Poland's commercial real estate investment market has delivered increasing performance in the first five months of 2026, with total investment volume reaching approximately €2.3 billion across around 50 deals, according to Avison Young Poland.
May alone generated approximately €1.1 billion in transaction volume, doubling the result achieved in the first four months of 2026.
The strong May performance was primarily driven by two large transactions. Resi4Rent sold 18 assets to Vantage Development for over €560 million in the private rented sector (PRS), while Ares Management acquired five warehouse properties (SIM portfolio) for more than €200 million. Since the beginning of the year, each of the four main commercial real estate sectors has recorded at least one transaction exceeding €100 million.
The industrial sector maintains its leading position, representing 44% of total transaction volume with investment volume estimated at more than €700 million. This performance has been driven by two portfolio transactions: the sale of the Raben portfolio to WP Carey in a sale-and-leaseback structure, and the acquisition of the SIM portfolio by Ares Management. "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 at Avison Young Poland.
The retail sector ranks second with total investment volume exceeding €500 million, recording the highest number of completed transactions among all commercial real estate sectors. The largest retail transaction was the acquisition of eight Auchan shopping centres by Hungarian investment group Adventum. In May, ownership of four retail parks and one shopping centre changed hands, including Pasaż Łódzki, acquired by Czech investor Crestpoint Capital Partners. "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 whole portfolios or larger scale assets," adds Artur Czuba, Director, Investment Department at Avison Young Poland.
The largest office transaction was the acquisition of Royal Wilanów in Warsaw by Wood & Company from Capital Park Group for over €100 million. Office transactions in May were dominated by Polish capital, accounting for three out of four deals, all involving buildings in regional cities. "Taking into account transactions currently at an advanced stage of negotiation, we anticipate that investment volume in the office sector in 2026 might remain in line with last year's performance or even exceed it. 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 at Avison Young Poland.
