Market regaining momentum
The regional office market entered the second half of the year with a strong signal of improving sentiment. Although the quarterly transaction volume was 13.1% lower than a year earlier, the significant increase compared to the previous quarter confirms a gradual recovery in tenant demand. The highest activity was recorded in Kraków and Poznań, which together accounted for over half of the total leased area. Katowice followed, contributing 13% of the transaction volume.
“It is not only the size of the transactions but also their structure that indicates an improving market climate. The high share of new leases shows that tenants are actively adapting their offices to current organizational needs, hybrid work models, and employee expectations.” — comments Ewa Nicewicz, Senior Consultant, Office Leasing Department, BNP Paribas Real Estate Poland.
New leases accounted for 45.2% of the leasing volume, while renegotiations made up 42.5%. IT companies remained the most active group of tenants, responsible for approximately one-quarter of the leased space. Among the largest transactions of the second quarter were: a new lease by Brown Brothers Harriman in the Wita C building in Krakow, and a lease extension combined with an expansion by Enea in Business Garden Poznan.
New supply remains low
Developer activity in regional markets remains very limited. In the second quarter of 2026, 26.6 thousand sqm of modern office space entered the market, almost exclusively in Kraków. The total existing stock across the eight regional cities amounted to 6.76 million sqm, with Kraków, Wrocław, and the Tricity remaining the largest markets.
“The limited scale of new projects, coupled with tenant selectivity, will further drive market differentiation. The best-positioned, modern buildings should maintain their competitive advantage, while older properties will feel increasing pressure to modernize.” — adds Ewa Nicewicz.
Vacancies: stabilization with potential for decline
At the end of June, the average vacancy rate in regional cities stood at 17.3%, with 1.17 million sqm of space available immediately. The highest level of unleased stock was recorded in Katowice and Wrocław, while the lowest was in Szczecin. Given the sustained tenant activity and the limited scale of new deliveries, a gradual improvement in market equilibrium is possible in the coming quarters.
“The return of employees to the office and the consolidation of the hybrid model are supporting demand for spaces that offer flexibility, high technical standards, and a superior user experience. These elements are increasingly becoming the deciding factors in building selection.” — comments Karolina Ukalska, Consultant, Office Leasing Department, BNP Paribas Real Estate Poland.
Rents and building standards
The "flight to quality" trend continues, characterized by relocations to modern, energy-efficient buildings with high technical standards, excellent transport accessibility, and a comprehensive range of services. The growing importance of ESG, energy efficiency, and operational cost control means that older properties are increasingly competing not just on price, but on their ability to meet tenant expectations.
The highest asking rents were recorded in the Tricity, Kraków, Szczecin, and Wrocław. In prime central locations, rates for modern projects can reach EUR 19.25/sq m/month in Poznan and EUR 17.75/sq m/month in Krakow.
