This trend is fueled by record-high demand for office space in the country’s largest hubs, coupled with a deepening deficit in new supply. The limited availability of modern space in prime locations is translating into rising rental rates, improved asset profitability, and growing investor interest in office properties.
The growth in investment volume within Poland’s commercial real estate market is supported by a stable macroeconomic environment. “The curbing of inflation and the continuation of the interest rate cut cycle are increasing the availability and attractiveness of bank financing. At the same time, the country’s strong economic position and Poland’s advancement into the ranks of the world’s most industrialized economies reinforce the perception of the market as mature, stable, and scalable. Despite capital selectivity, Poland remains an attractive location for investors, and 2026 may bring an increase in investment activity based on solid foundations rather than a short-term trend,” says Katarzyna Tencza, Transaction Director at Walter Herz.
Supply Deficit
The most visible changes are occurring in the office sector of the capital market. In Warsaw, a process of reducing office stock is underway. We can observe a trend involving the withdrawal of older, inefficient office buildings from the market. In 2025 alone, Warsaw’s office stock shrank by over 160,000 sq m in this manner, and over the last five years, more than 500,000 sq m of offices have vanished from the Warsaw market. This phenomenon is structural in nature and significantly influences the market offer, concentrating it around modern projects in the best locations.
Meanwhile, developer activity remains strictly limited. Only about 200,000 sq m of office space is under construction in Warsaw, with approximately 220,000 sq m in regional markets—most notably in Poznań and Kraków. This is four times less than during periods of market prosperity. High demand combined with low supply results in a systematic decline in vacancy rates across the country’s largest office markets, and a severe shortage of space in central Warsaw zones.
“The consequence of current market conditions is upward pressure on rents. Base rates for premium space in Warsaw already exceed €30/sq m/month in selected projects and show further growth potential. A similar trend can be observed in regional markets. Slight rate increases last year were also recorded in Kraków, Poznań, and Wrocław,” admits Monika Szymczyk, Senior Advisor at Walter Herz.
Growing Investment Attractiveness
“The rise in prime rents in top locations translates directly into improved investment parameters for office assets. The greatest interest is seen in buildings offering an attractive price-to-quality ratio and the potential for further value growth through expansion and tenant group optimization,” reports Katarzyna Tencza.
The office sector returned to its position as the leader of the investment market in Poland as early as 2024, reaching a nearly 40% share of the total transaction volume in 2025. This was made possible by the return of “core” transactions, confirming a better alignment of sellers’ price expectations with market realities.
Domestic capital is playing a significant role in these investments, accounting for approximately 30% of the investment volume in the office sector in 2025, focusing on assets with value-add potential.
Demand Breaks Records
In 2025, the total leasing volume in Poland exceeded 1.56 million sq m, about half of which consisted of lease renegotiations. Nearly 800,000 sq m was leased in Warsaw, where a historically record-breaking quarterly leasing result of 310,000 sq m was recorded in Q4. Amidst a severe space deficit in the city center, the Służewiec district returned to favor, accounting for over 20% of last year’s leasing volume.
Regional markets also achieved historic results; both Kraków (270,000 sq m) and Wrocław recorded record annual demand. This revival proves that companies are returning to more decisive choices regarding workplace contracting, while confirming the enduring role of the office as a place where firms build their identity and potential, despite the transformation of work models.
Exclusive New Supply
The scale of new supply remains modest. In 2025, only about 110,000 sq m of new office space entered the national market.
The majority of office investments are being carried out in the capital. New projects are emerging primarily in the city center. Towers such as Skyliner II (130 meters) and Upper One (131.5 meters) are currently under construction, and further high-rise projects have already obtained building permits. However, at the current pace of investment realization, a rapid balancing of the supply-demand relationship is not expected.
Stable Foundations for Sector Growth
Current market conditions—high demand, limited supply, improving financing conditions, and a stable macroeconomic environment—create a favorable climate for a further increase in investment activity.
All signs indicate that 2026 could bring a major rebound based on lasting structural foundations. In this scenario, offices have a real chance to significantly strengthen their leading position in the commercial real estate investment market in Poland, attracting both domestic and foreign capital.
