Tuesday, 24 February 2026
The office sector is strengthening its position within Poland’s commercial real estate investment market, supported by sustained leasing demand and limited new supply in the country’s main office hubs, according to Walter Herz.
The firm points to a combination of high demand and constrained development activity as factors supporting rental growth and improving asset performance. At the same time, a more stable macroeconomic backdrop — including easing inflation and ongoing interest rate cuts — is helping to improve financing conditions and investor sentiment.
“The increase in investment volume in Poland’s commercial real estate market is supported, among other factors, by a stable macroeconomic environment,” said Katarzyna Tencza, Transaction Director at Walter Herz. She added that Poland continues to be viewed as a mature and scalable market, with the potential for increased investment activity in 2026.
One of the most visible structural shifts is the gradual reduction of older office stock in Warsaw. In 2025 alone, more than 160,000 sqm was withdrawn from the market, bringing the five-year total to over 500,000 sqm. This process is concentrating supply around newer, higher-quality buildings in prime locations.
At the same time, the development pipeline remains limited. Approximately 200,000 sqm of office space is currently under construction in Warsaw and about 220,000 sqm in regional cities, with the largest volumes in Poznań and Kraków. This is significantly below the levels seen during previous market peaks. As a result, vacancy rates have been declining across major office markets, with central Warsaw experiencing a particularly tight availability of modern space.
“A consequence of the current conditions in the office market is upward pressure on rents,” said Monika Szymczyk, Senior Advisor at Walter Herz. Prime office rents in Warsaw have exceeded €30 per sqm per month in selected projects, with moderate growth also recorded in regional cities such as Kraków, Poznań and Wrocław.
Rising prime rents are contributing to improved investment metrics for office properties. According to Walter Herz, investor demand is strongest for buildings that combine competitive pricing with potential for further value creation through extensions or tenant repositioning.
The office sector regained its leading role in Poland’s investment market in 2024 and accounted for nearly 40 percent of total transaction volume in 2025. The return of core transactions has been supported by a closer alignment between buyer and seller pricing expectations. Domestic capital remains active, representing roughly 30 percent of office investment volume last year, particularly in value-add opportunities.
Leasing activity also remained strong. Total office take-up in Poland exceeded 1.56 million sqm in 2025, with renegotiations accounting for around half of the volume. Warsaw recorded nearly 800,000 sqm of leasing, including a particularly strong fourth quarter. Limited availability in the city centre has renewed interest in Służewiec, which accounted for more than one-fifth of last year’s leasing volume.
Regional markets also posted strong results, with both Kraków and Wrocław achieving record annual demand. Walter Herz notes that the rebound reflects more decisive occupier activity while confirming the continued role of the office despite evolving workplace models.
New supply remains relatively modest. Around 110,000 sqm of office space was delivered across Poland in 2025, with most new development concentrated in central Warsaw. Projects under construction include Skyliner II and Upper One, although current development levels are not expected to quickly rebalance supply and demand.
Walter Herz concludes that the combination of sustained demand, limited supply, improving financing conditions and a stable economic backdrop provides a supportive environment for further office investment activity in Poland.
