Polish CRE market remains stable in Q1-Q3 2025

Poland's commercial real estate market demonstrated stability in the first three quarters of 2025, with €2.6 bn in investment volume, closely matching the €2.8 bn from the same period last year. 

Warsaw - Avison Young

Liquidity increased, with 105 transactions completed compared to 87 in the previous year. Polish investors are playing a larger role, drawn to attractive pricing, while core capital remains more cautious.
Offices and industrial properties led in transaction volume. Polish investors accounted for over half of office transaction volume, showing growing confidence in the domestic market. The industrial sector saw fewer deals but still achieved significant transaction values. Retail parks and redevelopment projects were the focus of resilient retail investments. The residential sector is also gaining traction, with the anticipated acquisition of 18 Resi4Rent assets by Vantage Development marking a key development.
The Polish office market saw €899 mln in investment volume across 36 transactions, with Polish capital representing 51% of the volume. In the industrial sector, investment reached €873 mln, with sale-leaseback deals accounting for a significant portion of the activity, particularly outside major metropolitan areas. The retail sector recorded €453 mln in investment, with retail parks and convenience stores being the most sought-after assets. The PRS (Private Rented Sector) market saw €223 mln in investment, primarily in Warsaw.
The Polish real estate market benefits from a strong economy and is attracting increased interest from investors, particularly from the US. With anticipated interest rate reductions and easing lending policies, Avison Young expects that the market will see a return of core capital and continued activity from mid-cap investors.
Marcin Purgal, senior director, Investment at Avison Young, said: “Core capital remains relatively subdued across markets, as investors pursuing such strategies continue to refrain from taking on risks amid ongoing economic and geopolitical uncertainties. However, we remain optimistic about the near future, expecting to see a few deals taking place in Warsaw and regional cities in the next months. In contrast, value-add and opportunistic investors are displaying higher levels of activity, selectively seeking opportunities while maintaining pricing discipline.” 
Artur Czuba, director, Investment at Avison Young, commented: “In recent years, Poland has become an attractive entry point for new investors looking to expand into Central and Eastern Europe. The standout retail transaction of the Q1-Q3 2025 period was the acquisition of a 10-asset A Centrum convenience portfolio by Czech-based investor My Park. One of the strongest draws has been the retail park segment, which continues to perform well thanks to the convenience-oriented shopping trend and a resilient tenant mix dominated by discount and necessity-driven retailers.”