Industrial drives Poland’s property investment market in Q1

The Polish property investment market saw a total investment volume of €1.02 bn (+43% year-on-year) for the first quarter of 2026.

Artur Czuba and Bartłomiej Krzyżak

The total number of deals dropped from 42 in Q1 2025 to 29 in Q1 2026, while liquidity was lower by 30%, according to research by Avison Young Poland.

This was the strongest Q1 performance in four years, with domestic investor share amounting to 9% of disclosed investment volume.

Each of the three major commercial real estate sectors—industrial, office, and retail—recorded at least one transaction exceeding €100 mln.

The industrial sector led the market, accounting for 44% of the total transaction volume with €447 mln across 9 completed deals. This represents the best Q1 result since 2020. The sector continues to attract core capital, particularly for assets secured by long-term lease agreements. Sale and leaseback deals remain a cornerstone of this market segment. Notable transactions included US capital acquiring a large logistics portfolio from Raben Group via a sale and leaseback structure, and the purchase of Panattoni BSH in Rzeszów.

Bartłomiej Krzyżak, senior director, Investment at Avison Young, noted: "The pricing consensus between buyers and sellers is becoming more common, which is reflected in the recovery in investment activity, primarily driven by foreign capital inflows."

The retail sector recorded €318 mln in total volume from 10 transactions. A major portfolio deal represented 60% of this volume, involving the divestment of 8 Auchan shopping centres by Ceetrus to the Hungarian Adventum Group (Shopper Park Plus) in a sale and leaseback arrangement. Retail parks continue to attract significant interest, with Trei Real Estate completing the sale of 7 properties from its 36-asset portfolio to Ares & Slate Asset Management. Redevelopment transactions also emerged, such as Euro Styl's acquisition of Alfa Centrum in Gdańsk for residential conversion.

Artur Czuba, director, Investment, highlighted: "Poland’s retail sector continues to attract strong investor interest. A wide variety of products makes the retail investment market available both for smaller, domestic capital as well as global players."

The Polish office market closed Q1 2026 with an investment volume of €245 mln. Notably, three prime transactions were completed, including the acquisition of Lixa D in Warsaw by a Swiss family office and Renaissance Building by Polish Syrena Real Estate. Brain Park A in Kraków was sold to French Arkea Real Estate. The largest office deal, exceeding €100 mln, was the acquisition of Royal Wilanów in Warsaw by Wood & Company. While regional cities are gaining popularity (5 out of 8 transactions occurred in regional markets), their combined volume only accounted for 25% of the total.

Avison Young anticipates that office investment volume in 2026 will remain consistent with last year's performance, supported by strong market fundamentals and new capital sources.