Polish real estate shows rising warehouse demand and slowing office markets

The Polish commercial real estate market showed divergent trends in the first half of 2026. According to Newmark Polska, the warehouse and industrial sector experienced a significant recovery, with tenant demand rising by over 21% year-on-year. The vacancy rate in this sector fell below 7% for the first time since the second quarter of 2023. Total modern warehouse stock in Poland exceeded 38 million square meters by the end of June, though developer activity has slowed, with new construction rates declining compared to previous years.

In contrast, the office market in Kraków faced a slowdown. A report by AXI IMMO indicates that office demand in the city fell by 58% year-on-year, totaling 73,000 square meters in the first half of 2026. The overall vacancy rate in Kraków rose to 19%, though a significant gap has emerged between locations: the city center maintains a vacancy rate of 10.3%, while non-central areas see rates exceeding 21.9%. Manufacturing, finance, and IT sectors were the primary drivers of office demand during this period.