Avison Young and Colliers jointly advised Octava Property Trust on the sale of the Lighthouse office building in Warsaw. The buyer is an investor with Polish capital.

In Q1 2025, the total modern office stock in Poland’s regional markets reached approximately 6.77 million sqm. During this period, new supply was limited, with only one office project completed - Dymka 188 in Poznań, offering 2,400 sqm of space, says Avison Young. 

The 2024 results signalled a return to stability in Poland’s real estate market, accompanied by a renewed sense of optimism. Total transaction volume more than doubled compared to 2023, reflecting a strong resurgence in market activity. This positive momentum is expected to continue into 2025, supported by anticipated interest rate cuts, improved liquidity, and the emergence of numerous new opportunities across all real estate segments, says Avison Young. 

In the first quarter of 2025, Warsaw’s modern office stock reached 6.28 million square metres. Only one new project was delivered during this period - the CD Projekt HQ in the East office zone, contributing 5,600 sqm of new supply. The total office space under construction or renovation amounted to approximately 210,000 sqm. Gross demand reached 160,500 sqm, while the vacancy rate slightly decreased to 10.5 per cent quarter over quarter, say experts from Avison Young.

The Private Rented Sector (PRS) market in Poland has experienced a decade of growth. However, the institutional rental sector is still in its early stages, with the first transaction completed in 2014. The state-owned Fundusz Mieszkań na Wynajem was a pioneer in the market, acquiring the first residential building in Poznań and commencing operations in 2015. Analysts from Avison Young sum up the current situation in the PRS market in Poland.

According to the latest report by Avison Young, after a challenging period of investment slowdown in 2023, the 2024 results signal a return to stability and a hint of optimism. Poland’s total transaction volume in 2024 more than doubled compared to 2023, reflecting a significant resurgence in market activity.

In Q3 2024, we observed a clear revival in the Polish investment market. By the end of September, the transaction value reached €2.7 billion, marking an almost 60% year-on-year increase. In the last quarter, seven major portfolio transactions were completed, accounting for nearly 50% of the total investment volume, which contributed, among other things, to a recovery in the warehouse market, says Avison Young experts. 

After Q1 2024, which saw the weakest transaction volume in years (€364 million), Polish capital led the way in commercial property investments, accounting for 25% of the total volume. Notably, the volume of investments by Polish capital in the first half of the year was double that of the previous year. For reference, the average share of Polish capital in the market from 2018 to 2022 was just around 2%, says Artur Czuba, Associate Director, Investment at Avison Young. 

At the end of the first half of 2024, the investment market rebounded, reaching a transaction volume of €1.8 billion, which is double the year-over-year value. In the office market, several transactions finally appeared in regional cities, and in the retail sector, the largest transaction since Q1 2022 was finalized. The warehouse sector, on the other hand, is still waiting for large transactions. Hotels are enjoying increased popularity, and in the residential segment, 5 transactions were closed in Warsaw, says Avison Young.

Avison Young is announcing the opening of a new business line - Industrial Agency. The new service will be built by a team of renowned market experts acquired from a competitive firm.