Poland's property investment market reached €4.7 billion across 93 transactions in the first three quarters of 2026, an 81% increase year-on-year, according to data from Avison Young. The result marks the strongest Q1-Q3 performance since 2018, driven by the return of core capital and 15 deals exceeding €100 million.
Retail and industrial sectors led activity by volume. The retail sector recorded €1.5 billion, with portfolio transactions covering both shopping centres and retail parks accounting for 45% of sector volume. Eight regional shopping centre transactions were completed, including the sale of a 70% stake in Posnania to Trigea Real Estate Fund. "Avison Young professionals brokered 4 retail transactions completed so far this year, including all retail formats," said Artur Czuba, Director of the Investment Department at Avison Young, noting deals including the Vendo Park Portfolio acquisition by Star Capital Finance and Generali, the disposal of Galéria Pestka in Poznań, and retail parks in Mysłowice and Błaszki.
The industrial sector contributed €1.3 billion across 27 transactions, with the five largest deals accounting for 56% of total industrial volume. US investors participated in all five major transactions and supplied 66% of the sector's capital. Sale-and-leaseback deals generated €220 million across five transactions. "Investment activity remains strong, but capital allocation is highly selective. Demand is focused on assets with secure long-term income, while value-add properties continue to attract opportunistic investors," said Bartłomiej Krzyżak, Co-Head of the Investment Department at Avison Young.
The office sector contributed 24% of overall volume, totalling €1.1 billion across 30 transactions. Seven prime deals were completed in Warsaw, Kraków and Gdańsk, with the acquisition of The Bridge in Warsaw by Eastnine representing the largest single-asset office transaction since 2022. Domestic investors accounted for 30% of office investment volume. "The broadening of transaction activity across multiple deal-size categories indicates a clear improvement in liquidity within the Polish office investment market," said Marcin Purgal, Co-Head of the Investment Department at Avison Young, adding that investors are increasingly willing to pursue larger assets while the market continues to favour buildings that meet high standards of quality and sustainability.
Notable deals were also completed in the private rented sector and hotels, including the sale of the Resi4Rent portfolio and the Sofitel Warsaw Victoria hotel. Core capital is gradually re-entering the market, targeting higher-quality assets and contributing to a rise in average transaction volumes. With favourable investor sentiment, resilient economic indicators and a strong deal pipeline, the full year is expected to outperform 2025 considerably.
