Weekly CRE Market Commentary

Jul 9, 2026

2026

Warsaw Office Investment Hits Its Stride as Eastnine and Skanska Confirm Back-to-Back Landmark Sales

Warsaw's office investment market produced its most concentrated run of large-ticket transactions this year, with Eastnine's €300 million acquisition of The Bridge, Skanska's €159 million sale of its Wola high-rise, and STRABAG's €150 million purchase of Gdańsk's Olivia Star all closing or confirming within the same week. Combined with a wave of logistics development starts and green bond financing, this was a week that confirmed institutional capital has fully returned to CEE core office and industrial product.

Market Mood

Eastnine's acquisition of The Bridge, a newly developed 55,300 sqm office property in Warsaw's central business district, was the standout transaction of the week. At an underlying property value of €300 million and a preliminary purchase price of approximately €260 million, the deal makes Warsaw Eastnine's largest individual market and is expected to close in Q4 2026. Skanska simultaneously sold Studio A, the second phase of its Wola office development, to Stena Real Estate AB, giving Stena full ownership of the 27,700 sqm complex following an earlier phase sale at €159 million. Together, these transactions confirm that international capital views Warsaw's central business district as offering genuine scarcity value amid the ongoing supply constraint.

Where Capital Is Moving

STRABAG Group's acquisition of Olivia Star, the largest office building in Poland's Tricity metropolitan area, was confirmed this week at approximately €150 million in a share deal from Tonsa Commercial. The 180-metre, 98% occupied tower spans 40,000 sqm and will be managed long-term by Kingstone RE, which also advised on the transaction. Logicor announced the sale of its entire Hungarian operations, a 172,000 sqm portfolio across eight logistics assets mainly in Budapest, to Sino Logistics, with closing expected in H2 2026 subject to regulatory approval, a transaction that would represent a significant change in Hungarian industrial ownership.

Logistics development activity remained strong across Poland. Hines, Value Real Estate, and Kajima Poland began construction of the 30,000 sqm VRE Janki logistics park near Warsaw, targeting Q1 2027 delivery. BrandBQ, owner of the Medicine fashion brand, signed a long-term lease for over 30,000 sqm at 7R Hub Nowa Huta in Kraków to support its e-commerce operations. P3 Logistic Parks added two tenants at P3 Poznań, with Colian Logistic renewing 4,825 sqm and Arctos Creme taking 7,913 sqm. MLP Group returned to the bond market, raising an additional €100 million in green notes to bring its total series to €400 million, with over 60% of the associated capex earmarked for Germany.

In Vienna, Revetas Capital made its first acquisition under the new Pearl living platform, a commercial building fully permitted for conversion into 90 residential apartments, and separately confirmed a second Pearl deal converting 6,400 sqm of office space into one and two-bedroom apartments to address the city's housing squeeze. This office-to-residential conversion strategy is likely to be replicated across other DACH markets as Revetas scales the platform.

CEE/SEE

Bucharest's residential market showed three consecutive months of transaction growth by June, narrowing the first-half decline to 1.7% versus H1 2025, with new-home prices up 5% to over €2,600 per sqm. Speedwell broke ground on SPACEPLUS Popeşti-Leordeni, a 12,200 sqm SME warehouse project near Bucharest, and separately confirmed its €21.5 million financing from Intesa Sanpaolo Bank Romania for the 237-unit Queens District residential component. A Waypoint report this week confirmed Bucharest as one of Europe's most cost-competitive logistics markets, with lower rents and wage costs than Warsaw and Prague continuing to attract cost-conscious occupiers. Redkom Development's Tarnów retail park reached 90% pre-leasing ahead of its 2027 launch, while Scallier's Bolesławiec retail park, built on a former Tesco site, is fully leased ahead of a September 2026 opening.

Slovenia and Adriatic

Construction activity in Slovenia surged by nearly a quarter in the first four months of the year, a sharp contrast to Germany's more modest 1.6% annual growth reported the same week. This divergence points to Slovenia's construction sector operating at a markedly different point in the cycle than its larger western neighbour, with implications for contractor capacity and material costs on active CRE projects across the country.

Outlook

The clustering of three separate nine-figure Warsaw and Gdańsk office transactions in a single week is a strong signal that 2026 will be remembered as the year core CEE office repricing completed. With Eastnine, STRABAG, and Stena all committing capital to fully or near-fully let assets, the market's message is that income certainty commands a premium worth paying up front. The Logicor Hungary sale, if it closes as expected in H2, would be one of the largest single-portfolio logistics ownership changes in the region this year and is worth tracking closely for what it signals about non-European logistics capital's appetite for CEE exposure.

