Offices Take Two-Thirds of Slovak Property Investment

Investment in Slovak commercial real estate reached about €244 million in the first half of 2026, but remained 43% below the year-earlier level. Offices attracted 66% of the capital, while Czech investors accounted for 73% of total volume. CBRE recorded only eight transactions during the six months, leaving the market heavily influenced by a small number of large deals in Bratislava and Košice. OfficeRentInfo reported the figures based on research by CBRE Slovakia.

Slovak Property Investment Falls 43%

CBRE puts first-half transaction volume at approximately €244 million, down 43% year on year. Rolling 12-month investment reached €797 million, only 1% below the previous comparable period. Eight transactions were recorded. Offices attracted €160 million, or 66% of the total, retail €63 million, or 26%, and industrial and logistics assets €21 million, or 8%. Czech buyers generated 73% of volume, Slovak investors 22% and Asian capital 5%. Foreign buyers therefore accounted for 78% of the market, although most cross-border investment came from neighbouring Czechia.

Slovakia is a relatively small investment market, meaning a single large acquisition can materially change quarterly volumes. That was especially visible in offices during the first half, when capital was concentrated in a handful of modern income-producing properties.

REICO Acquires The Mill in Bratislava

One of the key transactions was the sale of The Mill in Bratislava by developer Immocap to REICO LONG LEASE, part of Erste Asset Management. Completed in December 2023, the building on Mlynské nivy boulevard provides 26,732 square metres of lettable space and serves as Henkel's local headquarters. It is the first office investment in the REICO LONG LEASE portfolio. The parties did not publicly disclose the transaction price.

The purchase reflects the type of office property attracting capital in the current market: a modern building backed by a major occupier and a long lease, giving investors greater visibility over future income.

CPI Europe Takes Full Control of Einsteinova

Another significant Bratislava transaction took place in February. CPI Europe, part of CPI Property Group, acquired the remaining 40% of Slovak company International Property Development from SJP Invest. The company owns Einsteinova Business Center in the Petržalka district. CPI Europe already controlled the other 60%.

The remaining stake cost €10.9 million. Einsteinova Business Center contains about 23,500 square metres of office space. The transaction gave CPI Europe full control of the company owning the property.

Unlike a conventional building sale, the transaction involved a corporate stake. Deals of this type are one reason aggregate investment figures from different property consultancies do not always match.

Czech Capital Expands Into Košice

Business Centrum Tesla 1 in Košice also changed ownership. Occam Real Estate sold the asset to ZFP UP Premium SICAV, a qualified-investor fund managed by Czech investment company Avant. The price was not disclosed.

The property has 19,288 square metres of lettable space, including 16,281 square metres of offices, 1,230 square metres of retail and 1,777 square metres of storage. Its largest tenant, Deutsche Telekom IT Solutions Slovakia, occupies more than 17,000 square metres and extended its lease for another seven years in April 2026. The property received a BREEAM Excellent sustainability certification in 2025.

The long lease to a major international tenant makes the property's future income more predictable, an increasingly important consideration for institutional investors.

Industrial Investment Remains Limited

Industrial and logistics assets accounted for only €21 million under CBRE's first-half figures. One transaction involved ERSTE Realitná Renta acquiring Industrial Park Trenčín-Záblatie from ARETE INDUSTRIAL SICAV through the purchase of a 100% ownership interest.

Completed in 2023, the park has 5,603 square metres of manufacturing and logistics space, is fully occupied and has potential for further expansion. It also has direct access to the D1 motorway.

CBRE also highlighted the sale of the former ECCO factory in Martin to WIA Slovakia, part of Hyundai WIA Group. The buyer plans to restart industrial production at the site. ECCO ceased manufacturing there in summer 2025, affecting around 650 employees. The factory had produced more than 50 million pairs of shoes since opening in 1998.

Consultants Differ by €20 Million

CBRE and Cushman & Wakefield report different first-half totals. Cushman & Wakefield puts investment volume at €224 million, compared with CBRE's €244 million. It recorded five transactions worth €137 million in the second quarter, all of them involving office properties, and said first-half capital came entirely from Slovakia and Czechia.

The €20 million gap does not necessarily imply an error. Property advisers may use different definitions, completion dates and approaches to corporate-stake and owner-occupier transactions. Comparisons over time are therefore more reliable when made within the same data series.

The Market Pulls Back From a Strong 2025

The slowdown is more pronounced after a strong 2025. Colliers estimates that Slovak commercial-property investment reached €973 million last year, describing it as a decade high. Retail accounted for 43% of volume, institutional funds were behind 93% of transactions and Central and Eastern European capital represented 57%.

Activity weakened sharply at the start of 2026. Colliers recorded only €87 million of transactions in the first quarter, led by hotels and followed by industrial and logistics property. Momentum improved in the second quarter as large office transactions closed in Bratislava and Košice.

The stronger spring quarter therefore does not yet put the market back on its 2025 trajectory. CBRE's first-half total remains 43% below the year-earlier figure.

Prime Office Yields Hold at 6.25%

The benchmark yield for high-quality, fully let office assets stood at 6.25% in the second quarter. It was unchanged quarter on quarter but 25 basis points higher than a year earlier.

CBRE reported the same 6.25% yield for prime industrial and logistics assets. Prime shopping-centre yields stood at 6.50% and retail parks at 6.75%.

A property yield measures income relative to an asset's value. All else being equal, a higher yield implies a lower valuation relative to rental income. Stable yields between the first and second quarters suggest that repricing of high-quality assets has slowed, although financing conditions remain considerably tighter than during the low-interest-rate cycle.

Slovakia Remains Small by Regional Standards

Slovakia remains a modest market compared with its larger Central and Eastern European neighbours. Commercial-property investment across the six main CEE markets reached €5.8 billion in the first half. Poland attracted more than €3 billion, its strongest first-half result since 2018. Czechia recorded more than €1.4 billion, while Hungary posted its strongest first half since 2021.

For Slovakia, that smaller scale makes annual totals more dependent on individual transactions. A few large sales can lift the market quickly, while the absence of major assets can produce an equally sharp decline.

As International Investment experts report, the €244 million figure is not yet evidence of a broad recovery. The second quarter was clearly stronger than the start of the year, but CBRE's first-half volume was still down 43% year on year, two-thirds of investment was concentrated in offices and Czech buyers generated almost three-quarters of total volume. A more durable improvement would require a larger number of transactions and a broader mix of investors and property sectors, rather than dependence on several major office deals.

FAQ: Slovakia Commercial Real Estate Investment

How much was invested in Slovak commercial property in 2026?

CBRE estimates first-half investment at approximately €244 million. Cushman & Wakefield reports a lower total of €224 million.

How did investment change year on year?

CBRE recorded a 43% decline compared with the first half of 2025.

Which sector attracted the most capital?

Offices received €160 million, representing 66% of total volume. Retail accounted for 26% and industrial and logistics assets for 8%.

Where did most investment capital come from?

Czech investors accounted for 73% of CBRE's total. Slovak capital represented 22% and Asian investors 5%.

What were the main office transactions?

Major deals included the acquisition of The Mill by REICO LONG LEASE, CPI Europe's purchase of the remaining 40% interest in the company owning Einsteinova Business Center and the sale of Business Centrum Tesla 1 in Košice.

What is the prime office yield in Slovakia?

The benchmark yield for high-quality, fully let office properties stood at 6.25% in the second quarter of 2026.

Why do consultancy estimates differ?

CBRE reports €244 million for the first half while Cushman & Wakefield reports €224 million. Differences may reflect transaction definitions, timing and the treatment of corporate-stake or owner-occupier deals.