The first quarter of 2026 brought stabilisation on the supply side and a marked slowdown in leasing activity across eight major regional office markets in Poland. Total modern office stock exceeded 6.76 million sqm; however, rising vacancy levels and lower tenant activity indicate that the market remains in a phase of adjustment to prevailing economic conditions, according to AXI IMMO, which summarises the situation on regional office markets in Q1 2026.
At the end of March 2026, total modern office stock across Poland’s eight key regional markets – Kraków, Wrocław, the Tri-City, Katowice, Poznań, Łódź, Lublin and Szczecin – amounted to 6,760,600 sqm. The largest markets continued to be Kraków (1,851,100 sqm), Wrocław (1,361,800 sqm) and the Tri-City (1,075,000 sqm).
During the first three months of 2026, developers delivered five office projects totalling 47,200 sqm, confirming the ongoing shortage of new supply in regional cities. Nevertheless, projects completed by the end of Q1 2026 included Swobodna SPOT (Wrocław, 14,600 sqm), Punkt (Gdańsk, 12,700 sqm) and Fabryczna Office Park B7 (Kraków, 8,400 sqm). Development activity remains selective, focusing on projects best aligned with current market demand.
Emilia Trofimiuk, Research Manager, Research and Analysis Department, AXI IMMO, explains: “Data for the first quarter of 2026 show that regional office markets are entering the year with limited new supply but still relatively high levels of available space. An elevated vacancy rate intensifies competition between buildings and requires greater flexibility for landlords.”
At the end of March 2026, approximately 1,178,300 sqm of immediately available office space was offered across the eight regional office markets, translating into an average vacancy rate of 17.4%. This represented an increase of 0.5 p.p. quarter-on-quarter, alongside a 0.1 p.p. decrease year-on-year. The highest vacancy rates were recorded in Katowice (22.1%) and Wrocław (22.0%), while the lowest was noted in Szczecin (7.9%).
On the take-up side, Q1 2026 saw a clear slowdown in tenant activity. Total leasing volume reached 121,500 sqm, marking a decline of 51% quarter-on-quarter and 30% year-on-year. The highest leasing volumes were recorded in the Tri-City (49,500 sqm), followed by Wrocław (25,500 sqm) and Kraków (16,700 sqm).
Karolina Słysz, Head of Regional Markets, Office Agency, AXI IMMO, comments: “The decline in leasing volume on both a quarterly and annual basis confirms that tenants are approaching decision-making with greater caution. We observe a clear concentration of demand in prime locations and projects offering high-quality and competitive occupancy costs”.
The structure of take-up continued to be dominated by new leases, which accounted for 51% of total transaction volume. Lease renewals represented 37%, expansions accounted for 11%, while owner-occupier transactions comprised 1% of overall tenant activity.
Emilia Trofimiuk adds: “The sustained predominance of new leases within the take-up structure indicates that some companies remain actively engaged in office searches, although decision-making processes are now longer and more selective. Tenants are placing increasing emphasis on location, building standards and operating expenses.”
Among the largest transactions concluded in Q1 2026 were the renewal of a 13,000 sqm lease by an undisclosed business services tenant across two buildings within the Business Garden complex in Wrocław, as well as the renegotiation of a 6,800 sqm lease by Adtran in the Tensor Y building in Gdynia.
Karolina Słysz concludes: “High vacancy levels in certain regional markets are likely to support further lease negotiations in the coming quarters, particularly in older office stock. At the same time, best-in-class projects offering modern solutions and high efficiency should continue to attract stable tenant interest”.
Emilia Trofimiuk summarises: “Data for the first quarter of 2026 demonstrate that regional office markets remain in a phase of balancing supply and take-up. Limited new supply, high availability and selective tenant activity are intensifying competition between buildings and driving greater flexibility in landlords’ strategies”.
