Regional office markets in Poland – Q4 2023

Record transaction volume

February 13, 2024

Major Polish regional markets saw widespread strategy updates in 2023. Developers delivered a total of approx. 280,000 m² of modern office space, which still represents an impressive result in the post-pandemic era. However, the situation will change dramatically in 2024 and 2025, when new supply is forecasted to be approx. 160,000 m², a reduction of two-thirds on 2020.

Facing high relocation and fit-out costs, as well as an uncertain economic situation, a significant number of tenants renewed their existing leases. Renegotiations of existing lease agreements accounted for 42% of all transactions in 2023, with spaces in buildings aged 3 to 10 years proving to be the most popular among tenants.

The high volume of new supply in the regional markets resulted in an increase in vacancy rates. In December 2023, the given ratio stood at 17.5%, although it was significantly higher in selected cities, such as Kraków (19.8%), Łódź (20.3%), and Katowice (21.5%). As a result, in the medium-term, the available space for rent in buildings which are less than two years old will await to be absorbed by the market. As a consequence, there will be a stagnation in rents and lease conditions until a balance between demand and supply is reestablished.


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