Notably, however, take-up in both the fourth quarter and full year 2025 was dominated by lease renegotiations. Meanwhile, development activity was subdued, with few new completions and limited space under construction. At the same time, rents faced upward pressure, driven by falling vacancy levels and the scarcity of large office units, particularly in high-quality buildings and prime locations.
At year-end 2025, Warsaw’s total office stock stood at just over 6.23 mln sqm, marking a decrease of approximately 1 pct year-on-year.
Low levels of new supply – averaging less than 85,000 sqm annually since 2023 – and the accelerating trend of obsolete and inefficient office buildings being withdrawn from the market have resulted in a significant slowdown in modern office stock growth, in some cases leading to a slight decline.
Karol Wyka, executive board director, head of office department, Newmark Polska
In 2025 alone, nearly 165,000 sqm of office space was taken off the market for refurbishment or repurposing. At the same time, new supply in 2025 climbed to just under 90,000 sqm, with 85 pct delivered by two office projects in the City Centre West subzone: The Bridge (47,000 sqm) and AFI Office House (27,800 sqm) – both completed in the second quarter.
Development activity in Warsaw remained relatively low throughout 2025, a trend that is expected to continue this year. The launch of new office projects in non-central locations depends on securing pre-leases with tenants, while the limited availability of prime land in the city centre remains a significant challenge. We estimate that approximately 70 pct of this year’s office development pipeline will be delivered in Warsaw's centre.
Karol Wyka
In the fourth quarter of 2025, Warsaw’s development pipeline stood at nearly 189,000 sqm, up 36 pct quarter-on-quarter but down almost 23 pct year-on-year. During the year, construction began on just one major office building in Warsaw: AFI Tower. Nearly 60 pct of the office space currently under construction is expected to be delivered after 2026. This year’s new supply is forecast at approximately 80,000 sqm.
As in previous years, leasing activity in 2025 peaked during the fourth quarter, with over 309,850 sqm transacted – a record quarterly volume, representing an increase of 69 pct quarter-on-quarter and nearly 27 pct year-on-year.
Total take-up for 2025 reached almost 794,100 sqm, up more than 7 pct from 740,200 sqm in 2024. The strongest leasing activity in 2025 was recorded in the Centre (255,300 sqm, of which 70.6 pct was transacted in the Centre West subzone), Służewiec (180,000 sqm) and the Central Business District (109,200 sqm). The most active tenants in the Warsaw office market came from the manufacturing (14 pct), IT (13 pct) and financial services (11 pct) sectors. Last year saw seven leases exceeding 10,000 sqm.
Magdalena Zagórska, office department director, Newmark Polska
Regearing dominated the leasing market in the fourth quarter and throughout 2025, representing 64.5 pct and 50.7 pct of leased space, respectively. The remaining 49.3 pct of last year’s take-up was spread across new leases (36.9 pct), expansions (5.7 pct), owner-occupier deals (4 pct) and pre-lets (2.7 pct).
The fourth quarter of 2025 saw another consecutive decline in Warsaw’s vacancy rate, which reached 9.1 pct by the end of December, down 0.6 pp quarter-on-quarter and 1.5 pp year-on-year. Total office availability stood at nearly 564,700 sqm. However, buildings completed post-2014 accounted for only approximately 122,000 sqm of unoccupied office space, translating to a vacancy rate of 4.9 pct. As of last December, offices larger than 5,000 sqm were available in just three office buildings completed after 2014.
In the fourth quarter of 2025, average monthly prime office rents held firm at EUR 22-28 per sqm in the city centre and EUR 16-18 per sqm in non-central locations.
Due to limited office availability, rental rates remain under pressure in both top-tier locations and buildings of the highest quality. As a result, headline rents for certain premium offices already exceed EUR 30 per sqm and are likely to rise further over the coming months of 2026,
Agnieszka Giermakowska, research & advisory director, ESG lead, Newmark Polska.
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