Less vacancies, more renegotiation. The latest data from the office market
Office market in the first quarter of 2025. Lower supply, a decrease in vacancy and dominance of renewal of lease agreements.
The Polish Chamber of Commercial Real Estate (Pink) published data for the first quarter of 2025 regarding the market of modern office space on eight main regional markets: Krakow, Wrocław, the Tri -City, Katowice, Poznań, Łódź, Lublin and Szczecin. The data comes from leading advisory companies operating in the commercial real estate sector, including Avison Young, CBRE, Colliers, Cushman & Wakefield and JLL or Savills.
Resources of modern office space
As Pink reports, at the end of March 2025 the total resources of modern office space on the analyzed eight regional markets amounted to 6,766,600 sq m. Leaders – after Warsaw – remain Krakow (1 834 700 sq m), Wrocław (1 364 700 sq m) and Tri -City (1,067,000 sq m). The new supply was limited – only one object was commissioned: Dymka188 in Poznań (2400 sq m), built by the media house of St. Wojciech.
At the end of March 2025, around 1,183,900 m² of office space was immediately offered on the eight main regional markets for rent, which corresponds to the vacancy rate of 17.5 percent. (decrease by 0.3 pp both in quarterly and year on year).
Office market and rental transactions
The report shows that the total volume of lease transactions registered in the first quarter of 2025 was less than 177,000 sq m. As Pink indicates, this is a 20 % result. lower compared to the last quarter and by 27 percent. higher compared to the similar quarter of 2024. The most office space was rented in Krakow (56,600 sq m), Wrocław (43 800 sq m) and the Tri -City (26,400 sq m).
In the first quarter of 2025, the largest share in the transaction structure was the renewal of the current lease agreements – 48 percent. New contracts, including the preview, constituted 43 percent, expansions – 8 percent, and the space used by building owners – 1 percent. total activity of tenants.
Among the largest transactions concluded in the analyzed period were extension of lease agreements at 8400 sq m and 6700 sq m by confidential tenants from the business service sector – both transactions took place in the Business Garden complex in Wrocław. It is also worth noting the extension of the contract combined with expansion to a total area of 5,700 sq m by AXA XL in the Pegasus building, also in Wrocław.
