The office market maintains its position as the strongest investment segment for the second year in a row. In the first three quarters of this year. the value of the transaction reached EUR 899 millionwhich attracts both global and domestic players. As much as 50 percent volume was generated by Polish capital – particularly active on regional markets.
— The growing interest of Polish investors shows that local capital increasingly trusts the stability of the market and perceives offices as an attractive, prospective asseta – indicates Krzysztof Cipiur, Managing Director, Head of Capital Markets at Knight Frank.
One of the most famous transactions of the year is sale of the Vibe office building at Rondo Daszyńskiego. Ghelamco closes the transaction with Manova Partnersand the new owner emphasizes the high quality of the project and its strategic location.
– We are convinced of the value of Poland, and especially Warsaw, as an investment market – commented Katarina Horvathova from Manova Partners, recalling that the company already manages five office buildings in the capital.
Read more about the transaction: Ghelamco finalizes the sale of VIBE. The new owner is Manova Partners
Retail market – a surge of transactions and a boom in retail parks
EUR 453 million was invested in the commercial sector, of which 30 percent came from local investors. Small retail parks and convenience facilities remain the most desirable.
One of the Vendo Parks developed by Trei
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— The retail sector benefits from strong consumer demand and a stable situation on the labor market, which keeps the vacancy rate in the largest agglomerations at only 2.8%. – notes Dorota Lachowska, Head of Research at Knight Frank.
The end of the year promotes the sale of 36 Vedno Park retail parks by Trei Real Estate. Ares Management and Slate Asset Management will pay over EUR 300 million, and the transaction is expected to be finalized on December 31.
– This is proof of the attractiveness of the Polish retail market, in which Ares has been investing for two decades – commented Kevin Cahill, partner at Ares Real Estate Group.
Warehouses – the only segment with a growing investment volume
The warehouse sector remains one of the drivers of the entire market. The investment value after three quarters of 2025 reached EUR 873 millionwhich means an increase of 18%. y/y 34 percent share in the entire volume.
As much as 44 percent transactions were sale and leaseback agreementswhich confirms stable demand for modern logistics facilities.
Katarzyna Kotkowska from Segro sums up: – The year started uncertainly, but we have been observing it since halfway through back to investment decisions. Investors remain selective, focusing on assets that guarantee long-term income. With increasing tenant activity, we expect further recovery in 2026.
Living breaks records – historic transaction on the PRS market
The living sector attracted EUR 310 million, which gives it a record 10%. market share. The BTR segment generated EUR 223 million, and private student residences generated EUR 87 million.
The highlight of the year is sale of over 5,300 apartments for rent from the Resi4Rent portfolio to Vantage Development (TAG Immobilien Group). The value of the transaction is EUR 565 million – the largest in the history of the Polish living market.
— The living sector has become a key pillar of the market and one of the most promising segments for the coming years, emphasizes Krzysztof Cipiur.
Important voices also come from the participants of the record-breaking transaction:
— The fully rented Resi4Rent portfolio perfectly responds to demographic trends and the growing mobility of residents, commented Rafał Mazurczak from Echo Investment.
– The Polish rental market is one of the most attractive investment opportunities in the region – added Tomasz Kosieradzki from Griffin Capital Partners.
— Thanks to the acquisition, we will increase the Vantage Development portfolio to 8,700 apartments, and in 2026 we will exceed 10,000 apartments. premises – announced Dariusz Pawlukowicz from Vantage Development.
What's next on the commercial real estate market? Outlook for 2026
The Polish commercial real estate market maintains a strong position in Central and Eastern Europe. The growing activity of local capital, record transactions in the living segment and stable foundations of the warehouse sector indicate that in 2026 the market may enter a further growth trajectory.
If the transactions currently being finalized come to fruition, the end of 2025 may be remembered as one of the most intense in the history of the Polish investment market..
