Poland Supply gap grows larger

At the end of Q3 2025, the total stock of modern office space in Warsaw reached 6.25 mln, a decrease of over 1 pct on the previous quarter. In absolute terms, this represents a decrease of almost 90,000 sqm. In Q3 of this year, only one small project (3,500 sqm) was completed.

Throughout 2025, the total stock of modern office space in Warsaw will increase by almost 150,000 sqm.

We've already delivered 88,700 sqm of space in the first three quarters. It's worth pointing out, however, that this year's supply won't compensate for the volume of space withdrawn from the market since the beginning of January. Over 140,000 sqm has already disappeared from the market, with almost 80 pct of this space being in buildings built before 2000.
Karol Wyka, head of office space department at Newmark Polska

Developer activity in Warsaw remains very low. At the end of September 2025, just under 139,000 sqm was under construction, and while this is 7.6 pct more than in the second quarter of this year, it is still over 51 pct less than the same period of last year. Developers did not launch any significant office developments in the third quarter.

Developers have announced only 60,000 sqm to be built in 2026. This is the lowest ever number of new office buildings under development in Warsaw, which is further going to widen the supply gap. Tenants seeking large units bigger than 3,000 sqm, particularly in prestigious locations in buildings that meet the highest environmental and technological standards, already have limited options.
Karol Wyka

Since the beginning of 2025, tenant activity in Warsaw has remained relatively stable, although in Q3 it was slightly higher than during the previous two quarters. The total transaction volume from July to September increased to 185,150 sqm, higher than the H1 average (150,700 sqm). From the beginning of the year to the end of Q3, tenants leased nearly 486,550 sqm, only 1.9 pct less than during the same period of 2024.

During the first three quarters of the year, central locations saw slightly greater interest, accounting for 54 pct of all transactions.

In Q3 2025, new leases dominated the market, accounting for 47 pct of the total leasing volume. The remaining 53 pct consisted of renegotiations (40 pct), pre-leases (6 pct), expansions (5 pct), and own-use transactions (2 pct). Cumulatively, after the first three quarters of 2025, new leases (41.8 pct) were higher than renegotiations (41.6%).

For the first time since the end of 2020, the vacancy rate in Warsaw fell below 10 pct. At the end of September 2025, it stood at 9.7 pct, a decrease of 1.1 percentage points quarter-on-quarter and 1 percentage point year-on-year. The downward trend is expected to continue over the coming quarters due to low developer activity and a large number of modernisations and conversions of existing buildings, resulting in their temporary or permanent withdrawal from the market.

In the third quarter of 2025, average monthly rents in prime office buildings remained similar to the previous quarter, reaching EUR 22–28 per sqm in the city centre and EUR 16–18 per sqm in other districts. A slight increase was seen at the upper end of rents for central locations, primarily due to the shrinking availability of space.

At the end of September, just over 40,000 sqm of office space was available in the centre in buildings completed after 2020, of which only four buildings had vacant units larger than 3,000 sqm.
Agnieszka Giermakowska, market research and consulting director, ESG leader, Newmark Polska