The regional office market began 2026 with reduced development activity and a shift in new supply towards smaller schemes. Tenants continue to favour modern projects in key regional cities, while landlords of older buildings are increasingly offering incentive packages, according to a report by BNP Paribas Real Estate Poland.
Developers have slowed their activity across regional office markets. Since the start of the year, modern office stock in the largest cities outside Warsaw rose by 47,200 sqm, an increase both quarter-on-quarter and year-on-year. However, analysts expect supply to remain limited in the coming quarters.
"Annual completions will most likely come in below 100,000 sqm, one of the weakest results since 2006," says Ewa Nicewicz, Senior Consultant, Office Agency, BNP Paribas Real Estate Poland.
The structure of new supply is shifting towards smaller developments. The largest projects delivered in Q1 2026 include Swobodna SPOT in Wrocław (14,600 sqm) by Echo Investment, .PUNKT in Gdańsk (12,700 sqm) by Torus and The Park Wrocław II (9,500 sqm). At the end of March, just under 190,000 sqm was under construction, down 18% quarter-on-quarter and 46% year-on-year, with 65% located in Kraków and Poznań. Kraków accounts for 27% of the market, Wrocław 20% and Tricity 16%.
Q1 2026 figures point to cooling tenant activity. Leasing volume between January and March reached approximately 121,500 sqm, down 51% on the previous quarter and nearly 30% year-on-year. Over the past 12 months, total take-up reached almost 718,000 sqm, down 2.5% on the same period a year earlier. Tricity accounted for 41% of total leasing volume, with an Adtran lease renewal (6,800 sqm) in Tensor Y among the largest deals. New leases made up 51% of total volume, while renegotiations accounted for 37%, suggesting companies are opting to stay put and, when they move, favour newly completed schemes.
At the end of March 2026, around 1.18 million sqm of office space was immediately available across the eight main regional markets, pushing the vacancy rate to 17.4% (+0.5 pp quarter-on-quarter). Analysts note that limited new supply should help absorb vacant space gradually. Vacancy levels vary by city, from 7.9% in Szczecin to 22.1% in Katowice and 22% in Wrocław. Kraków leads in available space, with 341,000 sqm for immediate lease.
Prime office rents hold at €16.00–18.00/sqm/month, reflecting a balance between demand and constrained supply. The availability of large floor plates (over 3,000–5,000 sqm) is shrinking, and landlords are competing to win tenants.
"To keep headline rents high, they are increasingly offering incentive packages, including rent-free periods and fit-out contributions," says Wiktoria Weilandt, Associate Director, Office Agency, BNP Paribas Real Estate Poland.
