Investment Market - Summary of 2023

Investment market

For the past several years, the investment market has been experiencing difficulties related to both geopolitical events as well as high-cost borrowing. In 2023, the total transaction volume amounted to approx. EUR 2.1 bn, which was the lowest result in many years. The volume comprised 85 transactions, of which only three exceeded a market value of EUR 100 m.

Office sector

In 2023, developers contributed around 420,000 sqm of modern office space to the market. Importantly, only about 70,000 sqm of such space was commissioned in Warsaw. In the regions where new office space was supplied, the average vacancy rate stood at 17.5% in December 2023 – with higher values recorded in some cities, including Katowice (21.5%) and Cracow (20%). In Warsaw, the vacancy rate fell to 10.5%. The total transaction volume in this segment was approx. EUR 440 m. Many of the completed transactions involved older buildings intended for conversion, such as flats or PRS units.

Logistics sector

The logistics market accounted for almost 45% of all transactions, which allowed it to reach a volume of approx. EUR 970 million and thus become a leading segment in this respect. The volume consisted mainly of smaller transactions, with BTS projects attracting particular interest. The apparent trend towards the relocation of production from Asia to Poland has had a positive impact on the market. The most significant transactions carried out in 2023 include NREP’s acquisition of an 80% stake in 7R as well as deals concerning Campus 39 in Wroclaw, EQT Exeter and P3. What is more, developers are currently showing an increased interest in purchasing sites that can be used to restore land banks.

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Investment Market - Summary of 2023

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