EXPO REAL 2025: From survival mode to selective recovery

This year’s EXPO REAL in Munich marked a noticeable shift in tone across industry conversations. Following a period of uncertainty and postponed investment decisions, the commercial real estate market has entered a phase best described as realistic optimism. Capital is returning to the table, but with greater discipline and a sharper awareness of risk.

The Polish market remains attractive due to competitive yields, drawing investors seeking higher returns. However, yield alone is no longer enough. Investors increasingly focus on project fundamentals – including modernization plans, emissions reduction pathways, and precisely calculated CAPEX. The past two years have taught the industry that only assets with a clear strategy and a manageable risk profile will secure financing.

ESG and portfolio decarbonization were strong themes throughout the fair. This year, discussions moved beyond general declarations to specific questions around data, performance measurement, and concrete financing paths for green investments. ESG is no longer a marketing add-on – it is now embedded in project evaluation and investment strategy.

In the office segment, a selective recovery is underway. Demand is concentrating around prime buildings, while older properties require repositioning through refurbishment, function changes, or integration with mixed-use concepts. Logistics continues to perform steadily, while the retail sector is evolving toward placemaking and multi-function integration.

Another visible trend was the move away from “PropTech” as a buzzword to tangible, practical applications of technology. Data- and AI-driven tools are increasingly used to support investment decision-making, portfolio analysis, and energy management. Technology is becoming a standard part of asset management—not as a gadget, but as a driver of efficiency and transparency.

EXPO REAL 2025 clearly demonstrated that the market will not return to old operational models. A new selective order is forming—driven by quality, data, and responsible risk assessment. The speed at which market players—investors, developers, and lenders—adapt to this new reality will determine their competitiveness in the coming years.

During the event, I had the pleasure of moderating the panel discussion “Łódź Region – Powering Poland’s Future Growth”, where we showcased how Central Poland is actively aligning with global megatrends. The panelists unanimously agreed that the Łódź region is becoming a unique investment ecosystem where green energy, infrastructure, and digital competencies intersect.

The transformation of Bełchatów offers an opportunity not only to balance the conventional energy mix but also to pave the way for Data Centre projects, which require stable and low-emission energy sources. At the same time, the development of the Central Communication Port (CPK) represents more than just an infrastructure project—it offers the chance to build a new logistics and industrial platform capable of attracting further investment. When combined with a strong academic base, the Łódź region is well-positioned to emerge as a strategic economic hub for Poland.