Average vacancy in Polish regional cities hits 17.8%

At the end of Q4 2024, the total modern office stock in the eight major regional markets amounted to 6,781,500 sqm. The largest office markets in Poland (following Warsaw) were Kraków (1,831,400 sqm), Wrocław (1,375,900 sqm) and Tricity (1,067,000 sqm).

In Q4 2024, the new supply reached 47,100 sqm of office space. The largest project delivered to the market was the Grundmana Office Park A in Katowice by Cavatina Holding (20,650 sqm).

At the end of Q4 2024, approximately 1,204,500 sqm of vacant space was offered in the eight major regional markets, resulting in a vacancy rate of 17.8% (an increase of 0.5 pp. q/q and an increase of 0.3 pp. compared to the corresponding period in 2023). The highest vacancy rate was recorded in Katowice – 23.2%, while the lowest was registered in Szczecin – 7.7%.

The total take-up stood at approx. 220,000 sqm in Q4 2024, which is a 4% higher result compared to the previous quarter and a 5% higher result compared to the 4th quarter of 2023. The largest volume of space was leased in Kraków (98,300 sqm), Wrocław (50,500 sqm) and Tricity (25,200 sqm).

In Q4 2024, renewals of current lease agreements accounted for the highest share of transaction volume, at 47%. New agreements accounted for 45%, expansions 2%, while owner-occupier transactions made up 6% of the total tenants’ activity.

Among the largest transactions signed in Q4 2024 were the renewal of a lease contract for 14,100 sqm by a confidential company from the IT sector in Tertium Business Park II in Kraków and a renewal for 10,300 sqm signed by State Street Bank International in Kazimierz Office Center in Kraków. The third largest deal was pre-lease for 8,900 sqm by an undisclosed company from manufacturing in building .PUNKT in Gdańsk.