Poland 2025 a time of structural change

Polish capital has taken centre stage, accounting for around 20 pct of the total investment volume, an increase of over 11 pct year-on-year. According to Cushman & Wakefield, this confirms the growing maturity of the market and the growing role of local investors in shaping it.

From the perspective of the capital market, one of the key phenomena of 2025 was the unprecedented share of Polish capital. These are not just numbers – according to the data, Polish investors accounted for around 20 pct of the total transaction volume and as much as 30 pct in the office segment – ​​but also tangible proof of the professionalisation of local investors. Today, they possess the necessary knowledge, relationships, and willingness to make decisions in conditions of uncertainty, which still pose a barrier for many international players. This is a new feature that, in the long term, could fundamentally change the structure of the Polish investment market.
Marcin Kocerba, partner, capital markets, Cushman & Wakefield.

Each segment with its own dynamics

The office sector accounted for the largest share of investment volume in 2025 (over EUR 1.74 bln), dominated by Warsaw – particularly central locations with low supply and rising rents, although an increase in activity in Warsaw's non-central locations is also visible. Importantly, as much as one-third of office transactions in Poland were accounted for by domestic capital.

The warehouse sector came in second with EUR 1.33 bln. This segment continues to benefit from long-term trends – e-commerce, nearshoring, and the digitisation of supply chains – and transactions are strongly focused on quality. The largest investment in this segment, and in the commercial market overall, was the sale and leaseback purchase of two Eko-Okna properties by the Realty Income fund.

The retail market closed the year with a turnover of nearly EUR 900 mln. Investments in retail parks dominated, as they continue to offer stable revenue streams and high liquidity, but there was also a resurgent interest in larger, established shopping centres.

The decline of more than ten per cent in investment volume in 2025 is primarily due to the lack of sales of very large and dominant retail properties. At the same time, we are seeing a revival of confidence in the market – Western investors, including those from France, the UK, and the US, are increasingly returning to analysing assets in Poland. The warehouse and office sectors are seeing strong demand for quality assets with good track records, and valuations are beginning to be accepted on both sides of the transaction. If this trend continues, 2026 could be a turning point, especially if core funds return.
Marcin Kocerba

CEE on the Radar of Global Investors

Central and Eastern Europe – with Poland as the largest and most liquid market – is playing an increasingly important role in institutional investor strategies. The region is gaining in attractiveness thanks to its strong fundamentals, economic resilience, and competitive rates of return. In many cases, CEE has risen to the top three geographic priorities for funds. At the same time, regional capital – primarily from the Czech Republic and Poland – remains the most active, offering flexibility and decision-making speed, which are crucial in the current environment.

Expectations for 2026: Stabilisation, Selectivity, and ESG

In the coming months, Cushman & Wakefield expects a continued selective approach by investors, a further inflow of local capital, and a gradual return of Western funds, particularly those focused on core and core+ strategies. High interest rates in the eurozone maintain pressure on profitability but also motivate investors to seek stable, diversified markets – such as Poland. Sustainability-related factors are also growing in importance, both in terms of financing availability and buyer due diligence.

Despite lower volumes, the market is sending very clear signals of stabilisation: greater flexibility for owners, improving financing availability, diversified investor strategies – from core+ to opportunistic – and the growing importance of sustainable assets. All of this indicates that the foundations for a rebound in 2026 are already being laid.
Marcin Kocerba