The combined production of electricity, heat and cold by a polygeneration system connected to a district heating and cooling network can provide high energy utilization efficiency. The inherent complexity of simultaneous production of different services and the high variability in the energy demand make combined cooling and heating systems performance highly dependent on the operational strategy. In this paper, ari operational optimization method based on the moving average of real-time measurements of energy demands and ambient conditions is proposed. Real energy demand data from a district heating and cooling network close to Barcelona, Spain, are used to test the method. A complex polygeneration system is considered, consisting of an internal combustion engine, a double-effect absorption chiller, an electric chiller, a boiler and a cooling tower. A detailed modelling of the system is provided, considering partial load behavior of the components and ambient conditions effects. Results of the real-time optimal management are discussed and compared to traditional operational strategies and to the ideal optimal management achievable with perfectly accurate forecast of energy demands. Moreover, the optimal width of the window adopted for the moving average of real-time data is identified.