In the fourth quarter of 2024, Warsaw’s office market continued to experience stable occupier demand amid constrained new supply, with tenants seeking to secure spaces in the city centre and expecting sustainable solutions, reveals the latest report from BNP Paribas Real Estate Poland.

The regional office market in Poland (Kraków, Wrocław, Tricity, Katowice, Łódź, Poznań, Szczecin, and Lublin) is adapting to evolving conditions. The high availability of office space (an average of 17.8%) prompts tenants to take up greater flexibility in lease negotiations, while developers are reducing their activity (120,000 sq m of new supply delivered in 2024). Despite challenges in gross take-up (710,000 sq m, -5% y/y), stabilisation is observed, with office building owners focusing on improving building standards and introducing flexible leasing models, says Axi Immo.

The Investika Real Estate Fund has expanded its presence in Poland with the acquisition of Piastów Office Center in Szczecin. The fund, in partnership with BUD Holdings SA, purchased the A-class office complex from funds managed by Blackstone, marking its first office property investment in Poland this year. The price of the asset has not been revealed.

Bucharest recorded a 20% decline in office leasing, to 339,000 sqm, in 2024, compared to the previous year, although it remained above the five-year average, according to a Colliers report.

Cluj-Napoca recorded a fourfold growth in office leasing in 2024 and was the biggest regional market for such transactions, according to a Fortim Trusted Advisors analysis.

According to the latest report published by Newmark Polska, in 2024, leasing activity in Poland’s key regional city office markets (Kraków, Wrocław, Tricity, Katowice, Poznań, Łódź, Lublin, Szczecin) showed stability, with annual take-up exceeding the average for the past five years. The strongest demand was recorded in Kraków, Wrocław and Tricity, which solidified their leading positions among regional cities. Additionally, lease renegotiations outnumbered relocations last year. While the overall vacancy rate edged up, developers remain cautious about starting new projects.

The investor SIAG Multipurpose Center, belonging to the Austrian investment holding, has received a decision on environmental impact assessment for the next stage of the Petržalka City project in Bratislava, reports YIMBA.sk.

Cushman & Wakefield has summarised the situation in Poland’s largest office markets at the end of 2024. Leasing activity in both Warsaw and regional cities remained at 2023’s levels, while development activity continued to stagnate. By contrast, the capital market experienced a rebound, with the office investment volume rising to €1.64 billion and Warsaw recording a more than threefold increase. 

Syrena Real Estate, owner of properties in Warsaw and Wrocław, has signed a Corporate Power Purchase Agreement (cPPA) with Polenergia Sprzedaż, for the supply of green energy in the next four years.  

CPI Property Group (CPIPG) has signed 198 leasing contracts covering 128,400 sqm of the company’s office space in Warsaw during 2024, which accounted for 18% of the total demand for office space in the city.