According to the “Office Occupier – Regional Office Market” report by consultancy firm Newmark Polska, the third quarter of 2025 on Poland’s largest regional office markets was marked by an exceptionally low volume of new supply, combined with stable tenant activity. The overall vacancy rate continued its upward trend, although the availability of larger units over 3,000 sqm in the central business districts of individual cities noticeably declined.
At the end of Q3 2025, the total modern office stock across the eight largest regional markets (Kraków, Wrocław, Tri-City, Katowice, Poznań, Łódź, Lublin, and Szczecin) reached 6.73 million sqm. By the end of September, 18,050 sqm of new space had been delivered— the lowest figure since regional market data tracking began. Three projects were completed in the third quarter, totaling approximately 15,650 sqm, over 63% of which was delivered by the Stella Office building in Kraków.
“As in Warsaw, the trend of modernizing or converting older and inefficient office buildings is accelerating in regional cities. Since January, more than 74,000 sqm has been withdrawn from the stock, over 66% of which involved properties completed before 2010. Despite the limited new supply, developers remain hesitant to launch large-scale projects. They continue to closely monitor tenant activity, occupancy levels, and interest in pre-lease agreements,”
said Karol Wyka, Managing Director of the Office Leasing Department at Newmark Polska.
At the end of Q3 2025, approximately 198,000 sqm of office space remained under construction—more than 5% less than in Q2 2025 and almost 6% less than a year earlier. Notably, only six of the more than 20 projects currently underway offer more than 10,000 sqm, indicating that developers are dependent on securing pre-leases before starting larger investments.
Tenant Activity Remains Steady
Compared to the first half of the year, tenant activity in Q3 was moderate. During the period, leases were signed for slightly over 134,400 sqm—around 26% of the total demand recorded from January through September 2025. The gross take-up for the first three quarters reached nearly 521,800 sqm, exceeding the figure from the same period in 2024 by over 6%.
From January through September, tenants leased the most office space in Kraków (203,850 sqm), followed by Wrocław (107,400 sqm) and the Tri-City (just over 71,700 sqm).
“Kraków, Wrocław, and the Tri-City accounted for over 73% of total demand in regional markets during the first three quarters of 2025. Similar to Warsaw, we’re observing shrinking availability of large office units over 3,000 sqm in centrally located buildings offering modern technological and ESG solutions,”
added Karol Wyka.
Renegotiations continue to dominate the leasing structure. In Q3 2025, renegotiations and renewals accounted for 42% of total leasing activity, while this share reached as high as 54% for the first three quarters overall. New leases accounted for 34% of transactions between January and September, with the remainder split among expansions (6%), owner-occupier deals (4%), and pre-leases (2%).
Vacancy Rate Remains Above 17%
Despite limited new supply and the withdrawal of older, inefficient properties, vacancy rates in major regional cities have remained above 17% since Q3 2023. At the end of September 2025, the vacancy rate stood at 17.7%, an increase of 0.2 pp quarter-on-quarter and 0.4 pp year-on-year. Vacancy exceeded 20% in two markets, while in only one did it fall below 10%. In total, nearly 1.2 million sqm of vacant space remains available across the eight major regional cities.
“Rents for prime office space on the largest regional markets remain relatively stable at around €16.00-€17.00 per sqm per month. However, due to shrinking availability of larger units, especially in central business districts, rates are reaching up to €18.00 per sqm per month. In contrast, landlords of properties with higher vacancy rates are increasingly offering comprehensive incentive packages to attract tenants,”
said Agnieszka Giermakowska, Head of Market Research & Advisory and ESG Lead at Newmark Polska.
Source: https://ceo.com.pl/regionalne-rynki-biurowe-hamuja-tylko-18-tys-mkw-nowej-podazy-w-iii-kwartale-2025
