Poland’s commercial real estate investment market maintained strong momentum in the first five months of 2026, with transaction volumes reaching approximately €2.3 billion across around 50 completed deals, according to Avison Young.
The result was boosted by an exceptionally active May, when investment activity generated roughly €1.1 billion in transaction volume, doubling the total recorded during the first four months of the year.
The month’s performance was driven primarily by two landmark transactions. The largest involved the private rented sector (PRS), where Resi4Rent sold a portfolio of 18 residential assets to Vantage Development for more than €560 million.
Another major deal saw Ares Management acquire the SIM logistics portfolio comprising five warehouse properties for over €200 million. Each of Poland’s four main commercial real estate sectors, industrial, retail, office and residential, has recorded at least one transaction exceeding €100 million.
Industrial assets retain top position
The industrial and logistics sector remains the largest contributor to investment activity in 2026. Accounting for 44% of total investment volume during the first quarter, total transactions surpassed €700 million by the end of May.
Performance has been supported by several portfolio deals, including the sale-and-leaseback acquisition of the Raben logistics portfolio by W. P. Carey and the purchase of the SIM portfolio by Ares Management.
Retail market delivers strong activity
Retail ranked as the second-largest investment sector during the period, generating more than €500 million in transaction volume while recording the highest number of completed deals among all commercial property segments.
The largest retail transaction of the year involved the acquisition of eight shopping centres from the Auchan portfolio by Hungarian investment group Adventum Group. May alone saw ownership change hands for four retail parks and one shopping centre.
Among the most notable deals was the acquisition of Pasaż Łódzki by Crestpoint Capital Partners, marking the investor’s entry into the Polish market. Retail parks and convenience schemes represented approximately half of all retail transactions completed this year.
Offices draw renewed attention
The office sector has also shown signs of recovery, led by the acquisition of Royal Wilanów by WOOD & Companyfrom Capital Park Group. The transaction remains the only office deal exceeding €100 million so far this year.
Office activity in May was dominated by Polish investors, who accounted for three of the four completed transactions. All involved regional city assets, with Kraków standing out through transactions involving Brain Park A and The Park Kraków.
Market momentum continues
The strong start to 2026 suggests Poland remains one of the most attractive investment destinations in Central and Eastern Europe. While transaction numbers remain lower than a year earlier, significantly larger deal sizes have lifted overall investment volumes and reinforced liquidity across key sectors.
With several large transactions reportedly progressing through advanced negotiations, market participants expect investment activity to remain robust throughout the second half of the year, particularly as financing conditions improve and pricing expectations continue to align.
