The first quarter of 2026 brought supply stabilization alongside a marked slowdown in leasing transaction volumes across the eight major regional office markets in Poland. While total modern office stock surpassed 6.76 million sqm, rising vacancy rates and decreased tenant activity indicate that the market remains in a phase of adjustment to current economic realities. AXI IMMO, the largest Polish commercial real estate advisory firm, summarizes the regional office market situation for Q1 2026.
Market Stock and New Supply
As of the end of March 2026, the total modern office stock across Poland’s eight major regional markets—Kraków, Wrocław, Tri-City, Katowice, Poznań, Łódź, Lublin, and Szczecin—reached 6,760,600 sqm. The largest markets remain Kraków (1,851,100 sqm), Wrocław (1,361,800 sqm), and Tri-City (1,075,000 sqm).
During the first three months of 2026, developers delivered five office projects totaling 47,200 sqm. This result confirms the ongoing trend of limited new supply in the regions. Notable completions by the end of Q1 2026 included:
-
Swobodna SPOT (Wrocław, 14,600 sqm)
-
Punkt (Gdańsk, 12,700 sqm)
-
Fabryczna Office Park B7 (Kraków, 8,400 sqm)
Developer activity remains selective, focusing on projects best aligned with current market demands.
“Data for Q1 2026 shows that regional office markets are entering the year under conditions of limited new supply, but simultaneously with a high level of available space. High vacancy rates foster greater competition between buildings and force greater flexibility on the part of landlords,” explains Emilia Trofimiuk, Research Manager, Data & Research Department at AXI IMMO.
Vacancy Rates and Availability
At the end of March 2026, approximately 1,178,300 sqm of office space was available for immediate lease across the eight regional markets, resulting in a vacancy rate of 17.4%. This represents a 0.5 percentage point increase compared to the previous quarter, while showing a slight decrease of 0.1 percentage points year-on-year. The highest vacancy levels were recorded in Katowice (22.1%) and Wrocław (22%), while the lowest was seen in Szczecin (7.9%).
Demand and Tenant Activity
On the demand side, Q1 2026 saw a significant slowdown in tenant activity. The total leasing volume reached 121,500 sqm, representing a 51% decline quarter-on-quarter and a 30% decrease year-on-year. The highest volume of office space was leased in:
-
Tri-City: 49,500 sqm
-
Wrocław: 25,500 sqm
-
Kraków: 16,700 sqm
Karolina Słysz, Head of Regional Markets, Office Agency at AXI IMMO, comments: “The decline in leasing transaction volume on both a quarterly and annual basis confirms that tenant decisions are currently being made with greater caution. We are seeing a concentration of demand in prime locations and projects that offer high quality and competitive operating costs.”
Structure of Demand
-
New Leases: 51% (Dominant share)
-
Renegotiations: 37%
-
Expansions: 11%
-
Owner-occupier: 1%
“The continued prevalence of new leases in the demand structure shows that some companies are still actively seeking office space; however, these processes are now longer and more selective. Tenants are placing increasing importance on location, building standards, and service charges,” adds Emilia Trofimiuk.
Key Transactions
Among the largest transactions concluded in Q1 2026 were:
-
A 13,000 sqm lease extension by a confidential tenant from the business services sector in two buildings of the Business Garden complex in Wrocław.
-
A 6,800 sqm renegotiation by Adtran in the Tensor Y building in Gdynia.
Outlook for the Coming Months
Karolina Słysz notes: “The high vacancy levels in some regional markets will favor further negotiations of lease terms in the coming quarters, especially in older assets. At the same time, the best projects, offering modern solutions and high efficiency, should maintain stable interest from tenants.”
Emilia Trofimiuk concludes: “Q1 2026 data indicates that regional office markets remain in a phase of balancing supply and demand. Limited new supply, high availability, and selective tenant activity are driving further competition between buildings, necessitating more flexible strategies from property owners.”
