Poland Polish office investment market sees strong first-half recovery

More telling, however, is the changing profile of transactions. Alongside a number of mid-sized deals, transactions worth more than EUR 100 mln have returned, while investors are increasingly looking at major assets outside Warsaw. JLL experts take a closer look at the first six months of the year in the office investment sector.

A total of 23 office transactions were completed during the first half of the year, signalling that liquidity is gradually returning to the sector. Unlike in previous years, however, investors were not focused solely on individual opportunities. Activity was spread across several segments – from prime office buildings in central Warsaw and established assets in mature locations outside the city centre, to properties offering scope for refurbishment, a change of use or improved operational performance. Investors are increasingly looking beyond location and price, with the potential for further value creation becoming an important consideration.

A year ago, the big question was whether large-scale transactions would return to the Polish office market. Today, we have a clear answer. In the first half of the year, we saw a number of mid-sized acquisitions as well as the return of deals worth more than EUR 100 mln. This shows that liquidity is returning across the market. At the same time, investors remain highly selective. The strongest demand is for buildings that combine a prime location, high technical quality, a stable tenant base and the potential to create value over the long term. We are increasingly seeing this interest extend to projects outside Warsaw as well.
Marcin Sulewski, head of office Investment at JLL

Warsaw remains the leader, but regional markets are gaining ground

Warsaw continued to attract the largest share of investment activity. During the first half of the year, properties including Central Point, Royal Wilanów, Lixa D, Renaissance and Sienna Center changed hands.

At the same time, investors are taking a fresh look at Poland’s regional markets. High-quality office projects in Kraków, Wrocław, the Tricity and Poznań are increasingly attracting institutional capital, particularly where they offer a stable tenant base and potential for further value growth. Two transactions involving buildings at Kraków’s Brain Park are good examples of this trend.

Foreign capital is returning, but local investors remain active

The first half of the year also saw some changes in the buyer mix. Domestic investors remained active, including private investors and owner-occupiers. At the same time, Poland’s office market once again began to attract institutional capital from Western Europe.

Recent transactions involving France’s Arkéa REIM, Switzerland’s Bluerock and Scandinavian investors show that international capital is returning to the Polish office sector.

July shifted the outlook for the market

Although the figures above cover only the first six months of the year, the first few weeks of July brought a series of deals that could shape the market for the rest of 2026. These included the announced sale of The Bridge in Warsaw to Eastnine at a valuation of EUR 300 mln, Stena Real Estate’s acquisition of Studio A and STRABAG’s purchase of Olivia Star in Gdańsk for around EUR 150 mln. The Olivia Star deal is set to become the largest single office transaction ever recorded in one of Poland’s regional cities.

The deals announced in July show that the market is entering a new phase. Until recently, investors were largely focused on smaller opportunities. We are now seeing renewed interest in some of the largest and most prestigious projects. This is an important signal both for owners considering a sale and for developers bringing new projects to the market. At the same time, investors remain highly selective, with capital primarily targeting buildings that meet current expectations around quality, efficiency and sustainability.
Marcin Sulewski

The second half of the year looks even stronger

JLL expects investment activity in the office sector to remain strong over the coming months. The gradual return of Western European capital, continued interest from CEE investors – particularly those from the Czech Republic and the Baltic states – and the wide range of assets currently available are all supporting the market.

Investment strategies are also becoming increasingly diverse, ranging from traditional core acquisitions to value-add opportunities and projects involving the repositioning of existing assets.

If the deals currently in the pipeline are completed as planned, 2026 could be the strongest year for Poland’s office investment market since the financing environment shifted dramatically in 2022.