The office market outside Warsaw entered 2026 with limited development activity and a clear shift in new supply towards smaller projects. Modern office schemes in key regional cities continue to attract the strongest tenant interest, while owners of older buildings are increasingly introducing incentive packages for tenants, according to BNP Paribas Real Estate Poland’s report “Review. Regional Office Market” for the first quarter of 2026.
Few new office buildings
Developers have clearly reduced their activity in the regional office market. Since the beginning of the year, the stock of modern office space in the largest cities outside Warsaw has increased by 47,200 sq m, representing growth both compared with the previous quarter and with the same period of last year. However, BNP Paribas Real Estate analysts forecast that supply will remain limited in the coming quarters.
“Annual supply is likely to remain below 100,000 sq m, which would be one of the weakest results since 2006. Its structure is shifting towards smaller projects, with a limited number of developments exceeding 10,000 sq m,” says Ewa Nicewicz, Senior Consultant, Office Agency, BNP Paribas Real Estate Poland.
New supply in the regional office market is currently limited to individual projects. The largest buildings completed in the first quarter of 2026 included Swobodna SPOT in Wrocław, developed by Echo Investment, offering 14,600 sq m; .PUNKT in Gdańsk by Torus, with 12,700 sq m; The Park Wrocław II by Projektmanagement Polska, with 9,500 sq m; and Fabryczna Office Park B7 in Kraków by Inter-Bud, with 8,400 sq m.
At the end of March, less than 190,000 sq m of office space remained under construction, representing a decline both quarter on quarter, by 18%, and year on year, by 46%. New projects scheduled for completion by the end of 2027 are concentrated in key markets, with as much as 65% of the volume located in Kraków and Poznań.
Currently, the largest stocks of modern office space are concentrated in Kraków, which accounts for 27% of the market, Wrocław with 20%, and the Tri-City with 16%.
New leasing activity slows
Results for the first quarter of 2026 indicate weaker tenant activity. After a strong end to the previous year, the volume of leasing transactions between January and the end of March amounted to around 121,500 sq m. This was 51% lower than in the previous quarter and almost 30% lower than in the corresponding quarter of 2025.
Over the past twelve months, the market recorded transactions covering almost 718,000 sq m of office space, a result slightly below that recorded for the comparable period in the first quarter of the previous year, down by 2.5%.
In the first quarter of 2026, the Tri-City had the largest share of leasing volume, accounting for 41% of all agreements signed. The largest transactions in the region included Adtran’s lease renewal in the Tensor Y building for 6,800 sq m and a new agreement signed by a confidential tenant for 6,100 sq m in Alchemia IV Neon Business Park II.
Wrocław accounted for 21% of transactions, with the largest being the renewal of a lease by a confidential tenant for 13,000 sq m in the Business Garden Wrocław complex. Kraków, with a 14% share, recorded, among others, PepsiCo’s lease renegotiation covering 5,400 sq m in Brain Park A.
At the beginning of the year, new agreements dominated the demand structure, accounting for 51% of total transaction volume. Renegotiations also played a significant role, representing 37%. This may suggest that companies are temporarily choosing to remain in their existing locations, while those that do relocate tend to select the newest developments. Looking at the results from the last four quarters, renewals accounted for more than half of all agreements signed.
Vacancy rate rises
At the end of March 2026, 1.18 million sq m of office space was immediately available for lease across the eight main regional markets. This translated into a vacancy rate of 17.4%, up by 0.5 percentage points compared with the previous quarter.
BNP Paribas Real Estate analysts point out that despite the relatively high level of vacancies, limited new supply and the continued growth drivers of the office market should support a gradual reduction in available space in the coming quarters.
The vacancy rate varies significantly by city. At the beginning of 2026, the lowest level of vacant space was recorded in Szczecin, at 7.9%, while the highest levels were seen in Katowice, at 22.1%, and Wrocław, at 22%. In terms of the volume of available space, Kraków remained the leader, with 341,000 sq m of office space waiting for tenants.
Competition for tenants
The regional market is currently in a phase of stabilisation, which is reflected in current rental levels. Prime rents for the best office space in regional cities remain at EUR 16.00–18.00 per sq m per month, reflecting a balance between demand and limited new supply. Office building owners are also offering incentive packages.
“The availability of large modules above 3,000–5,000 sq m is declining, which results from limited development activity and the gradual absorption of existing space. Due to the high vacancy rate in regional markets, competition for tenants is intense. Landlords seeking to maintain high headline rents are offering very attractive rental incentive packages, including rent-free periods and fit-out budgets. In the medium term, upward pressure on Prime rents in top-class projects can also be expected,” says Wiktoria Weilandt, Associate Director, Office Agency, BNP Paribas Real Estate Poland.
