Poland Supply constrained but rents stable

Fewer new office buildings

Since the start of 2025, Poland’s eight largest regional cities have seen around 18,000 sqm of new office space delivered, with another 43,000 sqm scheduled for completion by year-end. This would mark a record-low level of new supply compared with pre-pandemic years, when annual deliveries were four to five times higher. Kraków remains the largest market with 1.84 mln sqm of office space, accounting for 27 opct of total regional stock, followed by Wrocław (20 pct) and the Tricity (16 pct).

The eight largest regional office markets together now hold more modern office stock than Warsaw: at a proportion of 52 pct to 48 pct.

The third quarter of 2025 saw three new office completions. The largest was Stella Office in Kraków, developed by the Zasada Group, with 9,900 sqm. Another development delivered in the city by a private investor was Kamienica Kraków, which added 2,000 sqm, while TBV’s Zelwerowicza Office in Lublin contributed 3,700 sqm to the market.

Developers play conservatively

Around 43,000 sqm of office space is currently under construction and scheduled for completion by the end of 2025, with around 175,000 sqm expected to be delivered in 2026-2027. Developers are taking a cautious approach to launching new projects, given the slower leasing of new developments and the rise in lease renegotiations.

Kraków is set to lead office deliveries in 2025-2027, accounting for 27 pct of the total development pipeline, followed by Poznań (22 pct), Katowice (15 pct) and the Tricity (14 pct).

The largest projects under construction include Von der Heyden Group’s AND2 in Poznań (37,000 sqm) and Stalprodukt Invest’s Tischnera Green Park 1 in Kraków (24,000 sqm). Other major developments are phase one of Swobodna Spot in Wrocław (14,000 sqm, Echo Investment), Wita II in Kraków (13,000 sqm, Archicom & Echo Investment) and .PUNKT in Gdańsk (12,000 sqm, Torus).

Public sector steps up activity

In the third quarter of 2025, office take-up climbed to 134,000 sqm, down roughly one-third compared with both the previous quarter and the same period last year. The strongest leasing activity was recorded in Kraków, accounting for 24% of total gross take-up, followed by Wrocław (20 pct) and Łódź (17 pct).

Weaker occupier activity is attributed largely to economic uncertainty, a more cautious approach to relocations and expansions, and the scarcity of large, ready-to-occupy spaces,
Małgorzata Fibakiewicz, senior director, office agency, BNP Paribas Real Estate Poland

Meanwhile, Poland’s public sector became increasingly active between June and September 2025, accounting for approximately 13 pct of total leasing volume. The largest lease of the third quarter of 2025 was completed by the Regional Government of the Łódź Province, which leased more than 14,000 sqm at Brama Miasta II in Łódź for owner occupancy.

Leasing activity in the third quarter of 2025 was dominated by renewals. Notably, Rockwool GBS extended and expanded its lease to 9,000 sqm at Nowy Rynek D in Poznań, while GlobalLogic renewed its lease for 6,400 sqm at Bonarka for Business in Kraków, and Olympus Business Services renegotiated its contract for 4,000 sqm at Retro Office House in Wrocław.

Rents remain stable despite high vacancies

At the end of September 2025, the overall office vacancy rate stood at 17.7 pct, remaining relatively high year-on-year. BNP Paribas Real Estate Poland notes that the availability of larger office units has tightened considerably, a notable trend in both regional cities and Warsaw.

Vacancy levels vary by city, with Kraków, Wrocław, Katowice and Łódź reporting above-average rates, and the Tricity, Lublin, Poznań and Szczecin recording vacancies below 14 pct. The largest volume of unoccupied office space is in Kraków: 344,000 sqm, up 1.3 pp from the previous quarter.

With the average office vacancy rate remaining at 17.7 pct and new supply constrained, rental rates have held steady. Asking rents across regional cities stand at EUR 11.5–20 per sqm per month.

Wrocław and Poznań stand out, with prime office rents rising by EUR 0.50 per sqm per month.
Ewa Nicewicz, Senior Consultant, office agency, BNP Paribas Real Estate Poland

Gross take-up by transaction type remained largely unchanged, with renegotiations and renewals accounting for the largest share at 42 pct in the third quarter, while pre-lets fell to 7.4 pct year-on-year. This confirms the cautious occupier sentiment.