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 conc