Logistics and PRS drive the market. Poland attracts capital amid new regulations

Starting March 1, 2026, a nationwide FinCEN rule applies in the USA to 1–4 family housing transactions that are not financed by credit^[8]. Title agents, lawyers, and entities handling such transactions must report all purchases made by companies and trusts to FinCEN^[7], including identification of the beneficial owners. The new regulations replace previous municipal reporting mandates^[6] and are already prolonging closing processes^[3], especially for cash purchases executed through investment vehicles. At the same time, the market awaits the Federal Reserve meeting^[5] scheduled for March 17–18, 2026, seen as the first real chance for a rate cut, with rates held so far at 3.50–3.75% amid 2.4% y/y inflation and US 10-year bond yields around 4.04%.

USA: new rules and cost of capital

According to a study quoted by Tenant. Base, as many as 95% of investors plan in 2026^[10] to maintain or increase commercial real estate purchases, and 74% prefer the multifamily sector^[11]. A possible Fed rate cut will reduce debt costs^[12] for bank loans and CMBS issuance, which may accelerate deals also in Europe and Central-Eastern Europe^[13]. For institutional residential investors in the USA, this means the need to synchronize reporting under the Corporate Transparency Act^[15] and new FinCEN requirements for 1–4 family home portfolio acquisitions, and in the short term, a possible shift of some transactions toward credit financing exempt from these new rules.

Europe: capital favors logistics and living

The GRI Institute report from March 16, 2026 shows^[1] that in Europe, logistics, the broadly understood living sector (including PRS, student housing, and coliving) as well as data centres, are taking over growth^[16]. In Germany and Spain, investments focus on logistics and data centers^[17], while in the UK and France capital primarily flows to the operational residential sector^[18]. Poland was identified as a key CEE market^[19], where logistics investments exceed volumes in retail and offices^[20], and Warsaw is beginning to match Western European capitals in liquidity and transparency^[21]. JLL data confirms that global direct investment volumes increased^[22] by 19% year-on-year in 2025, with a clear rebound in the EMEA region and strong foreign capital inflows.

Against this backdrop, the Polish warehouse and logistics market stands out^[23], according to Axi Immo. The total modern warehouse space stock reached 36.58 million m² by the end of 2025^[24], with a new supply of 1.68 million m² — the lowest since 2016 — and gross demand of 6.64 million m², which is the third-best result in history^[25]. The vacancy rate remains around 7.4%^[26]. In this supply-constrained market, EurobuildCEE recorded a series of large transactions in mid-March: Aldi leased 43,000 m² in CTPark Warsaw Emilianów^[27], Nagel-Group started a BTS project covering 46,000 m² at Panattoni Park Poznań East III^[28], and Rohlig SUUS extended and expanded its lease^[29] to about 48 Warsaw Airport Park owned by ELI. Additional investments include BTS AJS Parts with 30,000 m² in Jawczyce, a 4,100 m² lease by Rehau in MLP Business Park Poznań, and Fiege’s expansions over more than 20 Accolade parks^[30].

Poland: record activity in warehouses and offices

Dynamic demand for warehouses and industrial projects develops alongside investors’ return to Polish offices. According to EurobuildCEE, in the seven largest regional cities, 770,000 m² of office space was leased in 2025^[32] with a record low new supply of just 20,000 m² and a total stock of 6.72 million m². The average vacancy rate fell to 16.9%^[33], marking a reversal of a long-term upward trend. Analyses by Axi Immo and CBRE indicate a supply gap in the regions^[34], increasing pressure on the best locations and enhancing the profitability of modernizing older buildings^[35]. In Warsaw, according to Colliers research, proximity to metro stations can raise rents^[36] by up to 39% compared to less connected properties, confirming growing market segmentation.

Poland’s strong position fits into a broader investment revival in Europe, visible in March’s transaction overview prepared by the Consorto platform. Among these transactions was Raben’s logistic portfolio sale in Poland^[38] under a sale-and-leaseback agreement to W. P. Carey valued at €169 million, confirming the domestic market’s ability to absorb large asset packages^[39]. Meanwhile, across the continent, significantly larger deals are underway^[40], such as the CPP Investments and Equinix joint venture concerning pan-Nordic data centres at North valued at about $4 billion, the purchase of the 83 Marceau office building in Paris by Hines for €242.5 million, and Catena’s acquisition of a Nordic logistics portfolio for 8.8 billion Swedish kronor. The European industrial real estate market was valued at $281.98 billion in 2025^[42], and is expected to rise to $297.15 billion^[43], indicating moderate but steady growth^[44] amid growing competition for land and grid capacities among warehouses, data centres, and light manufacturing.

Related posts:

• Real Estate Market March 24–31, 2026: Polish PRS, US CMBS, and Capital Return to CEE
• US Tariffs, Major Deals in Warsaw, and a Record Year for PRS – a Week That Changes the Market
• Rates Down, Volumes Up. Polish and European Real Estate Markets Accelerate
• Offices Under Pressure, Warehouses and PRS Benefit: Key Real Estate Trends 2025–2026