Poland saw €2.7 bn of commercial real estate investment last year, matching pre-crisis volumes for the first time since the onset of credit crisis, according to Colliers International.
The result was mostly due to an impressive fourth quarter, during which around €1.6 bn of deals was reported.
The market was driven by large single transactions such as those involving Manufaktura, Zlote Tarasy and Warsaw Financial Center, underlining the confidence vested in the Polish market by the international investment community, Colliers said.
The retail sector accounted for 45% of the market share, followed by offices which represented 34% of activity and industrial at 17%.
Activity in secondary cities in 2012 was predominantly driven by retail and logistics transactions. Office sales outside
of Warsaw were limited to a minimum, partly due to the scarcity of investment grade product but also due to the fact that Warsaw is the main market generating tenant interest.
In terms of yields, prime offices in Warsaw CBD are in the range of 6.25-6.50% while prime retail yields stand at 6%- 6.5% in the Polish capital. Prime logistics yields are in the sub-8 region (selected locations only), where the pricing is largely driven by the weighted average unexpired lease term.