Poland's property investment market recorded €3 billion in total volume across 66 transactions in H1 2026, up 77% year-on-year and matching the highest levels seen in the country over the past decade. Every sector recorded deals exceeding €100 million, with the single largest transaction — €575 million — completed in the private rented sector (PRS). Core investors are returning to prime assets, pushing average ticket sizes up while overall liquidity remains lower than in H1 2025.
The retail sector led activity with a 34% share of total volume, reaching €1.03 billion across 20 transactions — the sector's best first-half result since 2018. Five major deals, including the sale of a 70% stake in the Posnania shopping centre, accounted for 73% of retail volume, with all involving CEE capital. Portfolio transactions dominated: Auchan and Ceetrus sold eight shopping centres to Adventum Group, Star Capital Finance acquired six Vendo Parks in a deal brokered by Avison Young, and the remaining nine assets from a 36-park Vendo Parks portfolio were transferred to Ares Management and Slate. "The Polish retail sector's diverse range of investment opportunities attracts a broad spectrum of capital, from smaller domestic investors to large international institutions," said Artur Czuba, Director, Investment Department at Avison Young.
The industrial sector contributed 26% of total volume at €782 million, driven largely by two portfolio deals: Ares Management's acquisition of the SIM portfolio and W. P. Carey's purchase of the Raben portfolio in a sale-and-leaseback structure — together representing 46% of industrial volume. US-based investors accounted for over 60% of industrial investment, including the Panattoni BSH asset disposal in Rzeszów and a sale-and-leaseback in Łódź. Nearly 40% of volume was recorded outside the Big Five markets. "Sale and leaseback transactions continue to be a sought-after investment product. The expected price adjustment of older assets may unlock additional opportunities," said Bartłomiej Krzyżak, Co-Head of Investment Department, Avison Young.
The office sector recorded €594 million across 23 transactions, with Polish investors accounting for approximately 50% of capital deployed, acquiring three of the five prime assets traded. The two largest deals — both exceeding €100 million — were Lewandpol's acquisition of Central Point and Wood & Company's purchase of Royal Wilanów in Warsaw, the latter advised by Avison Young. Kraków led regional markets, with Brain Park's two buildings sold to Polish and French investors, and The Park Kraków acquired by Estonia-based Summus Capital. "We anticipate that investment volume in the office sector in 2026 might remain in line with last year's performance or even exceed it," said Marcin Purgal, Co-Head of Investment Department, Avison Young.
In the PRS segment, Resi4Rent sold 18 assets to Vantage Development for €575 million — the largest Polish investment deal since 2022. Poland's operational PRS stock now exceeds 23,000 units, with Vantage Development holding a 37% share and the three largest operators controlling around 60% of total stock. Looking ahead, Poland's stable economic fundamentals, transparent legal environment and growing interest from CEE, French, Asian and domestic investors support expectations that full-year 2026 will outperform 2025.
