Investment activity in Slovakia rebounded in 2025, with total annual volumes reaching €967 million. This represents a cyclical peak and outperforms the long-term annual average of approximately €700 million.
Industrial and retail assets dominated investment activity, while office investments remained subdued. Investor demand focused primarily on well-located value-add assets and properties offering stable income supported by long-term lease agreements. Capital sources varied by sector: industrial investments were driven by capital from outside the CEE, retail by CEE-based investors, and office transactions predominantly by domestic Slovak investors.
"The increase in transaction activity followed a prolonged period of limited liquidity caused by high interest rates and misalignment in pricing expectations. While investor sentiment remains cautious, improved pricing alignment and continued capital allocations to CEE-focused strategies supported transaction execution," explains Rudolf Nemec, Head of Capital Markets at Cushman & Wakefield Slovakia.
In total, more than 50 commercial properties were sold in 2025, many as part of portfolio transactions, including 10 shopping centres changing ownership. Industrial assets led investment activity with a 46% share (€446 million), followed closely by retail at 43% (approximately €413 million). Office investments remained limited, accounting for 9% of total volumes, or around €87 million.
Key transactions included Penta's sale of Bory Mall to Czech investment fund ZFP Investments, offering 54,000 sqm of gross leasable area. Manova Partners sold Amazon's logistics centre in Sereď to Erste Realitná Renta, while Wood & Company acquired VIVO! Bratislava. "In 2026, investment activity is expected to remain selective, with transaction volumes dependent on asset quality, alignment of pricing expectations and capital availability," concludes Nemec.
