Poland Leasing dominated by new contracts

After the last quarter, demand has once again moved towards new leases, accounting for 45 pct of leases since the beginning of the year, while renegotiations accounted for 42 pct.

Supply: Low level of space under construction, with several projects with ready to be launched

In Q3 2025, total office space in Warsaw stood at 6.25 mln sqm. Cushman & Wakefield estimates that the Warsaw office market could expand by the end of the year by around 50,000 sqm with two buildings (Studio A and V Tower), in the City Center West zone. Despite this, construction is underway on several larger projects: the Skyliner II office tower (Karimpol) and the flagship Upper One skyscraper (Strabag RE).

Limited new development in the city centre, tenants caution in regard to relocating, and higher construction and financing costs could mean supply will remain limited over the coming years. Despite this, work will soon begin on the second stage of the Vibe complex (Ghelamco), another office building within the Towarowa 22 complex (Echo Investment/AFI), and the demolition of an older office building at 69 Prosta Street, where the CPI plans to develop a new office project called LightOn.
Vitalii Arkhypenko, market analyst at Cushman & Wakefield.

Demand: Tenant activity increasingly bold

After the first three quarters of 2025, tenant activity in the Warsaw office market remains stable, and the demand structure shows signs of a revival in leasing activity through relocations, although primarily among smaller and mid-sized tenants.

The total volume of leasing transactions from January to September 2025 reached 486,500 sqm, which is only 2 pct lower than the same period in 2024. The key change compared to the previous quarter is the demand structure, with new deals returning to the forefront. Since the beginning of the year, they have collectively accounted for 45 pct of leased space, while renegotiations accounted for 42 pct. The remaining share is made up of expansions (7 pct) and transactions for own use (6 pct). Among the largest transactions in Q3 were: a new deal by Luxmed in the West Warsaw Office for 5,600 sqm and a renegotiated deal by Alcon in the New City office building for 5,000 sqm.
Ewa Derlatka-Chilewicz, head of research Poland, Cushman & Wakefield

The rapid development of shared services centres is contributing to the increased interest in office space. Potential for further growth is also evident in the IT, banking, pharmaceuticals, and public sectors. The central zone continues to be the most popular with tenants, but locations such as Służewiec and the Jerozolimskie Corridor remain attractive and more competitively priced alternatives. They represent a good solution for both large corporations and smaller companies entering the market.

In the coming quarters, we forecast tenant activity to remain at a level similar to 2023-2024. However, the pace of market development will depend on the overall economic situation and the expansion and cost cutting strategies of international corporations.
Ewa Derlatka-Chilewicz

Vacancy Rate: The Market Is Absorbing Offices

At the end of September 2025, the vacancy rate in Warsaw stood at 9.7 pct, a decrease of 1 percentage point compared to the same period in 2024 and a decrease of 1.1 percentage points quarter-on-quarter. Office space availability decreased to just under 606,000 sqm. This decline has been driven by both stable demand and the exclusion of several buildings planned for conversion to residential use, primarily in non-central zones.

The drop in the overall rate below 10 pct is an major signal to the entire market, but it is important to note its structure. In central zones, where vacancy is now only 6.9 pct, we are witnessing a tightening market, which will place landlords in a privileged position. At the same time, non-central zones with a vacancy rate of 12.1 pct, continue to offer tenants greater room for negotiation and are becoming a strategic alternative for companies seeking cost savings without sacrificing a good location.
Vitalii Arkhypenko

Over the 2026-2027 timeframe, with limited new supply, we will see a further compression of the vacancy rate. This will allow the Warsaw market to absorb the surplus of available office space. A further decline in the availability of offices in central locations could not only lead to rent increases but also encourage owners of older buildings to modernise them to compete for tenants more effectively.

Rent rates: continued upward trend in central locations

In September 2025, premium rates for prime office space in Warsaw averaged €22-27/sq m per month in the City Centre zone and EUR 13.50-17 per sqm per month in the City Centre zone. per month in non-central locations. Rent increases were primarily seen in newly completed buildings in the city centre. In existing buildings (in both central and non-central zones) with high occupancy rates, rents grew at a rate close to inflation, thanks to indexation of asking rents.

Cushman & Wakefield predicts that in the coming quarters, upward pressure on rents will continue to be visible, primarily in projects under construction and in the most attractive properties located in the city center. In most non-central locations, rent growth will be limited due to increased competition and relatively higher vacancy rates.