Saturday, 22 August 2026
Poland’s regional office markets recorded weaker leasing activity in the first half of 2026, while a limited development pipeline and changing occupier requirements are creating a widening performance gap between newer, higher-quality buildings and ageing office stock, according to Avison Young.
Total modern office stock across the main regional cities reached 6.76 million sqm at the end of the period. Kraków remains the largest market outside Warsaw with 1.87 million sqm, followed by Wrocław with 1.35 million sqm and Tricity with 1.08 million sqm.
Developers completed 73,740 sqm across nine buildings during the first six months of the year. Kraków accounted for 27,280 sqm and Wrocław for 24,140 sqm. Although the H1 total was more than three times the 20,500 sqm delivered throughout 2025, development activity remains subdued. Only 170,900 sqm was under construction for completion between 2026 and 2028.
The headline development figures also mask changes within the existing stock. More than 48,000 sqm was removed from regional office inventory during the first half as buildings underwent conversions and refurbishments. This points to an increasingly active process of repositioning older properties at a time when relatively little new space is entering the pipeline.
Occupier demand weakened during the period. Total take-up reached 307,350 sqm, representing a 20% decline compared with H1 2025. Kraków and Tricity together generated almost half of regional leasing activity, while Poznań accounted for 16% and Wrocław for 15%.
New demand nevertheless remained an important part of the market. Net take-up accounted for 60% of total leasing volume. The demand breakdown presented by Avison Young shows new leases representing 47% of activity, renewals 41%, expansions 10% and transactions for occupiers’ own purposes 2%. Large transactions remained relatively scarce, with only two leases exceeding 10,000 sqm during the first half.
Technology remained the largest source of occupier demand, with IT products and services accounting for 20% of leasing activity. Manufacturing generated another 18%, followed by business services with 13% and banking, insurance and investment companies with 10%.
Despite weaker take-up, the overall regional vacancy rate edged down to 17.3%, falling by 0.2 percentage points year-on-year and 0.1 percentage points quarter-on-quarter. Approximately 1.17 million sqm remained available across the regional markets.
Conditions vary considerably between cities. Katowice recorded the highest vacancy rate at 22.2%, followed by Wrocław at 21.8%, Łódź at 19.8% and Kraków at 19%. Vacancy was considerably lower in Poznań at 11.5%, Lublin at 10.5%, Tricity at 10.4% and Szczecin at 8.4%.
Prime asking rents also show significant differences between regional markets. Kraków recorded a range of EUR 13-20 per sqm per month, compared with EUR 14-19.50 in Poznań and EUR 14-17.50 in Wrocław. Tricity stood at EUR 13.50-17.50, while Katowice ranged from EUR 12-16, Łódź from EUR 11-15.50, Lublin from EUR 10-15 and Szczecin from EUR 12-14.
The combination of elevated vacancy and a small development pipeline is contributing to a more divided market. Avison Young expects companies seeking new premises increasingly to concentrate on offices offering stronger technical, environmental and workplace standards. At the same time, the shortage of new development options is encouraging some occupiers to extend existing leases rather than relocate.
This is creating greater challenges for ageing buildings. Landlords are responding through refurbishment programmes and, in some cases, examining alternative uses for properties that may struggle to compete as conventional offices. Higher availability in older buildings is also putting pressure on rents and giving tenants greater scope to negotiate incentives and more flexible leasing conditions.
Investment activity provides another indication of how investors are assessing the sector. Polish offices attracted EUR 594 million across 23 transactions during H1 2026, representing 20% of the country’s total commercial real estate investment volume. Five of the transactions involved prime properties.
Regional office markets accounted for more than EUR 210 million across 13 transactions. Kraków generated the largest regional investment volume, supported by the sale of two prime buildings within the Brain Park complex and Summus Capital’s acquisition of The Park Kraków.
Domestic investors played a particularly significant role. Polish capital represented 50% of investment in the country’s office sector during the first half, including acquisitions of three of the five prime office assets sold. Polish buyers acquired eight properties across regional markets during the period.
The H1 figures therefore show a regional office market moving in two directions. Overall leasing has slowed and vacancy remains high, but the development pipeline is unusually constrained. At the same time, occupiers are becoming more selective about building quality, increasing pressure on older properties while supporting the competitive position of modern offices.
With only 170,900 sqm currently under construction across the regional markets, the next phase is likely to be shaped less by large volumes of new development and more by renewals, refurbishment, repositioning and competition for the best existing space.
