Expo Real 2025 signals shift to long-term asset stability

The atmosphere at Expo Real 2025 was more upbeat compared to the previous year, yet investors are exhibiting increased caution, according to Polish real estate agency Walter Herz.

Bartłomiej Zagrodnik and Emil Domeracki,

While capital remains abundant, the pursuit of rapid gains and speculative ventures is diminishing.
Bartłomiej Zagrodnik, managing partner and CEO at Walter Herz, said: “The era of unrestrained optimism in the European investment market has come to an end. It has been replaced by a mature, cautious, and highly selective demand for real estate. Asset selection now resembles an analytical process. The sector is returning to fundamentals and focusing on quality. Investors are moving away from speculative opportunity-hunting. What matters most today is the long-term value of assets and secure, predictable returns”.
Investors are moving away from viewing the real estate market as a homogenous entity, instead focusing on top-performing assets within specific sectors. Each property class is undergoing thorough analysis, with high standards, reasonable valuations, and locations ensuring long-term stability being key considerations. 
Emil Domeracki, partner and Board member, Land Development Advisory at Walter Herz, added: “Questions about the Polish market are no longer about its economic potential—that is now undisputed. Poland, with one of the highest GDP growth rates in Europe, is seen as a safe haven and a driving force for regional development. The key question today is how to identify the projects that will be market leaders in ten or twenty years.”
Polish capital now represents 15% of Poland's total transaction volume, as domestic investors can identify opportunities that foreign funds, with their tendency for greater caution, may overlook.
Despite increased investor activity in CEE, particularly Poland, selective investments and relatively low transaction volumes persist due to a gap in price expectations between sellers and buyers, especially in the office, nearshoring, and e-commerce expansion sectors.
Bartłomiej Zagrodnik added: “Poland is now synonymous with European logistics. In Munich, nearly every discussion about supply chains eventually turned to our country. Interest in logistics projects remains strong—from both tenants and investors. Despite the maturity of this market, its growth potential remains significant”.
Emil Domeracki concluded: “Demand for well-prepared land for logistics, as well as PRS (Private Rented Sector) and data centre projects, is very high. Forecasting regulations and requirements for the coming decade plays a key role.