Polish investors have roared into the commercial real estate market, capturing 23% of acquisition volume in the first three quarters of 2025, a sharp rise from near-zero three years ago, Walter Herz reports.
Domestic firms deployed over €600 million, up from €500 million in 2024, with the office sector leading. Polish capital accounted for more than 50% of office transactions by both count and value.
The acceleration is striking, from 2% market share three years back, to 9-10% in 2024, 17% in Q1 2025 (covering one-third of deals), and now firmly at 23%. Offices and industrial-logistics each claimed roughly one-third of total volume, with retail at 20%.
Prime yields lure capital: 6.25-6.50% vs Western 3.5%
Total 2025 transaction volume could top €5 billion, matching 2024. Warsaw offers CEE’s best yields: prime offices and logistics at 6.25% (H1 2025), prime retail at 6.50%, double London’s or Paris’s 3.5-4%.
Warsaw’s millionaire boom
Walter Herz’s ”Why Invest in Poland in 2026” report spotlights high-net-worth individuals (HNWIs, net worth >$1M excluding primary residence), numbering 20,490 in Poland at end-2024 with $72.19 billion in assets. Warsaw, Europe’s fastest-growing wealth hub, hosts nearly 13,000 millionaires, 32 centimillionaires, and four billionaires.
Poland leads CEE HNWIs ahead of Greece, Czechia, and Romania, though trailing giants like the UK, France, and Germany (each ~2.7-2.8 million). These investors are diving into ready assets (offices, retail, logistics) and development JVs, plus debt funds, bonds, convertible loans, and family foundation structures.
, dominating offices (>50% share) as HNWIs chase 6.25-6.50% yields vs London's 3.5%.){kind=link}