Fitter, happier, more selective

After years when deals were closed faster than marketing budgets were blown during pre-sales campaigns, the market has got back to basics: cash flows, location, tenant quality, lease length and financing costs. The maths matters again. And this is actually good news. In 2025, the Polish investment volume approached EUR 4 bln – not one of the record-breaking figures seen in the era of ultra-cheap money, but neither does it represent a collapse. Rather, the data indicate that capital has returned – but only this time, not unconditionally. Today, investors are not buying into the notion of “Poland as a growth story”. They are buying specific assets with a specific risk profile. This can be seen most clearly in the office sector. A few years ago, the debate focused largely on how many new square metres would be delivered and whether Warsaw would catch up with Western capitals. Today, the question is different: which buildings will genuinely maintain their rent levels and retain t