018. Czech investors accounted for nearly 24% of Polish transaction volume, ahead of German investors at 19% and both American and Polish investors at 11% each. Among notable deals, Vantage Development completed the acquisition of 18 Resi4Rent residential projects for €575 million, described as the largest institutional rental housing transaction in Polish history. In total, Czech capital deployed €1.9 billion across the region.
Colliers notes that while financing conditions are gradually improving across Central and Eastern Europe, lenders remain highly selective, favouring projects with stable income, strong ownership and clear sustainability strategies. Properties with high energy consumption face greater difficulty securing favourable financing terms. The firm concludes that the region has entered a more mature phase of its investment cycle, one defined by asset quality and operational performance rather than broad market momentum.
