The impressive result achieved in the first six months of the year was largely driven by the return of major institutional investors. Transactions exceeding €100 million accounted for the majority of the total investment volume.
“Poland’s economy is projected to grow by 3.5% in 2026, outpacing most Western European countries,” notes Mateusz Skubiszewski, Senior Director and Head of Capital Markets at BNP Paribas Real Estate Poland. “Investors are once again allocating capital to markets where scale, pricing and income security remain attractive.”
Additional support for investment activity in Poland continues to come from EU funding inflows, as well as favourable financing conditions relative to current asset valuations.
Retail Remains the Top Investment Destination, but the Private Rented Sector (PRS) Steals the Spotlight
The retail sector attracted the greatest investor interest in the first half of the year, supported by several large-scale transactions involving shopping centres and retail parks.
The most notable deal of the period, however, was the acquisition of the Resi4Rent portfolio. Vantage Development acquired the assets from Echo Investment and Griffin Capital Partners for a record €575 million. The size of the transaction highlights the growing maturity of Poland's institutional rental housing market and its increasing appeal to global investors.
The industrial and logistics sector also maintained its strong position, driven by portfolio acquisitions and sale-and-leaseback transactions, where owners sell assets while remaining in place as long-term tenants.
Positive signals are also emerging from the office sector, where investor appetite for prime office assets has started to recover, accompanied by a moderate revival of activity in regional cities outside Warsaw.
Who Is Buying Polish Commercial Real Estate?
The composition of capital flowing into Poland is evolving. According to BNP Paribas Real Estate Poland, interest from Western European investors continues to grow, with, in particular, French SCPI funds becoming increasingly active in seeking investment opportunities in the Polish market.
The key to the return of large-scale capital was greater predictability. Pricing expectations between buyers and sellers have moved significantly closer together, making it easier to close transactions and supporting a resurgence in investment activity.
In Q2 2026, prime yields remained stable across most commercial real estate sectors in Poland. Prime office assets stood at 6.25%, shopping centres at 6.50%, and retail parks at 7.00%.
“The exception was the industrial and logistics sector, where prime yields compressed by 25 basis points to 6.00%,” explains Karolina Wojciechowska, Director, Capital Markets at BNP Paribas Real Estate Poland. “Continued competition for top-quality logistics assets and robust occupier demand supported the sector's strong performance.”
Experts expect that any future repricing is likely to occur first in the prime segment, where assets benefit from strong market fundamentals and offer stable, long-term rental income streams.
