Poland Investment market in good shape

In Q3 2025, investors maintained the high level of activity seen in the first half of the year, as evidenced by the large number of transactions, especially in the retail and office sectors. With the absence of Western investment funds, the Polish market is becoming increasingly attractive to non-institutional players and private investors from the CEE region.

In the first nine months of 2025, investment totalled over EUR 2.3 bln in Poland (a 9 pt year-on-year decline). However, 91 transactions were concluded over the period – the highest number since 2021. A significant portion of these transactions were acquisitions of mid-sized office and retail assets, as well as large sale and leaseback transactions in the industrial sector, including the record-breaking purchase of two Eko Okna factories. Another significant event was the signing of a preliminary sale agreement for the Resi4Rent portfolio, comprising 5,300 rental units.

The market has good prospects for further growth over the next 12 months. Buyers from Central and Eastern Europe, including a strong group of private investors, attracted by attractive yields in most sectors, will be active in our market in 2026. We are also seeing the first signs of a return of Western institutional investors. They are attracted by the wide selection of high-quality assets in Poland, stabilizing financing costs, and competitive risk premiums compared to other European markets,
Marcin Sulewski, Head of Office Investment, JLL Poland.

Despite the ongoing uncertainty surrounding global trade, the Polish economy has demonstrated high resilience due to its diversified structure. GDP growth forecasts for the coming years remain optimistic. Record-breaking investment plans – the Central Communication Port, a nuclear power plant in Pomerania, wind farms in the Baltic Sea, as well as defence projects for NATO's eastern flank worth billions of euros – will support economic growth for years to come. The expected growth of the manufacturing sector could generate additional opportunities for sale-and-leaseback transactions, providing investors with stable, long-term sources of income and manufacturers with capital flexibility.

Office Sector

Over the past 12 months, the office and warehouse sectors have seen the greatest investor interest. JLL estimates that the office investment volume in 2025 will be in the range of EUR 1.3-1.4 bln. Non-institutional investors, companies purchasing properties for their own use, and public institutions were all active. The lack of strong competition from large foreign funds translated into a record share for Polish capital, which reached almost 40 pct.

Over 40 transactions and healthy leasings in Warsaw – falling vacancy rates and rising rents in prime locations – suggest that the office sector will remain the leading investment market in the coming year.

The largest office transaction was Mennica Polska Group's acquisition of a 50 pct stake in the company owning the Mennica Towers complex for EUR 180 mln. The Czech fund Trigea Real Estate Fund purchased the Wola Centre office building for nearly EUR 130 mln. Kraków and Wrocław dominated regional markets. In Kraków, Stena Real Estate acquired two buildings in the High 5ive complex from Niam, while in Wrocław, Skanska sold the second phase of Centrum Południe to Investika Real Estate Fund and BUD Holdings for EUR 62 mln. In Łódź, the local government purchased part of the Bramy Miasta complex for PLN 160 mln.

Warehouse Sector

The warehouse and industrial sector remains the driving force for the investment market in 2025. Since 2023, investment volumes in this segment have been growing annually by over 20 pct. According to JLL, they reached around EUR 1.5 bln in 2025. Analysts predict that the first quarter of 2026 could bring record results, with growth rates increasing by at least a dozen percentage points throughout 2026.

The growing popularity of sale-and-leaseback transactions is one of the key trends in the industrial sector. A record-breaking example was the sale of two factories by Eko Okna, totalling 264,000 sqm, to Realty Income.

This is the largest transaction of its kind in the history of Central and Eastern Europe.
Sławomir Jędrzejewski, head of industrial investment CEE, JLL Poland

The second largest transaction was the acquisition of the LPP distribution centre in Bydgoszcz, with an area of ​​over 100,000 sqm, by Reico Long Lease Fund. The sale of four industrial assets was also significant.

in Gliwice, Stanowice, Rybnik, and Gorzyce to the Adventum International fund.

Retail Sector

Investor activity in the retail sector remained high in 2025. Although volume – due to the lack of large shopping centres – reached EUR 800-900 mln, the number of transactions reached record levels. In the first nine months, 31 transactions were completed, the same as in 2020.

The largest transaction in the first half of the year was the sale of the A-Centrum portfolio, comprising ten retail parks with a total leasable area of ​​around 30,000 sqm. In the second half of the year, Echo Investment sold the Libero shopping centre in Katowice for around EUR 103 mln, and Trei Real Estate sold a portfolio of 36 retail parks worth around EUR 300 mln.

Residential Sector and Financing

Investor confidence in the residential sector strengthened in the third quarter of 2025. An unprecedented event was the signing of the PSPA for the sale of the Resi4Rent portfolio for around EUR 565 mln (PLN 2.4 bln). The transaction covers over 5,300 units and is expected to close by May 2026.

Financing availability has also improved. The National Bank of Poland (NBP) lowered the reference rate by a total of 175 basis points in 2025. Significant financial transactions included a PLN 150 mln loan for 1AM, a PLN 120 mln loan for AFI, and a PLN 100 mln loan for Speedwell.