Polish commercial real estate market. The year 2025 brought records

The beginning of 2025 brought a significant recovery on the commercial real estate market in Poland. According to the Avison Young analysis, 12 transactions were recorded in the first two months covering assets from all segments of this market. In April, the largest Sale & Leaseback transactions in history not only in Poland, but also in the entire region of Central and Eastern Europe. Polish window producer, Eco-Okna, sold two warehouses with a total area of ​​about 264 thousand. sq m and value of nearly PLN 1 billion, while concluding a contract for their rental. The buyer was the American company type Reit – Realty Income Corporation. Thanks to the value of this transaction, the total volume of investment after the first four months of the year was about EUR 1.1 billion – we read in the report.

– The number of transactions in May is not particularly impressive, but does not mean a major slowdown. Looking only at our pipeline projects for sale, we remain optimistic when it comes to market activity – comments Marcin Purgal, Senior Director, Investment at Avison Young.

Commercial real estate market – over EUR 5 billion

– We hope that the volume at the end of 2025 will exceed EUR 5 billion. Of course, everything will depend on transactions reaching high values ​​- in particular in the logistics or commercial sector – which we are waiting for – says Marcin Purgal.

In his opinion, the limited activity of institutional investors has resulted in many factors in the last few years, including a decrease in the value of real estate, a high cost of money or more difficult to obtain external financing.

– Investors continue to approach the selection of assets quite selectively to buy and this is a situation observed not only in Poland, but also around the world. Currently, in Poland we have a situation in which the main players are smaller investors, private capital or Value-Adds, because real estate prices have fallen and easier for the opportunity-he notes.

Commercial real estate – Polish capital is growing in strength

The Avison Young analysis shows that domestic capital is increasingly hunting for price occasions, which is becoming more and more visible in the structure of transactions on the commercial real estate market – and not only housing. As many as two of the three acquisitions implemented in May 2025 belonged to Polish investors.

In the years 2018–2022, the average share of Polish capital in the total volume of the commercial real estate market was only about 2 percent. From 2023, however, we are observing dynamic growth – this share exceeded 7 percent, respectively. and 10 percent in the next two years. In turn, throughout 2024, Polish investors completed 40 transactions, which translated into 31 percent. share in the number of transactions and 10 percent participation in their total volume. The average value of one transaction was EUR 12 million.

This trend also persists in 2025. In the first quarter, domestic capital was responsible for 12 transactions – constituting 34 percent. in terms of number and 17 percent in terms of value. The average transaction value in this period was EUR 10 million.

– Polish investors, due to their capital – often cash – focus mainly on smaller and cheaper assets. Both single, free-standing grocery stores and trade parks, whose price oscillates around EUR 5-15 million, enjoy their interest in the sales sector, but can also get close to amounts of approx. 30 million euros in the case of newer and larger real estate. In the area of ​​interest of Polish investors there are also older office facilities with stable cash flow and established locations – sums up Purgal.