Baltic investors are becoming increasingly active in the Polish real estate market, reflecting a search for larger and more liquid investment environments than those available in their home markets. At the same time, pricing expectations, liquidity conditions and asset management opportunities in Estonia, Latvia and Lithuania continue to shape how investors approach expansion and portfolio allocation across the region. Property Forum reports from the Nordic Real Estate Forum 2026, organised in Tallinn.

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Zeitgeist Asset Management, specialising in development services and asset management for private and institutional investors, has completed changes to its ownership structure. As part of this transaction, the Family Office of Co-Founder Sebastian Junghänel sold its stake to Family Office Noack, concluding their long-term business partnership.

Belgian developer Atenor has sold its @Expo office building in Bucharest to a private real estate investment firm. The 57,666 sqm office building was delivered in 2023 and is currently 29% leased.

The latest EBI Construction Activity Report found that although the expansion of M1 motorway caused a surge in the value of started construction projects in Q3 2025, the last three months of the year brought very low activity-start. Even at current price, such a low number of construction projects did not start in a quarter in the past nine years.

The flexible workspace sector in Prague has recorded its strongest five-year period in history, according to a report by Savills. As of December 2025, total flexible workspace stock reached 130,500 sqm, representing a 60% increase compared to 2019.

This week’s news was dominated by annual financial results and industrial investment activity, alongside signals of tightening conditions in key office markets. Here are the most relevant stories shaping the regional market.

Prague's office market is experiencing a supply shortage that will continue through 2026, with vacancy rates dropping to just 5.9% - the lowest since early 2020, according to a report by Colliers. Despite strong demand, limited new construction is creating tension in the market.

Shopping centres outside Bucharest were the most attractive real estate asset class for investors in 2025, accounting for almost 40% of the total transaction volume, according a new report by Cushman & Wakefield Echinox. Bucharest office buildings came second, with a 30% share in the total investment volume.

The Czech investment market recorded its strongest year ever in 2025, with total investment volume reaching €4.3 billion, significantly exceeding previous highs from 2016 and 2017, according to Colliers.