For years, Poland's office market was regarded as one of the most liquid asset classes in the region. Then came interest rate hikes, rising vacancy rates, and a noticeably cooler investor attitude toward office assets. MIPIM 2026 in Cannes, however, signalled a new chapter. Offices are returning to investors’ consideration sets.

At the end of 2025, the total modern office stock across Poland's major cities reached 12.96 million sq m, with gross take-up rising to 1.57 million sq m. At the same time, new supply contracted to just 109,000 sq m — down 52 percent year-on-year. That is the lowest level in over two decades. The scale of change is particularly stark in Warsaw. The development pipeline has fallen from approximately 750,000 sq m at the start of 2020 to just 160,000 sq m today. The result is straightforward: vacancy rates in the capital's central zones have already dropped to 5–6 percent, while prime rents are reaching €24–28 per sq m per month.

This is a market where the balance of power has shifted decisively. Two years ago, tenants held the stronger hand at the negotiating table. Today, in the best buildings, it is increasingly the landlords who set the terms. As Bartłomiej Zagrodnik, CEO of Walter Herz, notes: the office market has entered a phase we have not seen in years. Constrained supply and growing demand in the best locations across Warsaw and regional cities mean that owners of high-quality assets are regaining real negotiating strength.

Offices are back on investors' radar — but selection is ruthless

Recent months have brought several transactions that clearly illustrate the new market logic. Echo Investment sold Brain Park A in Kraków to the SCPI Transitions Europe fund managed by Arkéa REIM. The 14,000 sq m office building holds a BREEAM Excellent certificate and is fully leased. The deal — announced at MIPIM on 11 March 2026 — sent an important signal to both the Polish market and international investors: high-quality regional assets still find buyers.

Earlier, market attention was also drawn to the acquisitions of Wola Centre — acquired by Czech fund Trigea Real Estate Fund for close to €130 million — and VIBE A at Rondo Daszyńskiego, which was acquired by Manova Partners. All these transactions share a single common thread: capital is returning where it sees predictable income, a strong location, ESG certification, and the potential for further rental growth.

This is no longer a return to offices as an asset class. It is a clear pivot toward the best assets within that class. And it is precisely in this context, as Bartłomiej Zagrodnik emphasises, that value-add investors should take a particularly close look at buildings with repositioning potential — because market windows like this do not stay open indefinitely.

Conversions open a new chapter for an ageing stock

The other side of this story is made up of buildings that no longer fit the new definition of quality. Their future increasingly lies not in continued operation as offices, but in a change of use.

A telling example is the purchase by Łazarski University of the Taifun office building at ul. Jutrzenki 183 in Warsaw from Indotek Group. The property will be converted into a Medical Simulation Centre and a teaching facility for Poland's first private dental degree programme. This is already the second office building sold by this group in recent months with a new function in mind.

A growing number of office buildings are disappearing from the market through conversion into schools, hotels, medical facilities, and residential use. This is no longer a marginal phenomenon — it is an increasingly pronounced trend. In the years ahead, with new supply constrained and demand for top-quality space sustained, the divide will only deepen: between offices that offices that set the new standard on the market, and those that must find a new life altogether.