Wednesday, 19 August 2026
Poland’s regional office markets recorded weaker overall leasing volumes in the first half of 2026, but the composition of demand points to continued occupier activity and a growing preference for newer, better-located buildings.
Around 310,000 sqm of office space was leased across the country’s regional markets during H1 2026, a decline of 21% compared with the same period last year. Activity accelerated significantly during the second quarter, when the volume of agreements was approximately 50% higher than in Q1, although this was not enough to compensate for the relatively slow opening months of the year.
The decline in headline leasing figures masks a change in the structure of demand. New leases and expansions played a greater role, pushing net take-up 13% above the previous year. These transactions represented 59% of total leasing activity, while renewals accounted for the remaining 41%.
Among the largest transactions completed during the period were Brown Brothers Harriman’s 13,700 sqm new lease at WITA C in Kraków, Enea Group’s 11,500 sqm renewal and expansion at Business Garden Poznań and Adtran’s 6,800 sqm renewal at Tensor Y in Gdynia. IT, manufacturing and business services generated the largest volumes of leasing activity by sector.
The figures indicate that regional markets are increasingly being shaped by occupiers consolidating or expanding within properties capable of meeting current workplace requirements rather than by broad-based demand across the entire stock.
Modern office inventory outside Warsaw reached approximately 6.76 million sqm at the end of June, with Kraków, Wrocław and the Tri-City remaining the largest and most established regional markets. At the same time, the development cycle has slowed considerably following several years of relatively strong construction activity.
More than 70,000 sqm was completed during the first six months of 2026, while projects under development amounted to just under 180,000 sqm, 22% below the level recorded a year earlier. Poznań currently has the highest level of development activity among the regional cities.
The slowdown in construction is being accompanied by another change in the structure of supply. Older offices that have become less competitive are increasingly being removed from the leasing market, with some properties or sites being considered for residential, hotel or educational uses.
Vacancy nevertheless remains relatively high. The average rate across Poland’s regional markets stood at 17.3% at the end of H1, although this represented a slight improvement both quarter-on-quarter and year-on-year. Katowice recorded the highest vacancy at 22.2%, followed by Wrocław at 21.8%, while Szczecin had the lowest rate at 8.4%.
These headline figures increasingly conceal substantial differences between individual buildings. Modern properties in established locations continue to attract occupiers, while older or technically less efficient offices face greater difficulty securing tenants.
This divergence is also becoming visible in rental levels. Asking rents across the regional markets ranged from approximately €8 to €19 per sqm per month at the end of June, while rents in some of the strongest-performing buildings reached around €20 per sqm. Older properties carrying higher vacancy are generally competing at substantially lower levels.
The combination of selective occupier demand and reduced development therefore appears likely to deepen the separation between competitive and ageing office stock. For landlords, location alone is becoming less sufficient: technical standards, operating efficiency and the overall quality of the workplace are increasingly influencing a building’s ability to retain tenants and defend rental levels.
Supply constraints could gradually alter the vacancy picture as well. AXI IMMO estimates that approximately 120,000 sqm of new offices will be completed across the regional markets during 2026, around one-third of the volumes recorded during the stronger development period up to 2024.
With fewer projects entering construction and some obsolete buildings leaving the office inventory altogether, the amount of competitive space could tighten even while the headline vacancy rate remains elevated. AXI IMMO expects this combination eventually to contribute to declining vacancy and support rental growth in the strongest regional properties.
The first-half figures consequently point to a regional office market that is becoming more selective rather than simply weaker. Total leasing has fallen, but new leases and expansions have increased, while constrained development is limiting the arrival of competing stock. For occupiers, the choice of suitable modern space could therefore become narrower; for owners, the widening difference between buildings capable of meeting current tenant expectations and those requiring significant investment is likely to become one of the defining features of Poland’s regional office market over the coming years.
