In the year-end summary for 2025, the commercial real estate market in Poland reached a total[1] transaction volume of 3.98 billion EUR, industry sources reported on February 22, 2026. The BNP Paribas Real Estate Poland report highlighted a strong share[11] of the warehouse and living segments (including PRS/PBSA), while Colliers analyses showed that domestic capital hit[2] a record approximately 860 million EUR. Across Central and Eastern Europe, the volume amounted to 11.6 billion EUR[14], representing a 31% year-over-year increase, keeping Poland among the most active markets in the region. These figures shape investment decisions at the start of 2026 and suggest that domestic capital plays an increasingly important role[15] in transactions.
Market Performance and Capital
The logistics sector confirmed its position as a market driver[5]: the total warehouse and logistics space in Poland exceeded 37 million m²[3] by the end of 2025, with annual demand reaching about 6–6.6 million m²[10]. Developer CTP completed the first building[4] in the CTPark Warsaw Emilianów complex with about 54,000 m², and another facility of approximately 43,000 m² is in preparation, totaling nearly 100,000 m² within one park. Market advisors (CBRE, Cushman & Wakefield, Newmark Poland) point out market segmentation: modern Class A buildings in key hubs maintain high occupancy and rents, whereas older buildings in secondary locations face pressure for modernization or rent decreases.
Logistics: Supply and Demand
Against the backdrop of domestic data, significant global financial moves have emerged. ACORE Capital announced on February 23 the closing of a CRE CLO[6] valued at 1.1 billion USD (ACORE 2026-FL1) with a portfolio of 22 loans mainly on multifamily and industrial assets in the USA; the transaction was structured by Wells Fargo as sole structuring agent, with bookrunner participation from JPMorgan, Morgan Stanley, Goldman Sachs, and Capital One, along with SMBC involvement. Simultaneously, Fairfax Financial Holdings provided up to 1.65 billion USD financing[7] for the acquisition of Kennedy-Wilson Holdings Inc., managing about 31 billion USD in assets, concluding with an all-cash offer at 10.90 USD per share and the company’s delisting. These transactions signal a return of appetite for real estate-secured debt and private equity’s willingness to acquire living/industrial platforms.
Global Financing and Consequences
At the same time, the commercial real estate market shows selective risk appetite: in the USA, a bundled purchase of the eight-building Park Hill Apartments complex[8] on Staten Island was closed at 364.7 million USD with a planned CAPEX of 165 million USD, and in the retail segment, the Embassy Plaza center in North Hollywood was sold for 20.35 million USD[9] at 67% occupancy. In monetary policy, the Federal Reserve maintained the federal funds rate between 3.5–3.75%[13], with market participants assessing the chances of a March cut as “a coin toss”, which translates into a stable yet still elevated cost of capital[12] for real estate sectors. For Poland, this means that with growing domestic capital share and relatively attractive returns, investors will seek co-investments while also preparing portfolios for energy requirements stemming from the EPBD directive revision implementation before the May 29, 2026 deadline.
Sources
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