_Sources

_{EuropaProperty}_{- EuropaProperty — Hines, VRE and Kajima begin logistics park near Warsaw — https://europaproperty.com/hines-vre-and-kajima-begin-logistics-park-near-warsaw/
- EuropaProperty — SPEEDWELL secures €21.5m for QUEENS District residential project — https://europaproperty.com/speedwell-secures-e21-5m-for-queens-district-residential-project/
- EuropaProperty — Polish fashion brand expands its logistics operations at 7R Hub Nowa Huta — https://europaproperty.com/polish-fashion-brand-expands-its-logistics-operations-at-7r-hub-nowa-huta/
- EuropaProperty — P3 Poznań expands its tenant portfolio — https://europaproperty.com/p3-poznan-expands-its-tenant-portfolio/
- EuropaProperty — Revetas launches DACH living platform with first acquisition in Vienna — https://europaproperty.com/revetas-l...th-first-acquisition-in-vienna/
- EuropaProperty — STRABAG Group Acquires Landmark Office Tower in Gdańsk — https://europaproperty.com/strabag-g...ffice-tower-in-gdansk/
- EuropaProperty — Scallier Expands Retail Park Portfolio in Poland — https://europaproperty.com/scallier-expands-retail-park-portfolio-in-poland/
- EuropaProperty — Panattoni completes development in Kielce — https://europaproperty.com/panattoni-completes-development-in-kielce/
- EuropaProperty — Skanska sells flagship Warsaw office building to Stena Real Estate — https://europaproperty.com/skanska-sells-flagship-warsaw-office-building-to-stena-real-estate/
- EuropaProperty — Logicor announces sale of its operations in Hungary to Sino Logistics — https://europaproperty.com/logicor-announces-sale-of-its-operations-in-hungary-to-sino-logistics/
- EuropaProperty — Quadrum Relocates Headquarters to Stella Office Complex — https://europaproperty.com/quadrum-relocates-headquarters-to-the-stella-office-complex/
- EuropaProperty — Homing Village Sales Exceed €13m — https://europaproperty.com/homing-village-sales-exceed-e13m/}

_{Property Forum}_{- Property Forum — Skanska sells Warsaw building for €159 million — https://www.property-forum.eu/news/skanska-sells-warsaw-building-for-eur159-million/21707
- Property Forum — Strabag to buy large office complex in Gdańsk — https://www.property-forum.eu/news/strabag-to-buy-large-office-complex-in-gdansk/21705
- Property Forum — Redkom's Tarnów retail park hits 90% leasing before launch — https://www.property-forum.eu/news/redkoms-tarnow-retail-park-hits-90-leasing-before-launch/21703
- Property Forum — Revetas bets on Vienna housing squeeze with first Pearl deal — https://www.property-forum.eu/news/revetas-bets-on-vienna-housing-squeeze-with-first-pearl-deal/21699
- Property Forum — Bucharest housing bounces back — https://www.property-forum.eu/news/bucharest-housing-bounces-back/21709
- Property Forum — Eastnine doubles down on Warsaw with €300 million deal — https://www.property-forum.eu/news/eastnine-doubles-down-on-warsaw-with-eur300-million-deal/21714
- Property Forum — Speedwell breaks ground on new SME warehouse near Bucharest — https://www.property-forum.eu/news/speedwell-breaks-ground-on-new-sme-warehouse-near-bucharest/21713
- Property Forum — MLP Group taps bond market for another €100 million in green notes — https://www.property-forum.eu/news/mlp-group-taps-bond-market-for-another-eur100-million-in-green-notes/21715
- Property Forum — Bucharest ranks among Europe's cheapest logistics markets — https://www.property-forum.eu/news/bucharest-ranks-among-europes-cheapest-logistics-markets/21719
- Property Forum — North Bucharest Investments adds VIVO Residence to its portfolio — https://www.property-forum.eu/news/north-bucharest-investments-adds-vivo-residence-to-its-portfolio/21718
- Property Forum — €20 million Bucharest resi project enters advanced construction stage — https://www.property-forum.eu/news/eur20-million-bucharest-resi-project-enters-advanced-construction-stage/21726}

_Finance.si_{- Finance.si — V Nemčiji gradbinci razočarani, v Sloveniji letos dela eksplodirala — https://www.finance.si/top-gradbenistvo/v-nemciji-gradbinci-razocarani-v-sloveniji-letos-dela-eksplodirala/a/9048923 — Author: Vasilij Krivec
- Finance.si — Mega nepremičninski posel v Londonu in trije veliki v Sloveniji — https://www.finance.si/mega-nepremicninski-posel-v-londonu-in-trije-veliki-v-sloveniji/a/9048895 — Author: Jurij Šimac}

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