Poland's commercial real estate investment market reached €3.98 billion in 2025, demonstrating resilience amid challenging macroeconomic and geopolitical conditions, according to BNP Paribas Real Estate Poland’s report.
Q4 confirmed sustained investor activity, with the market operating steadily and liquidity supported by domestic capital and numerous mid-sized transactions.
Throughout 2025, investor activity focused on selected asset classes and projects meeting defined investment criteria, maintaining stable transaction volumes through selective deal-making.
The "wait and see" strategy was particularly visible in the core assets segment, though rising returns and stable valuations enabled several major deals. Activity concentrated on projects with growth potential in proven locations. A notable transaction included a 45% stake buyout in the CPI Poland portfolio, valued at approximately €500 million.
"The record influx of EU funds has turbocharged investment activity and fast-tracked infrastructure projects, deepening the market and expanding portfolios with fresh ventures," comments Mateusz Skubiszewski, Senior Director, Head of Capital Markets at BNP Paribas Real Estate Poland.
"Poland remains attractive compared to Western Europe thanks to still higher yields and solid demand fundamentals, which continue to drive interest in prime assets,” adds Karolina Wojciechowska, Director, Capital Markets Department, BNP Paribas Real Estate Poland.
The industrial and logistics sector claimed the largest investment share at €1.47 billion (37% of transactions), followed by offices with €1.31 billion (32%) and retail with €811 million (20%). Major transactions included the Eko Okna portfolio sale and leaseback worth €254 million, Warsaw's Wola Center sale for €127 million, and the Trei Portfolio retail parks disposal for €186 million.
Deals valued between €40-100 million reached €1.59 billion, showing 50% year-on-year growth and remaining vital for market liquidity. Prime yields held stable at approximately 6.25% for offices and industrial-logistics assets, 6.50% for shopping centres, and 5.25% for e-commerce logistics.
Looking ahead to 2026, eurozone monetary policy stabilisation and Poland's expected GDP growth from 3.5-3.6% to 3.7% should lift investor sentiment, with experts anticipating gradual transaction increases for quality assets.
