Commercial real estate investment volume in Poland reached €4.5 billion in 2025, representing a 13% decrease year-on-year, but the past 12 months marked a period of structural change, finds a report by Cushman & Wakefield.
Polish capital moved into the spotlight, accounting for around 20% of total investment activity, up by more than 11% year-on-year. This trend underscores the market's growing maturity and the role of local investors in shaping its dynamics, according to Cushman & Wakefield.
"One of the key developments in 2025 was the share of Polish capital. Polish investors accounted for approximately 20% of total transaction volume and as much as 30% of office investment, but also reflects the professionalisation of local investors," says Marcin Kocerba, Partner, Capital Markets, Cushman & Wakefield. "They have the relevant expertise and relationships, and are ready to make decisions in an environment marked by uncertainty, which continues to deter many international players."
Offices emerged as the top performer, with more than €1.74 billion worth of transactions, taking the largest share of 2025's total investment volume. Investment activity was largely driven by Warsaw, particularly central locations experiencing low supply levels and rising rental rates. Domestic capital accounted for one-third of office transactions across Poland. With €1.33 billion invested, the warehouse sector came second, benefiting from e-commerce growth, nearshoring and supply chain digitalisation. The retail market closed 2025 with a transaction volume of nearly €900 million.
"The decline of over 10% in the 2025 investment volume was largely due to a dearth of sales of large retail assets. At the same time, we are seeing market confidence recover, with Western investors from France, the UK and the US increasingly revisiting assets in Poland," comments Kocerba. "If this trend continues, 2026 could mark an inflection point for the market, especially if core funds return."
Looking ahead, Cushman & Wakefield expects investors to maintain a selective approach amid a continued inflow of local capital and a gradual return of Western investment funds. "Despite lower investment volumes, the market is sending clear signals of stabilisation," adds Kocerba.
