According to “Office Occupier – Office Market in Regions”, a report published by real estate advisory firm Newmark Polska, in the second quarter of 2026, occupier demand strengthened markedly in Poland’s key regional city office markets, while development activity remained subdued. Although more office space was completed in the first half of the year than in the corresponding period in 2025, new supply was still among the lowest recorded in the past two decades. With a limited volume of space under construction, office availability will continue to tighten.
At the end of June 2026, the combined office stock of Poland’s eight largest regional markets (Kraków, Wrocław, Tricity, Katowice, Poznań, Łódź, Lublin, and Szczecin) – excluding Warsaw – stood at approximately 6.76 million sqm, up just 0.3% year-on-year.
“The first half of the year saw approximately 73,750 sqm delivered, representing the highest volume since 2023 and almost a thirtyfold increase compared with the approximately 2,400 sqm completed in the same period in 2025. Meanwhile, more than 48,000 sqm was withdrawn from the market. Despite the significant increase in new deliveries, the overall market picture remains unchanged: new additions remain marginal, and the number of projects underway is still too small to reverse the multi-year trend of subdued development activity,” says Karol Wyka, Executive Board Director, Head of Office Department, Newmark Polska.
Just over 161,000 sqm of office space was under construction across Poland’s regional markets at the end of the second quarter of 2026, representing a decrease of nearly 21% year-on-year and approximately 3% compared with the end of March. Poznań led construction activity, accounting for more than 45% of the development pipeline, followed by Kraków, Tricity and Katowice. By contrast, no office projects were underway in Wrocław or Szczecin. The structure of office space under construction indicates that developers remain focused on markets with strong fundamentals and relatively low commercialisation risk.
“Following a relatively subdued start to the year, leasing activity rebounded strongly in the second quarter. Total take-up between April and June surpassed 187,500 sqm, marking an increase of more than 56% compared with the first quarter, but a decrease of approximately 13% year-on-year. Leasing volume in the first half of the year reached almost 307,350 sqm, down nearly 21% year-on-year. This figure, however, remains comparable with levels recorded before the peak year of 2025, suggesting that the current slowdown is primarily due to market normalisation rather than a long-term decline in demand. Leasing activity between January and June 2026 hit its highest in Kraków and the Tricity, which saw 73,000 sqm and 70,600 sqm of office transactions, respectively. They were followed by Poznań (48,500 sqm) and Wrocław (45,000 sqm). Together, these four markets accounted for more than 77% of total take-up,” adds Karol Wyka.
The first half of 2026 saw close to 320 transactions, averaging just under 1,000 sqm each, down nearly 11% year-on-year. Take-up was dominated by new leases, which accounted for 47% of total volume, followed by renegotiations and renewals (40.6%), expansions (10.4%), owner-occupier deals (1.8%) and prelets (0.2%). In the second quarter, renegotiations increased their share to 42.5%, confirming that many companies continue to opt for staying in their current locations.
IT and manufacturing were the most active sectors in the office leasing market in the first half of the year, together accounting for nearly 40% of total take-up, with business and financial services also making a significant contribution.
At the end of June 2026, the overall office vacancy rate in the key regional markets stood at 17.3%, down 0.1 pp from the first quarter and 0.2 pp year-on-year. Total immediately available office space amounted to 1.17 million sqm. Although the average vacancy rate edged down only marginally, market performance varied significantly across individual cities. The steepest quarterly decline in the vacancy rate was recorded in Poznań, where it fell from 13.8% to 11.5%, driven by strong occupier activity amid limited new supply. By contrast, Kraków saw its vacancy rate increase from 18.4% to 19.0%, largely due to the completion of new office projects and changes to the existing office stock.
Prime office rents across Poland’s regional markets held firm at €16.00–18.00 per sqm per month.
“Elevated vacancy rates in selected cities continue to constrain rental growth in older and secondary office buildings. The market is becoming increasingly bifurcated. While top-tier office buildings continue to enjoy a strong competitive position and experience upward pressure on rents, older assets are increasingly competing for tenants through lease incentives, refurbishment programmes and more flexible lease terms,” says Agnieszka Giermakowska, Research & Advisory Director, ESG Lead, Newmark Polska.
