- Total investment volume in 2025 reached EUR 4.2 billion – more than double the figure for 2024 and the highest value in the market’s history.
- Transactions worth EUR 1.8 billion were completed in Q4 2025, marking a record quarter.
- Czech investors dominated the market, accounting for 86% of the annual volume and an extraordinary 97% in Q4.
According to the latest data from the real estate consultancy Cushman & Wakefield, the total transaction volume in the Czech commercial real estate market reached a record EUR 4.2 billion in 2025. This represents more than a twofold year‑on‑year increase and surpasses all previous historical highs of the domestic investment market. The result was significantly driven by the fourth quarter, which—thanks to transactions totalling EUR 1.8 billion—exceeded all past quarterly records.
Dominance of Czech Investors and International Expansion
Domestic capital accounted for 86% of the total annual investment volume, with its share climbing to a record 97% in Q4. This trend highlights not only the dominant position of Czech funds in the domestic market, but also their ambition to become major players on the European stage.
The strong activity of Czech investors in 2025 was also reflected in their increased appetite for foreign markets. Czech capital invested more heavily in Central and Eastern Europe, Austria, Germany, and even the United States. Investors focused primarily on office buildings and logistics parks, complemented by acquisitions in the retail and hospitality sectors. This geographical and sectoral diversification demonstrates the current financial strength of Czech market players and their ability to seek stable returns across mature markets.
Kamila Breen, Head of Research at Cushman & Wakefield, comments: “The year 2025 was a turning point for the Czech investment market. Not only did we achieve the highest investment volume in history, but we also confirmed the extraordinary strength of domestic capital, which accounts for the overwhelming majority of the market. The Czech investor is no longer just a local player but a market force that dominates the domestic environment and actively seeks opportunities beyond the borders of the Czech Republic.”
Key Transactions
The largest transaction of the fourth quarter—and of the entire year—was the acquisition of Prague’s Palladium shopping centre, purchased by the Czech property fund REICO. It represents the largest single‑asset commercial property sale in Czech history. In the office sector, two major transactions followed: investment company Conseq acquired the Kavčí Hory Office Park in Prague 4, and the Harfa Business Center B building in Prague 9 was taken over by the Czech state (future headquarters of the Financial Administration of the Czech Republic).
Beyond the sale of the Palladium shopping centre, another key 2025 transaction was the sale of a stake in a portfolio of ten logistics parks owned by CT Real Estate (the Contera portfolio). The American investment fund Blackstone acquired the portfolio from TPG Real Estate. Significant deals also took place in the hotel segment, where the Czech group PPF completed the acquisition of the Hilton Hotel, the largest hotel facility in the Czech Republic.
Table 1: Key Transactions of 2025
| Property Name | Sector | Buyer | Seller | Area (sq m) |
| Palladium | Retail/Office | REICO | Union Investment RE | 59,000 |
|
Contera Portfolio |
Logistics | Blackstone | TPG Capital/Contera | 365,000 |
| Hilton Prague | Hotel | PPF Real Estate | IBRC | 791 rooms |
| Atrium Flora | Retail/Office | Redstone | G City Europe | 39,000 |
| Myslbek | Retail/Office | Redstone | AEW | 25,000 |
Source: Cushman & Wakefield
In the fourth quarter of 2025, 41% of investments were directed into office properties, 38% into retail, and 19% into industrial and logistics assets. Over the full year, the largest share belonged to offices (32%), followed by retail properties (28%) and the industrial sector (19%).
After a weaker 2024, the office sector returned as the market’s main growth driver. Based on ongoing negotiations, high activity in this segment is expected to continue in 2026. Demand for premium office space is anticipated to remain strong.
Prime Yields of Best‑in‑Class Properties Confirm Market Stability
Prime yields for the highest‑quality properties remained stable across most sectors in the fourth quarter, confirming continued investor confidence. The only exception was the hotel segment, where yields decreased by 25 basis points to 6.25%.
In a year‑on‑year comparison, the most significant movement occurred in the office sector, where prime yields fell by 75 basis points, reflecting renewed investor interest in this segment.
