Weekly CRE Market Commentary

BESTSECRET's 108,000 sqm Poznań Lease Headlines a Week of Warsaw Office Records and Bucharest Consolidation

BESTSECRET's lease of 108,000 sqm at EQT Park Poznań Żerniki, one of Poland's largest warehouse transactions of 2026, anchored a week in which Warsaw's office market posted its strongest tenant activity in seven years and Global Vision moved to consolidate its Bucharest office portfolio with the acquisition of the former Alpha Bank headquarters.

Market Mood

Warsaw's office leasing activity reached its highest level in seven years in H1 2026, with 283,000 sqm leased in Q2 alone, confirming a market now operating at two distinct speeds: landlords in central locations hold a clear negotiating advantage as available space continues to shrink, while peripheral submarkets see comparatively softer conditions. This bifurcation is becoming the defining structural feature of the Polish capital's office market and is likely to persist as long as new supply remains constrained.

Where Capital Is Moving

BESTSECRET's 108,000 sqm lease at EQT Real Estate's Poznań Żerniki facility, adapted specifically for the tenant's logistics and e-commerce operations and featuring a four-level operational mezzanine that brings total usable area to 188,000 sqm, stands as one of the largest single warehouse transactions in Poland this year. Quantum Real expanded its Gliwice project to over 60,000 sqm after acquiring an adjacent plot for an additional 20,000 sqm, bringing in LCube as a shareholder to support development, with the first 43,000 sqm phase due for Q1 2027 handover. 7R began construction of a 9,700 sqm BTS parcel sorting centre in Bydgoszcz for a long-time partner, with the surrounding 7R Park Bydgoszcz I complex holding potential for a further 22,000 sqm of speculative space.

J&T Investiční společnost, through its Prime Hotel Assets Fund, acquired the Prague Marriott Hotel & Millennium Plaza, a mixed-use complex combining 416 hotel rooms with over 10,000 sqm of office and retail space, with Marriott International continuing to manage the hotel under a long-term agreement, a notable Czech institutional move into branded hospitality real estate. GTC reported a 5% rise in H1 2026 rental revenues to €106 million and refinanced €330.5 million across its loan portfolio, while also disposing of assets in Zagreb and Bucharest as part of ongoing portfolio optimisation.

In Warsaw office leasing, the National Heritage Institute took nearly 3,800 sqm across five floors at Syrena Real Estate's HOP building, bringing that complex to 98% occupancy, while Winkler Polska leased approximately 1,500 sqm at MLP Business Park Łódź for its automotive parts distribution operations.

CEE/SEE

Global Vision acquired two office towers in Bucharest totalling approximately 10,000 sqm, formerly Alpha Bank's headquarters, in a share-deal transaction, with plans for comprehensive refurbishment into a modern mixed-use destination as part of a 2026 investment pipeline exceeding €150 million and a stated ambition to build a cumulative portfolio above €1 billion. Cordia highlighted that Bucharest's residential market continues to offer significant value for regional investors, with new-build home prices considerably more affordable than Budapest or Warsaw while delivering comparable gross rental yields of 5-6%, supported by lower construction costs than Budapest.

Hungarian construction group Bayer Construct entered bankruptcy protection to restructure its finances, citing challenging market conditions and the collapse of a planned state acquisition of an office complex, a cautionary signal for closely state-linked developers as financing conditions remain selective. MetaWealth reached financial close on a €19 million funding package for its Dumbrava battery energy storage project in Neamț County, Romania, the first project in a planned €160 million Romanian BESS programme, with construction already underway.

In residential, BIG Poland completed its rebrand of BIG Grodzisk Mazowiecki, an 11,000 sqm fully leased retail park in the western Warsaw agglomeration featuring Biedronka, Sinsay, and New Yorker, its 13th retail park nationally. Archicom secured its occupancy permit for Flow Phase 2 in the New Centre of Łódź, already more than 80% sold.

Slovenia and Adriatic

Prague's build-to-rent market was highlighted this week as approaching a significant expansion phase, with roughly 15,000 units now tracked across operation, construction, and preparation stages and over 1,000 new units expected annually in both 2027 and 2028, a professionalisation trend in institutional CEE rental housing worth monitoring as a potential template for other regional capitals, including those in the Adriatic corridor where build-to-rent remains comparatively underdeveloped.

