Introduction
Following four challenging years and an investment market slowdown in 2023, the results recorded in 2024 indicated a return to stability, a trend that persisted throughout 2025. Nevertheless, the total transaction volume in Poland for 2025 remained below the 2024 level, primarily due to the limited number of transactions involving institutional capital. Market liquidity has remained stable, with 151 transactions completed, broadly in line with the previous year. Poland’s total investment volume for 2025 reached €4.5 billion, with Q4 alone representing over 40% of this result. Contrary to previous year, when 10 largest transactions accounted for nearly 50% of the total investment volume, 2025 was characterized by numerous but less spectacular deals in terms of volume. However, several milestone transactions initiated in 2025 will be finalized at the beginning of the following year. The office sector contributed 39% of the total investment volume in 2025, in majority regarding Warsaw-based office buildings. Industrial investment market stood strong with several portfolio and impressive sale & leaseback transactions. In the retail sector portfolio of 25 Vendo Parks was divested, accompanied by unabated demand for retail parks and convenience schemes. Additionally, the year witnessed transactions involving 5 hotels and 9 living schemes. Polish capital has clearly marked its presence on the commercial real estate investment market.
