Executive Summary

Macroeconomic environment

Moderate economic recovery – GDP growth prospects are improving, inflation is stabilising, and capital markets remain resilient while global challenges persist.

Letting market

Declining momentum in large deals limits office space turnover – Office rental market on a slight growth path, continued strong competition for premium new buildings, vacancy rates not yet at their peak.

Industrial and logistics rental market showing slight growth – Top 8 markets exceed previous year’s level in terms of take-up, significant increase in activity among Asian players.

Investment market

Investment market characterized by early-cycle environment and moderate growth momentum – Conditions on the investment market continued to stabilise in 2025, with the early-cycle upturn consolidating over the course of the year and a lack of large deals limiting momentum, particularly in the top 7 cities.

Industrial and logistics market weaker than in the previous year but with positive outlook – Individual transactions dominated the market, with a strong presence of international investors, while the return of portfolio sales characterized the second half of the year.

Gradual market recovery for large-volume retail properties – Renewed interest in inner-city retail properties and shopping centres with development potential.

Hotel investment market continues its recovery with significant growth – Hotel sector’s share of total commercial transaction volume rises to 7% thanks to 19% increase in annual results, focus on core products with robust operator concepts.

Investor selectivity and low activity in the large-volume portfolio segment are slowing down the residential investment market – large deals with a significant decline in earnings are weighing on the annual result, individual transactions with significant growth, young existing properties with core character in demand.