EXPO REAL 2026: Investors Return to the Market, but Asset Quality and Effective Management Are Becoming Increasingly Important 

This year’s EXPO REAL trade fair in Munich confirmed that the European commercial real estate market is gradually regaining momentum. However, this is not a return to the conditions seen in the previous cycle. Fewer investors are waiting for market conditions to improve, while more are focusing on opportunities to complete transactions in the current environment.

EXPO REAL 2026: Investors move away from the “wait and see” approach

One of the key conclusions from this year’s EXPO REAL is not simply the increase in investor activity, but the changing approach to the market. The number of organisations waiting for conditions from the previous cycle to return continues to decline. Instead, investors are focusing on opportunities to execute transactions in today’s market environment. The gradual move away from the “wait and see” strategy, which until recently dominated many investment processes, is becoming increasingly evident.

Capital remains available, but it is highly selective. Access to financing is no longer the primary challenge. Much greater importance is now placed on asset quality, cash flow stability, tenant credibility and the viability of business assumptions. Investors are returning to the market, but they are doing so in a far more disciplined manner than in previous years.

Poland remains firmly on the radar of investors evaluating capital allocation opportunities across the region. One of the market’s strengths is the presence of capital representing a broad range of investment strategies and risk profiles.

EXPO REAL 2026: Asset quality becomes increasingly important to investors

Asset selection is also becoming increasingly important. In the current environment, investors are less likely to make decisions purely at the sector or city level. Investment attractiveness is increasingly determined by the quality of a specific property, its location, technical specifications and the ability to execute the intended business plan.

“Poland remains one of the markets benefiting from the ongoing transformation of European supply chains. In many conversations held during EXPO REAL, logistics was identified as one of the sectors with the strongest growth potential in the coming years.

This growth is supported by the expansion of e-commerce, nearshoring trends and the reorganisation of supply chains. Moving and expanding production and industrial facilities to Poland (including new technologies) will support future development in this segment.

At the same time, the ability to successfully execute transactions is becoming increasingly important. In today’s market environment, the ability to bridge gaps between parties’ expectations and flexibility in finding solutions are becoming increasingly critical”.

Grzegorz Chmielak,
Head of Capital Markets & Valuation, AXI IMMO

Grzegorz Chmielak, Head of Capital Markets & Valuation, AXI IMMO, comments: “Poland remains one of the markets benefiting from the ongoing transformation of European supply chains. In many conversations held during EXPO REAL, logistics was identified as one of the sectors with the strongest growth potential in the coming years. This growth is supported by the expansion of e-commerce, nearshoring trends and the reorganisation of supply chains. Moving and expanding production and industrial facilities to Poland (including new technologies) will support future development in this segment. At the same time, the ability to successfully execute transactions is becoming increasingly important. In today’s market environment, the ability to bridge gaps between parties’ expectations and flexibility in finding solutions are becoming increasingly critical”.

Active asset management emerges as a key driver of real estate value

Investors are also increasingly convinced that future investment performance will depend primarily on asset management quality. After years in which yield compression was a significant driver of value growth, operational improvements, refurbishment projects and the ability to adapt assets to changing tenant requirements are becoming much more important.

“One of the most interesting observations from this year’s EXPO REAL is the changing approach of property office owners to managing the performance of their buildings.

Against a backdrop of uncertain prospects for yield compression and limited investment activity, the ability to preserve and enhance the value of existing office assets is becoming increasingly important.

However, achieving this is not as straightforward as it may seem. Even in the Warsaw office market, where limited new supply is creating more favourable conditions for landlords, translating market dynamics into stronger performance at the individual asset level requires much more than effective leasing.

In the regional markets, tenant retention and maintaining the competitiveness of existing properties remain additional challenges”.

Tomasz Michalczyk,
Head of Office Advisory, AXI IMMO

In discussions with office owners, the fragmentation of the functions responsible for a building’s commercial performance is emerging as an increasingly important concern. Leasing, property management, marketing and technical management often operate independently. While each function may perform effectively on its own, this does not necessarily translate into optimal performance or value maximisation for the asset as a whole. For current owners, this means that part of their buildings’ value potential remains untapped; for investors, the same gap represents an opportunity, as well-located office buildings held back by fragmented management are often priced on their current income rather than on their potential.

The market is also creating new investment opportunities. Logistics continues to attract considerable attention, while investors are increasingly analysing redevelopment, repurposing and repositioning projects involving existing properties. In many cases, active asset management is once again becoming a key source of value creation.

EXPO REAL 2026: International capital returns in search of investment opportunities

Another recurring theme during this year’s discussions was the growing activity of international capital. Investors from Asia and North America are showing increasing interest in Europe, seeking attractive returns and increasingly looking beyond the most mature Western European markets.

“Poland is perceived as a market that stands out among European countries not only because of its strong macroeconomic fundamentals, but also due to the high level of diversification in its growth drivers.

Numerous transactions are currently underway and are highly likely to be completed. We expect investment volumes this year to exceed last year’s levels. The structure of capital investing in Polish real estate is highly diversified, which supports asset liquidity.

Significant investors from the United States, Asia and Western Europe are actively exploring opportunities in Poland. Capital from the Czech Republic, the Baltic States and domestic investors also remains active.

One of the market’s strengths continues to be the healthy mix of capital from different geographies and the activity of diverse investor groups”.

Joanna Lewandowska, Associate Director
Capital Markets, AXI IMMO

Investors are also increasingly attracted to sectors supported by long-term structural trends. Alongside logistics, this includes infrastructure, data centres and projects linked to the energy transition and economic digitalisation. In many cases, these areas are viewed as potential sources of growth in the years ahead.

Within the logistics sector, location is no longer the only factor that matters. Access to power infrastructure and opportunities for future operational development are becoming increasingly important. Investors and occupiers are paying closer attention to building specifications, automation potential and the ability of assets to support evolving supply chain models.

Polish commercial real estate adapts to a new investment reality

One of the clearest signs of improving sentiment is the changing nature of investor activity. Although the market remains challenging, a growing number of participants are willing to deploy capital under current conditions. As a result, the number of active processes is increasing and the outlook for investment volumes is significantly better than it was just a dozen months ago.

The outlook for the Polish commercial real estate market remains stable. Perhaps the most important observation of recent months, however, is the shift in the nature of market discussions. Not long ago, conversations were dominated by reasons why transactions were difficult to complete. Today, they increasingly focus on how transactions can be successfully executed. This is a clear signal that the market is not only regaining activity, but is gradually adapting to a new investment reality.

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 greatest advantage is combining international business standards with deep local market knowledge.

AXI IMMO has received numerous awards, including Best Local Agency of the Year in 2012–2019 and 2021 in the CiJ Awards and Best Team in the Warehouse Sector in 2016–2017. In 2019 and 2023, the firm was the winner 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 the title of Advisor of the Year in the Prime Property Prize 2024.