• Investment transaction volume reached EUR 807 million in the second quarter
• Three deals exceeding EUR 100 million were completed in the second quarter
• Offices accounted for more than half of the total investment volume
The Czech commercial real estate investment market saw a significant revival in the second quarter of 2026. Investment transaction volume reached EUR 807 million, representing an 84% quarter-on-quarter increase and a 31% year-on-year rise, according to the latest data from real estate advisory firm Cushman & Wakefield. In the first half of the year, investors closed transactions in the Czech Republic with a total value of EUR 1.25 billion.
The second-quarter result points to the return of larger deals following a weaker start to the year. Compared with the first quarter, the market gained considerable momentum, primarily thanks to the return of larger transactions.
Activity was driven mainly by office properties and a residential portfolio, which had a substantial impact on the overall quarterly result. This development is also in line with the broader European trend, with the real estate market gradually stabilising according to another Cushman & Wakefield study, Investment Atlas, and investors focusing on higher-quality assets, stable income and more selective transaction choices.
Larger transactions drive the market
Large transactions returned to the Czech investment market in the second quarter. Three deals exceeding EUR 100 million were completed, while none were closed in the first quarter. The return of larger deals had a major impact on the overall market volume and shows that, when high-quality and well-located properties become available, investors are ready to act.
The largest transaction of the second quarter was the sale of a residential portfolio in the Písnice housing estate in Prague 4. The portfolio comprises sixteen existing buildings with 760 apartments and was acquired by the Wood & Company City OPF fund, managed by Wood & Company. The transaction also included surrounding land intended for further development.
The second-largest transaction was the acquisition of office buildings within the Port7 complex in Prague 7 by AFI. The combination of office properties and large residential portfolios had a significant impact on the overall market volume in the second quarter.
Table 1: Key transactions in the second quarter of 2026
Source: Cushman & Wakefield
Offices accounted for more than half of investment volume
In terms of sector structure, offices were the most active segment in the second quarter, accounting for 56% of total transaction volume. Residential properties ranked second with a 26% share, mainly due to the sale of the large portfolio in Prague-Písnice. The results confirm that investors continue to focus on properties with quality locations, long-term income potential and opportunities for further development.
Czech investors remain dominant, while Asian capital has not yet returned
Domestic investors maintained a majority share of the market in the second quarter, reaching 64%. Investors from Western Europe and Western Asia were also active. By contrast, capital from other parts of Asia remains absent from the market, although before the COVID-19 pandemic it had been an important source of foreign investment in Czech commercial real estate.
Michal Soták, Head of Capital Markets at Cushman & Wakefield: “The Czech real estate capital market is strong, and net inflows into funds are at similar levels to last year, which was a record year in terms of investment activity. The difference compared with last year lies mainly in the stronger activity of Czech investors in foreign markets, namely in Poland, Germany and Slovakia. Local investment activity is defined by available product, which is limited and increasingly sought after also by some Western investors, who are therefore looking for ways to compete with local capital.”
Kamila Breen, Head of Research at Cushman & Wakefield: “After a more cautious start to the year, the second quarter brought a positive signal in the form of higher transaction activity and the return of larger deals. The market continues to be supported by strong domestic capital and demand for quality assets, underpinning a cautiously positive outlook for the rest of the year.”
The development of prime yields confirms that the Czech Republic remains a relatively low-risk market within Central and Eastern Europe. Prime yields in the country are among the lower ones in the region and remained unchanged in most sectors in the second quarter. The exception was industrial and logistics properties, where yields decreased by 25 basis points to 4.75%. This marks the first decline below the 5% threshold since the end of 2022 and signals renewed investor confidence in this segment. For retail parks, by contrast, the prime yield increased slightly by 10 basis points from 5.40% to 5.50%.
Investors are looking for quality properties and larger opportunities
The second quarter showed that the issue in the Czech investment market is not a lack of capital, but rather a limited supply of quality properties. When larger and well-located investment opportunities become available, investors are able to respond quickly. The availability of suitable products will be one of the key factors influencing market activity in the second half of the year.
