Poland’s commercial real estate market delivered its strongest first-half performance in almost ten years, with investment volumes reaching €3 billion across 66 transactions, according to data released by Avison Young.
Every major asset class recorded transactions exceeding €100 million during the first six months of 2026, while the largest deal of the period was the €575 million sale of Resi4Rent’s portfolio to Vantage Development.
Retail leads the recovery
Retail emerged as the strongest-performing segment, accounting for 34% of the total investment volume, equivalent to €1.03 billion. The market recorded 20 completed transactions, its highest first-half investment activity since 2018.
Five major deals generated nearly three-quarters of the sector’s total volume, including the sale of a 70% stake in Posnania shopping centre, one of Poland’s largest retail assets. Notably, 79% of retail investment volume originated from investors based in Central and Eastern Europe.
Among the largest deals were the acquisition of eight shopping centres from Auchan and Ceetrus by Adventum Group, the purchase of six Vendo Parks by Star Capital Finance, and the completion of the remaining assets in Ares Management and Slate’s acquisition of a 36-property Vendo Parks portfolio.
Industrial assets remain resilient
The industrial and logistics sector generated €782 million in investment volume, representing 26% of the overall market. Activity was driven primarily by two major portfolio transactions: Ares Management’s acquisition of the SIM logistics portfolio and W. P. Carey’s purchase of the Raben portfolio through a sale-and-leaseback structure.
US investors accounted for approximately 60% of industrial investment activity, as demand also broadened geographically, with nearly 40% of industrial investment taking place outside Poland’s five largest metropolitan markets.
Domestic investors return to prime offices
The office market generated €594 million across 23 transactions, including five prime office acquisitions. One of the defining characteristics of the first half was the growing role of domestic investors.
Polish capital accounted for roughly 50% of office investment volume, acquiring three of the five prime office assets traded during the period. The largest office transactions included the acquisition of Central Point by Polish investor Lewandpol and the purchase of Royal Wilanów in Warsaw by Wood & Company.
Regional cities also attracted significant investor attention. Kraków recorded the highest regional office investment volume following the sale of two Brain Park office buildings and The Park Kraków complex.
A milestone on the real estate investment market
Resi4Rent’s sale of an 18-property portfolio to Vantage Development for €575 million became not only the largest transaction completed during the first half of 2026, but also Poland’s biggest real estate investment deal since 2022.
The country’s operational PRS market now exceeds 23,000 apartments, with Vantage Development controlling approximately 37% of existing rental stock following the acquisition. Together, the three largest operators now account for around 60% of Poland’s institutional rental housing market.
