Invesco Real Estate: Navigating constant change

At MIPIM 2026, Anna Duchnowska, managing director of Investment Management at Invesco Real Estate, sat down with CRE Media Europe to discuss why the industry must rethink its DNA to survive the "new normal" of constant change.

Anna Duchnowska

At MIPIM 2026, Anna Duchnowska, managing director of Investment Management at Invesco Real Estate, sat down with CRE Media Europe to discuss why the industry must rethink its DNA to survive the "new normal" of constant change.

Duchnowska highlights that the industry is at a crossroads. To remain attractive to global investors, real estate firms must move beyond simple property management and embrace a more sophisticated, alpha-generating approach. She argues that navigating today’s "constant change" requires a new level of data intelligence and market navigation skills.

While "Living" remains a dominant theme for Invesco—spanning student housing, multifamily, and hotels—Duchnowska believes that success in 2026 is less about picking the right sector and more about picking the right asset. Success requires deep "on-the-ground" knowledge and intelligence, while effective management through vertically integrated models or perfectly aligned operating partners is crucial for delivering promised returns.

"I don't think it's that much about the sector. It's about finding the right opportunities... it’s almost like an asset selection. Not really the sector allocation," she pointed out.

Duchnowska is a vocal advocate for the Polish market, which she believes has been unfairly neglected as an "emerging market" for too long. With Poland now officially ranked as the 20th largest economy in the world (and the 6th largest in Europe) after surpassing Switzerland in 2025, the fundamentals are undeniable.

Poland faces a staggering structural deficit estimated at 1.5 to 2 million apartments, creating a massive opportunity for PRS (Private Rented Sector) and multifamily development. Furthermore, with its strategic location, Poland is poised to become the primary logistics channel for the eventual rebuilding of Ukraine. Poland’s GDP is also on a trajectory to potentially overtake the UK's per capita figures in the coming years, driven by robust consumption and a young, aspiring workforce.

For the coming months, Invesco remains "cautiously active." Duchnowska explained:

"It's not about sitting on assets. We have a strategy to reasonably rotate the portfolios to deliver and show to the investors that what they invested in is actually working."

While "sheds and beds" remain the preferred staples, Invesco continues to lean on local joint venture partners who provide the specific operating capabilities needed to navigate the diverse regulatory and cultural landscapes across Europe.