In a video interview recorded at CEE Property Investment Update 2026 in Warsaw, Piotr Mirowski, Senior Partner and Head of Investment Services at Colliers, shares his market outlook for 2026. He outlines the return of liquidity, renewed interest in offices and logistics, shifting capital sources and pricing dynamics.

Romanian investors led the commercial real estate investment market in 2025, accounting for 34% of total transaction value worth €579.4 million, according to a study by Fortim Trusted Advisors, an alliance member of BNP Paribas Real Estate.

At the CEE Property Investment Update 2026 in Warsaw, the focus quickly shifted from headline risks to underlying resilience. Bringing together investors, bankers, lawyers and asset managers, the opening panel examined how Central and Eastern Europe’s real estate markets are being shaped by geopolitical volatility, energy transformation and shifting capital priorities – and why, despite the noise, many fundamentals continue to support long-term investment. Moderated by Dorota Wysokińska-Kuzdra of Colliers, the discussion set out to separate short-term disruption from structural opportunity in a region increasingly tested by global change.

The total office stock in Warsaw reached 6.2 million sqm at the end of last year, while no new office space was delivered to the market in Q4 2025, according to data by the Polish Chamber of Commercial Real Estate (Pink).

The fourth quarter of 2025 brought the weakest residential sales result in Bucharest-Ilfov in nine years and the weakest nationally in six years, according to SVN Romania. Overall, 2025 ended with a 5.3% annual decrease in home sales nationally and an 8.5% decrease in the Bucharest-Ilfov region.

Speaking at the CEE Property Investment Update 2026 conference in Warsaw, Piotr Mirowski, Senior Partner and Head of Investment Services at Colliers, delivered an optimistic assessment of the region’s investment outlook. After two challenging years marked by higher financing costs and subdued activity, CEE has begun to stabilise, with investors adapting to a reshaped market environment rather than waiting for a full return to pre-2022 conditions.

At CEE Property Forum 2025, the conversation around Southeast Europe shifted decisively from potential to performance. Chaired by Maja Šubic, Partner at Andersen Slovenia | Senica & Partners, the panel brought together investors, bankers and advisors to examine why capital is flowing more confidently into the Balkans and Adriatic markets — and what separates sustainable opportunities from short-term plays. Rather than broad optimism, the discussion focused on concrete drivers such as sector-specific demand, evolving financing structures and the growing importance of local partnerships in unlocking long-term value across the region.

At CEE Property Forum 2025, one message dominated the discussion on offices: standing still is no longer an option. Chaired by Paweł Nowakowski MRICS, Founder and CEO of PNC, the panel brought together investors, occupiers, lenders and developers to examine how the office sector in CEE is being reshaped by new work patterns, rising expectations from tenants and financiers, and growing pressure to reinvest in quality, experience and efficiency. The conversation focused less on whether offices still matter—and more on which ones will continue to matter in the years ahead.

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. 

The Russian full-scale invasion inflicted unprecedented damage on Ukraine’s housing stock. Hundreds of thousands of homes have been damaged or destroyed, and millions of Ukrainians have lost their permanent residences, becoming internally displaced persons (IDPs). As the war enters its fourth year, reconstruction of housing has become one of the most urgent priorities — not only socially but strategically, for stabilising communities, restoring livelihoods and enabling return. In response to this crisis, multiple stakeholders — international financial institutions, the Government of Ukraine, regional authorities, and private and civil society actors — have mobilised a diverse set of programs aimed at delivering housing solutions. These include large-scale investment initiatives, state compensation mechanisms, municipal developments, and innovative mixed models with private partners. Below is an overview of the main programs and projects shaping the housing recovery landscape in Ukraine in 2025–2026, prepared by URE Club for Property Forum.