Poland Office Market Rebounds in 2026

Investor activity returns to Polish office sector

Poland’s office market is showing clear signs of recovery in early 2026, with rising investor activity and improving sentiment. According to CEO.com.pl, the sector entered the year with strong momentum, supported by capital inflows and renewed interest in prime assets.

Investment volumes exceeded €1 billion in the first quarter, highlighting a rebound in market confidence.

Large transactions signal renewed confidence

One of the most notable deals was the acquisition of the Royal Wilanów office complex in Warsaw for over €100 million, underlining demand for high-quality assets.

Institutional investors are increasingly targeting prime office buildings, while core capital is returning to the market after a period of uncertainty.

Western European investors are particularly active, attracted by Poland’s stable economy and transparent legal environment.

Regional cities grow but remain secondary

Regional markets such as Kraków, Wrocław and the Tri-City are gaining traction, but still account for only about 25% of total investment value despite a higher number of transactions.

Warsaw continues to dominate as the primary office hub, concentrating the largest and most liquid assets.

Tenant demand remains cautious

Occupier activity presents a more mixed picture. In regional cities, leasing volume reached approximately 121,500 sq m in Q1 2026, down 30% year-on-year.

Much of the activity consists of lease renewals rather than expansions, reflecting cautious corporate strategies.

Vacancy rates remain elevated at around 17.4%, increasing competition among buildings and putting pressure on rents.

Limited supply supports medium-term outlook

On the supply side, developers are taking a cautious approach. Around 42,900 sq m of new office space was delivered in Warsaw in Q1 2026, with limited new construction underway.

This constrained pipeline could lead to tighter availability of prime space and support rental growth in the medium term.

Economic backdrop remains supportive but uncertain

Poland remains one of Europe’s fastest-growing economies, supporting real estate demand and investment.

However, risks persist, including geopolitical tensions and potential inflation-driven interest rate increases that could affect financing conditions.

As International Investment experts report, Poland’s office market is entering a recovery phase driven by prime assets and institutional capital. However, growth will likely remain uneven, with secondary markets and older stock facing weaker demand and higher vacancy levels.

FAQ

Is the Polish office market recovering?
Yes, investment activity and investor confidence are increasing in 2026.

Which city dominates the market?
Warsaw remains the primary office hub.

How strong is tenant demand?
Demand is cautious, with a focus on lease renewals rather than expansion.

What is happening with new supply?
Development activity is limited, which may support rents in the future.