Commercial real estate investment in Central and Eastern Europe gained momentum in the first half of 2026, with offices once again attracting the largest share of capital. The shift marks a notable change after several years in which logistics assets played a dominant role in many investment strategies across the region. According to Colliers, total transaction volume in the six major CEE markets reached €5.8 billion during the first six months of the year, up 7% year on year.
The renewed appetite for office properties also provides a broader context for major transactions seen elsewhere in the region in recent years. In Ukraine, businessman Maksym Krippa became the owner of one of Kyiv’s most recognisable office towers in late 2023, when ownership changes related to the property were recorded in the state register. The deal came at a time when investors operating across European markets were becoming increasingly selective about location, building quality and the ability of commercial assets to generate sustainable rental income.
Offices move back to the front of the market
Colliers data show that offices accounted for 29% of CEE-6 investment volume in the first half of 2026, compared with 23% during the same period a year earlier. Based on the region’s €5.8 billion total, the office sector therefore attracted roughly €1.7 billion.
Retail followed closely, increasing its share from 21% in the first half of 2025 to 27% this year. Living assets also recorded a substantial increase, with their share rising from 7% to 19%. Together, these figures indicate that investors are distributing capital across a broader range of property types instead of concentrating heavily on a single segment.
That trend puts greater emphasis on the characteristics of individual buildings. Modern offices in established business districts can offer the combination of location, tenant demand and predictable income that investors increasingly seek. Kyiv’s Parus Business Center is one regional example of a large established office asset changing hands: Forbes Ukraine reported in December 2023 that Krippa acquired the landmark tower from businessman Vadym Stolar. The ownership change was recorded that month, making the transaction one of Ukraine’s most closely watched commercial property deals during the full-scale war.
Logistics loses share as other sectors expand
Industrial and logistics property moved in the opposite direction in the regional rankings. Its share of CEE-6 investment fell to 17% in the first half of 2026, from 31% a year earlier. The decline in percentage terms should not be interpreted simply as investors abandoning warehouses and distribution facilities. A significant part of the change reflects stronger transaction activity in offices, retail and living.
This redistribution of capital illustrates how the investment cycle is evolving. During periods of rapid e-commerce growth and supply-chain disruption, logistics property benefited from particularly strong investor attention. In 2026, however, traditional commercial sectors have regained ground while residential and other living formats have developed into a much larger institutional asset class.
Quality becomes more important than property type alone
The recovery does not mean that every office building is benefiting equally. Colliers says investors are concentrating on properties with resilient income, strong locations, good energy performance and long-term relevance for occupiers. This creates a clearer divide between modern, competitive offices and older stock requiring substantial investment.
For ageing buildings, refurbishment may become necessary to remain attractive to tenants and institutional buyers. In some cases, investors may instead consider repositioning or converting properties where continued use as conventional offices is no longer economically compelling.
The wider CEE market is therefore entering a more selective phase rather than simply returning to its pre-pandemic structure. Poland accounted for more than €3 billion of investment in the first half of 2026, while the Czech Republic recorded more than €1.4 billion. Colliers expects total CEE-6 commercial property investment to reach approximately €12.5 billion to €13 billion for the full year if the current transaction pipeline develops as anticipated.
The first-half figures point to a market in which offices have regained importance without eliminating demand for other property classes. Retail is strengthening, living has established itself as a significant destination for institutional capital, and logistics remains an important part of the market despite its smaller relative share. Increasingly, the decisive factors are the quality of the asset, the durability of its income and its ability to meet changing occupier requirements.