Real Estate for a Changing World
The first quarter of 2026 brought an unexpected rebound to the industrial and logistics space market. Increased tenant activity, a predominance of new agreements, and a declining vacancy rate confirm the sector’s good condition and stable foundations for further development – according to the BNP Paribas Real Estate Poland report “Review. Industrial and Logistics Space Market in Poland – Q1 2026.”
BNP Paribas Real Estate Poland is pleased to announce the appointment of Małgorzata Fibakiewicz as Chief Executive Officer.
The Polish retail real estate market has successfully adapted to changing consumer behavior and the growing importance of e-commerce. Retail parks remain the key growth driver, dominating the supply structure. Falling vacancy rates and a stronger focus on quality upgrades confirm the sector’s increasingly mature condition, according to the BNP Paribas Real Estate Poland report “Review. Polish Retail Market in Q1 2026.”
The Polish retail real estate market has successfully adapted to changing consumer behavior and the growing importance of e-commerce. Retail parks remain the key growth driver, dominating the supply structure. Falling vacancy rates and a stronger focus on quality upgrades confirm the sector’s increasingly mature condition, according to the BNP Paribas Real Estate Poland report “Review. Polish Retail Market in Q1 2026.”
With more than 20 years of experience in commercial real estate, Małgorzata Fibakiewicz brings extensive leadership expertise, deep market knowledge, and a strong track record of delivering complex advisory and transactional projects. Originally coming from an office agency background, she has built her career across multiple areas of the business, successfully leading multidisciplinary teams and working at the intersection of transaction advisory, business intelligence, consultancy, research, and strategic advisory services.
Her broad experience extends beyond the office sector, encompassing cross-functional projects, strategic initiatives, and collaboration across multiple business lines, giving her a unique perspective on both client needs and market dynamics.
Known for her collaborative leadership style, strong client focus, and ability to navigate complex business environments, Małgorzata has played an important role in strengthening the company’s market position and supporting its long-term development.
“Poland is a strategic market for BNP Paribas Real Estate, and I am confident that Malgorzata’s leadership will enable us to further strengthen our position and accelerate our development in the country. At a time when our industry is undergoing profound transformation, her ability to bring together teams, anticipate market trends and foster collaboration across our business lines will be a key asset in delivering long-term value for our clients and partners.” says Jean-Maxime Jouis, CEO of BNP Paribas Real Estate.
Małgorzata succeeds Erik Drukker that the company would like to thank for his contribution over the past 13 years. Having led the Polish business for the last seven years, he contributed to its development and growth. We appreciate his commitment and leadership throughout this period and wish him every success in his future professional endeavors.
Biography
Prior to joining BNP Paribas Real Estate, Małgorzata Fibakiewicz built over a decade of experience in corporate real estate and banking, holding senior roles at DTZ (now Cushman & Wakefield), CBRE and Kredyt Bank. Throughout her career, she has led complex real estate portfolio management projects, lease negotiations, workplace transformations and large-scale expansion initiatives for major financial institutions. Her professional background combines strategic advisory expertise with hands-on experience in managing corporate real estate operations and business transformation projects. Małgorzata holds postgraduate degrees in Real Estate Management from Solvay Brussels School of Economics and in Banking from the Warsaw School of Economics (SGH) and graduated from the University of Łódź with a degree in Classical Philology.
Limited new deliveries
Developers have noticeably slowed down their activity across regional office markets. Since the beginning of the year, the stock of modern office space in the largest cities outside Warsaw has gone up by 47,200 sqm, marking an increase both quarter-on-quarter and year-on-year. However, BNP Paribas Real Estate Poland analysts expect supply to stay limited in the coming quarters.
“Annual completions will most likely come in at below 100,000 sqm, making it one of the weakest results since 2006. The structure of new supply is shifting towards smaller developments, with only a limited number of projects above 10,000 sqm coming through,” says Ewa Nicewicz, Senior Consultant, Office Agency, BNP Paribas Real Estate Poland.
New supply in regional markets is currently limited to a handful of developments. The largest projects delivered in Q1 2026 include:
At the end of March, just under 190,000 sqm was under construction, down both quarter-on-quarter (–18%) and year-on-year (–46%). Projects scheduled for completion by the end of 2027 are mainly concentrated in core regional hubs, with as much as 65% located in Kraków and Poznań.
At present, the largest office stocks are found in:
Leasing activity slows down
Q1 2026 figures point to a cooling-off in tenant activity. After a strong year-end, leasing volume between January and March came in at approx. 121,500 sqm, down by 51% compared to the previous quarter and nearly 30% lower year-on-year.
Over the past 12 months, total take-up reached almost 718,000 sqm, slightly edging down (–2.5%) compared to the same period a year earlier.
In Q1 2026:
At the start of the year, new leases led the way, making up 51% of total volume, while renegotiations accounted for 37%. This suggests companies are, for the time being, opting to stay put, and when they move, they tend to opt for top-tier, newly completed schemes. Looking at the past four quarters, renewals have made up more than half of all deals signed.
Vacancy rate ticks up
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 up to 17.4% (+0.5 pp quarter-on-quarter).
Despite relatively high vacancy levels, BNP Paribas Real Estate Poland analysts point out that limited new supply and ongoing market fundamentals should help absorb vacant space gradually over the coming quarters.
Vacancy levels vary significantly by city:
- lowest: Szczecin – 7.9%
- highest: Katowice – 22.1%, Wrocław – 22%
Kraków remains the leader in terms of available space, with 341,000 sqm for immediate lease.
Landlords step up competition for tenants
Regional markets are currently stabilising, which is reflected in rental levels. Prime office rents hold firm at EUR 16.00–18.00/sqm/month, mirroring a balance between demand and constrained new supply. At the same time, landlords are stepping up and offering attractive incentive packages.
“The availability of large floor plates (over 3,000–5,000 sqm) is shrinking, driven by limited development activity and ongoing absorption. Given the elevated vacancy rates, landlords are competing hard to win tenants. To keep headline rents high, they are increasingly rolling out attractive incentive packages, including rent-free periods and fit-out contributions. Over the medium term, upward pressure on Prime rents in best-in-class assets can also be expected,” highlights Wiktoria Weilandt, Associate Director, Office Agency, BNP Paribas Real Estate Poland.
The regional office market kicked off 2026 with scaled-back development activity and a clear shift in new supply towards smaller schemes. Tenants are still gravitating towards modern projects in key regional cities, while landlords of older buildings are increasingly rolling out incentive packages to draw them in – according to BNP Paribas Real Estate Poland’s “Review. Regional Office Market” for Q1 2026.
Limited new supply, shrinking availability of modern office space in central locations, and sustained occupier interest in top-tier projects are shaping the Warsaw office market at the beginning of 2026. Tenants are increasingly gravitating towards modern buildings, strengthening the hand of landlords owning prime assets and supporting growth in headline rents, according to BNP Paribas Real Estate Poland’s report “Review – Warsaw Office Market Q1 2026.”
