Poland’s commercial real estate market started 2026 stronger than many market participants had expected. According to JLL, investment volume in the first quarter exceeded €1 billion, making it the strongest start to a year in the past four years.

📊 The last time the Polish market crossed the €1 billion mark in the first quarter was in 2022. What makes the current result especially notable is that it was achieved in a financing environment that is significantly more expensive than it was four years ago.

The strongest contribution to the first-quarter result came from the logistics sector. Transaction volume in this segment reached nearly €450 million. A substantial role was played by sale-and-leaseback transactions, where the owner sells an asset to an investor and simultaneously remains in the property as a tenant. According to JLL, this format provided significant support to total market volume at the start of the year.

🛒 This model is already expanding beyond warehouse assets. The largest retail transaction of the quarter was the sale of eight Auchan hypermarkets, acquired by Hungarian investor Adventum. At the same time, the previous owner will remain the tenant of these properties for 15 years, making this one of the largest transactions of its kind in the history of Poland’s retail real estate market.

The office segment also remained active, although the transaction structure there was somewhat more restrained. Most of the volume came from individual medium-sized and smaller assets, supplemented by several larger transactions.

📍 For investors, this is an especially important signal for several reasons:

— the market exceeded the €1 billion threshold already in the first quarter;
— growth was recorded across all sectors;
— logistics remains the main driver of investor interest;
— new major transactions are already visible on the horizon, including outside the warehouse segment.

⚖️ The Polish market is showing that even with a higher cost of debt, large institutional players are ready to return to transactions. JLL explicitly notes that the market is already seeing the preparation and completion of major deals across different sectors, which points to growing confidence among крупные investors in Poland as a destination for capital allocation.

🔎 If you are considering Poland as a market for commercial real estate investment, it is especially important right now to watch the segments where activity is recovering the fastest. You can explore properties and investment opportunities in Poland on our website.