Warehouses: Record Volumes and the Return of Major Deals
In H1 2025, the warehouse sector generated €694 million in transactions, the highest among all asset classes. It accounted for 40% of the total commercial real estate investment volume in Poland.
The most significant transaction of the period – and the largest sale & leaseback deal ever recorded in the CEE region – took place in April. U.S.-based REIT Realty Income Corporation acquired two logistics facilities from Polish manufacturer Eko-Okna for over €253 million. This single deal represented more than one-third of the total warehouse sector volume.
No other transaction in the segment exceeded €80 million, further underlining the scale of this landmark deal.
“Investment strategies in logistics remain focused on modern assets with high return potential, but we’re also seeing increased interest in properties with long WAULTs, where current pricing does not fully reflect long-term income stability,”
notes Paulina Brzeszkiewicz-Kuczyńska, author of the report.
Three portfolio transactions were also completed during the period. Overall, logistics remains the strongest and most dynamic segment of the Polish investment market.
Offices: Cautious Optimism and Local Opportunities
The office sector saw 23 transactions totaling €411 million. Investor appetite remained selective, with growing interest in value-add and core+ strategies – particularly for assets offering stable cash flow in attractive locations.
A noteworthy trend was the increasing role of domestic capital, which accounted for over one-third of the sector’s investment volume. Additionally, 13 of the 23 transactions were recorded outside Warsaw, highlighting growing confidence in regional office markets.
Key deals included Wronia 31 and Plac Zamkowy – Business with Heritage in Warsaw, and High5ive I & II in Kraków.
Retail and PRS: Brief Overview
Retail investments totaled €322 million across 20 transactions. The market was dominated by convenience assets and retail parks. Notable events included the entry of Czech investor My Park (acquiring a 10-property portfolio), and two redevelopment transactions: Arkady Wrocławskie and CH Glinki, with Avison Young acting on the vendor side.
The residential rental sector (PRS) reached €223 million in investment volume, primarily driven by projects in Warsaw and Gdańsk. Resi4Rent remains the market leader, both in completed units and pipeline developments.
Outlook: A Window of Opportunity
Avison Young’s report describes H1 2025 as a stable period with clear signs of recovery. Large transactions are returning to the market, and local capital continues to fill the gap left by cautious institutional investors.
Falling interest rates are expected to put downward pressure on yields, creating a favorable investment environment in the second half of the year. Among all asset classes, modern warehouse facilities remain the top choice, offering strong fundamentals, long leases, and alignment with long-term supply chain trends
source: prestigepr.pl
