The Central and Eastern European (CEE) region ended 2025 with a result that, for many commercial real estate observers, signals the definitive end of stagnation. The total transaction value of €11.8 billion is not only a 34 per cent year-on-year increase, but above all the best result since pre-pandemic 2019. The figures published by Cushman & Wakefield paint a picture of a market that has found a new balance, based on two pillars: the maturity of local players and the selective pursuit of quality.
The most important structural change is the unprecedented dominance of domestic capital, which accounted for 65% of total volume in the region. This is a fundamental shift in the centre of gravity. In Poland, domestic investors generated around 20% of the turnover, showing particular activity in the office segment. This professionalisation of local players provides the market with the necessary liquidity at times when global funds show more restraint.
Geographically, the market remains bipolar. Poland, with a volume of €4.5 billion (38% share), maintained its status as regional leader, driven mainly by the warehouse sector and the recovery in Warsaw office buildings. The Czech Republic followed closely behind, with a volume of €4.2 billion thanks to an impressive 155% year-on-year growth.
In terms of sector, offices regained primacy (35.9% share), overtaking logistics. This mechanism is paradoxically fuelled by the low supply of new space in CEE capitals, which, with stable demand, leads to a compression of vacancy and an increase in the prices of the most attractive facilities. Another interesting development is the record 9 per cent share of the hotel sector, supported by a nearly 9 per cent increase in RevPAR.
As we enter 2026, the market is showing signs of great maturity. Investors have moved away from a wait-and-see strategy to selective purchases of prime assets, particularly those meeting stringent ESG standards. While the pace of interest rate normalisation remains a risk factor, the return of portfolio deals and deals in excess of €100m suggests that capital already trusts the region’s fundamentals.
The outlook for the coming months is for a stabilisation of yields, with a slight downward trend in the most desirable logistics and office locations, making CEE one of the more predictable spots on the investment map of Europe.