Outlook

The BESTSECRET lease and Quantum Real's Gliwice expansion both confirm that Polish logistics occupiers with scaled e-commerce operations continue to command the largest single transactions in the market, even as overall leasing volumes normalise. Warsaw's two-speed office market is likely to keep widening the gap between central and peripheral submarkets through the remainder of 2026, and landlords holding well-located, modern stock are positioned to capture further rental growth. Watch Bayer Construct's restructuring closely, as its collapse of a state-linked office acquisition may signal tighter scrutiny of similar public-private real estate transactions across the region going forward.

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<sup>EuropaProperty
- EuropaProperty — 7R begins construction on a new BTS facility in Bydgoszcz — https://europaproperty.com/7r-begins-construction-on-a-new-bts-facility-in-bydgoszcz/
- EuropaProperty — BESTSECRET Signs 108,000 sqm Lease at EQT Park Poznań — https://europaproperty.com/bestsecret-signs-108000-sqm-lease-at-eqt-park-poznan/
- EuropaProperty — Quantum Real expands Gliwice project to more than 60,000 sqm — https://europaproperty.com/quantum-real-expands-gliwice-project-to-more-than-60000-sqm/
- EuropaProperty — Nearly 10,000 visitors mark strong debut for BIG Grodzisk Mazowiecki — https://europaproperty.com/nearly-10000-visitors-mark-strong-debut-for-big-grodzisk-mazowiecki/
- EuropaProperty — Global Vision Expands Bucharest Office Portfolio with New Acquisition — https://europaproperty.com/global-vision-expands-bucharest-office-portfolio-with-new-acquisition/
- EuropaProperty — Warsaw Office Market Sees Seven-Year High in Tenant Activity — https://europaproperty.com/warsaw-office-market-sees-seven-year-high-in-tenant-activity/
- EuropaProperty — National Heritage Institute selects HOP as new HQ — https://europaproperty.com/national-heritage-institute-selects-hop-as-new-hq/
- EuropaProperty — Winkler Polska joins MLP Business Park Łódź — https://europaproperty.com/winkler-polska-joins-mlp-business-park-lodz/</sup>

<sup>Property Forum
- Property Forum — EQT Real Estate signs 108,000 sqm lease in Poznań — https://www.property-forum.eu/news/eqt-real-estate-signs-108000-sqm-lease-in-poznan/21980
- Property Forum — Quantum Real expands Gliwice project — https://www.property-forum.eu/news/quantum-real-expands-gliwice-project/21968
- Property Forum — J&T acquires Prague Marriott Hotel in fund deal — https://www.property-forum.eu/news/jt-acquires-prague-marriott-hotel-in-fund-deal/21970
- Property Forum — GTC reports revenue and margin gains in H1 2026 — https://www.property-forum.eu/news/gtc-reports-revenue-and-margin-gains-in-h1-2026/21972
- Property Forum — Global Vision acquires former Alpha Bank HQ in Bucharest — https://www.property-forum.eu/news/global-vision-acquires-former-alpha-bank-hq-in-bucharest/21965
- Property Forum — Cordia says Bucharest offers value for regional investors — https://www.property-forum.eu/news/cordia-says-bucharest-offers-value-for-regional-investors/21967
- Property Forum — Hungary's Bayer Construct fights for survival — https://www.property-forum.eu/news/hungarys-bayer-construct-fights-for-survival/21982
- Property Forum — MetaWealth closes first round of Romania BESS programme — https://www.property-forum.eu/news/metawealth-closes-first-round-of-romania-bess-programme/21979
- Property Forum — Archicom secures occupancy permit for Flow phase two in Łódź — https://www.property-forum.eu/news/archicom-secures-occupancy-permit-for-flow-phase-two-in-lodz/21976
- Property Forum — BIG Poland opens retail park in Grodzisk Mazowiecki — https://www.property-forum.eu/news/big-poland-opens-retail-park-in-grodzisk-mazowiecki/21973
- Property Forum — BTR Group reports Prague rental market growth ahead — https://www.property-forum.eu/news/btr-group-reports-prague-rental-market-growth-ahead/21974</sup>

<sup>Finance.si
- Finance.si — Hiše in stanovanja za več kot milijon: Koliko se jih proda v Ljubljani? — https://www.finance.si/hise-in-stanovanja-za-vec-kot-milijon-koliko-se-jih-proda-v-ljubljani/a/9050513 — Author: Jurij Šimac</sup>

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