The Polish office market is entering a new phase where fit-out costs are rising while move-in-ready space becomes scarce, according to an Axi Immo analysis.

Principal Asset Management has expanded its Polish portfolio with the acquisition of a 16,281 sqm industrial property in Kraków, in a sale-and-leaseback transaction on behalf of Log In, the European logistics and industrial fund managed by Theoreim.

The Łódź region continues to strengthen its position as one of Poland's most important logistics hubs, with tenant demand having reached 1.17 million sqm (+17% y/y) during 2025, marking the second-highest result nationwide, according to a report by Axi Immo.

TVM Group has expanded its warehouse footprint in Poland by 10,000 sqm through larger facilities in the Warsaw region (Pruszków) and Poznań (Gądki), plus a new warehouse in Gdańsk, in lease deals brokered by Axi Immo.

The Kraków office market closed 2025 with high demand and clear polarisation between central and non-central locations, according to a report by Axi Immo. 

Take-up for office space in Poland's largest regional cities reached 770,000 sqm in 2025, while new supply dropped to a record-low 20,000 sqm, according to Axi Immo's latest report.

The year 2025 confirmed a strong recovery on the Warsaw office market, accompanied by a further decline in new supply. Total take-up reached 790,000 sqm, with Q4 2025 closing at a record 310,000 sqm in signed lease agreements, according to an Axi Immo report.

Nowa Szkoła, a company specialising in furnishing schools, kindergartens and nurseries, has decided to renegotiate its lease agreement and expand its operations within the Central European Logistics Hub (CELH) in Łódź. 

Poland's industrial and logistics sector remained one of the most stable segments of the commercial real estate market at the end of 2025. Despite a clear slowdown in new supply, tenant activity remained high, while key market indicators such as vacancy rates and rental levels remained stable. Axi Immo analysts point out that the market has entered a phase of equilibrium, where decisions are made more cautiously but are driven by companies' operational needs.

Analysts from Axi Immo's Research Department estimate that approximately 90,000 sqm of new office space will be delivered in Warsaw by year-end, consistent with 2024. Space under construction remains limited and is not expected to exceed 200,000 sqm, signalling a cautious approach from developers. Most activity is concentrated in central zones, where demand remains most resilient.