Poland was the clear leader of Central and Eastern Europe’s commercial real estate investment market in the first half of 2026, with transaction volume exceeding €3 billion, according to Colliers’ latest CEE Investment Scene report.
The result was the country’s strongest first-half performance since 2018, when investment reached €3.7 billion, and represented around 52% of total CEE-6 investment volume in H1 2026.
Across Poland, Czechia, Hungary, Romania, Slovakia and Bulgaria, investment volume reached €5.8 billion, up 7% year-on-year from €5.4 billion. Colliers forecasts full-year CEE investment volume at €12.5 billion to €13 billion.
Poland accounts for more than half of CEE investment
Poland’s more than €3 billion result was supported by large transactions across retail, residential, logistics and offices. Retail was the country’s largest sector, with investment exceeding €1 billion.
One of the biggest deals was the sale of 18 completed Resi4Rent projects to Vantage Development for €575 million. The portfolio includes 5,322 rental units across Warsaw, Kraków, Wrocław, Gdańsk, Łódź and Poznań.
The transaction was the largest completed deal to date in Poland’s institutional PRS market. Another major transaction involved the sale of a 70% stake in Posnania, one of Poland’s largest shopping centres.
Czech capital leads investment into Poland
Poland’s investor base was highly diversified in H1. Czech buyers accounted for 23.6% of investment volume, followed by Germany at 19%. Polish investors represented 11.5%, while US capital accounted for 10.6% and Hungarian investors for 6.8%.
Offices return as the biggest CEE investment sector
Offices attracted the largest share of CEE investment in H1 2026, accounting for 29% of total volume, up from 23% a year earlier. Retail followed with 27%, up from 21%, as residential and living assets represented 19%, compared with only 7% in H1 2025.
Industrial and logistics fell to 17% of total investment, from 31% a year earlier. Hotels and other assets each accounted for around 4%.
Czechia reaches €1.4 billion, Hungary almost €600 million
Czechia was the region’s second-largest investment market, with volume exceeding €1.4 billion. The figure was below the €2.2 billion recorded in H1 2025. Hungary followed with investment of almost €600 million, its strongest first-half performance since 2021.
Across the region, domestic and CEE capital continues to gain importance. Czech capital accounted for approximately €1.9 billion of CEE investment activity, while Hungarian capital represented around €700 million.
