Polyester-co-carbonate polyols and methods for producing the same are provided. The method comprises reacting one or more alcohols having an OH functionality of two or more with one or more organic diacids to form a reaction mixture, adding a first amount of dialkyl carbonate to the reaction mixture to remove water remaining from the reaction mixture by azeotropic drying, adding a transesterification catalyst to the dialkyl carbonate containing reaction mixture and adding a second amount of dialkyl carbonate to the catalyst containing reaction mixture.