This year’s EXPO REAL 2025 in Munich (6-8.10.2025), International Trade Fair for Property and Investment, marked a noticeable shift in tone across industry conversations. Following a period of uncertainty and postponed investment decisions, the commercial real estate market has entered a phase best described as realistic optimism. Capital is returning to the table, but with greater discipline and a sharper awareness of risk.

Commentary by Renata Osiecka, Owner, Managing Partner, AXI IMMO

Komentarz w języku polskim dostępny jest tutaj

Estimated reading time: 6 minutes

The Polish market remains attractive due to competitive yields, drawing investors seeking higher returns. However, yield alone is no longer enough. Investors increasingly focus on project fundamentals – including modernisation plans, emissions reduction pathways, and precisely calculated CAPEX. The past two years have taught the industry that only assets with a clear strategy and a manageable risk profile will secure financing.

Key tendencies in the commercial property sector

ESG and portfolio decarbonization were strong themes throughout the fair. This year, discussions moved beyond general declarations to specific questions around data, performance measurement, and concrete financing paths for green investments. ESG is no longer a marketing add-on – it is now embedded in project evaluation and investment strategy.

In the office segment, a selective recovery is underway. Demand is concentrating around prime buildings, while older properties require repositioning through refurbishment, function changes, or integration with mixed-use concepts. Logistics continues to perform steadily, while the retail sector is evolving toward placemaking and multi-function integration.

Another visible trend was the move away from “PropTech” as a buzzword to tangible, practical applications of technology. Data- and AI-driven tools are increasingly used to support investment decision-making, portfolio analysis, and energy management. Technology is becoming a standard part of asset management—not as a gadget, but as a driver of efficiency and transparency.

EXPO REAL 2025 clearly demonstrated that the market will not return to old operational models. A new selective order is forming—driven by quality, data, and responsible risk assessment. The speed at which market players—investors, developers, and lenders—adapt to this new reality will determine their competitiveness in the coming years.

A panel discussion and a joint presentation of the Łódź region’s investment potential.

During the event, I had the pleasure of moderating the panel discussion “Łódź Region – Powering Poland’s Future Growth”, where we showcased how Central Poland is actively aligning with global megatrends. The panellists unanimously agreed that the Łódź region is becoming a unique investment ecosystem where green energy, infrastructure, and digital competencies intersect.

The transformation of Bełchatów offers an opportunity not only to balance the conventional energy mix but also to pave the way for Data Centre projects, which require stable and low-emission energy sources. At the same time, the development of the Central Communication Port (CPK) represents more than just an infrastructure project—it offers the chance to build a new logistics and industrial platform capable of attracting further investment. When combined with a strong academic base, the Łódź region is well-positioned to emerge as a strategic economic hub for Poland.

Renata Osiecka, Owner, Managing Partner AXI IMMO

Renata Osiecka

Owner, Managing Partner, AXI IMMO

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About AXI IMMO

AXI IMMO offers comprehensive advisory services related to commercial real estate, including warehouse and office leasing and property management, real estate valuation, land acquisition, and sales. The firm also offers B2B and B2C supply chain management services. AXI IMMO’s most significant advantage is combining international business standards with deep local market knowledge.

AXI IMMO has received numerous awards, including Best Local Agency of the Year from 2012 to 2019 and 2021 in the CiJ Awards and Best Team in the Warehouse Sector in 2016–2017. In 2019 and 2023, the firm won in the Local Agency category, and in 2024, it was named Advisor of the Year at the CEE Investment Awards. AXI IMMO was named Local Agent of the Year in 2023 and 2024 in the CEE region at the CEEQA awards. The firm’s most recent achievement is being named Advisor of the Year in the Prime Property Prize 2024.

The AXI IMMO Research Department team regularly analyzes the commercial real estate market and provides reports and publications.

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