POLAND Strong demand but few new Warsaw offices

The Warsaw office market ended 2025 on a strong note, with total tenant activity reaching almost 795,000 sqm, a 7 pct increase y-o-y. The end of the year was particularly active. In the fourth quarter alone, nearly 310,000 sqm was leased, a 69 pct increase compared to Q3 2025.

The transaction structure in 2025 was dominated by contract extensions. For many companies, this decision was somewhat forced, as the market currently offers few realistic relocation options, and fit-out costs often constitute a barrier to relocating. Tenant activity was highest in the city centre, which accounted for 32 pct of the total leased space. Służewiec came in second with a 23 pct share.
Wiktoria Weilandt, associate director, office leasing, BNP Paribas Real Estate Poland

The fourth quarter of 2025 saw major transactions in the Warsaw office market: AstraZeneca expanded its office to nearly 22,500 sqm and extended its lease in the Postępu 14 building, while an undisclosed tenant signed a 16,000 sqm lease in the Eurocentrum Office Complex Delta on the Jerozolimskie Corridor. The Public Transport Authority and Ringier Axel Springer Polska each extended their leases for 12,000 sqm in the Fabryka PZO I and Signum Work Station buildings, respectively.

In the fourth quarter, contract extensions accounted for the largest share (65 pct) of gross transaction volume. New leases accounted for 31 pct. Year-on-year, new transactions accounted for 40 pct of leased space, while extensions accounted for approximately 51 pct. Over the last four quarters, pre-leases accounted for 7.4 pct.

Limited new supply

The Warsaw office market closed 2025 with a total stock of 6.23 mln sqm, of which just under 88,000 sqm were delivered between January and December. New supply was concentrated primarily around two projects: The Bridge (47,000 sqm) and Office House (27,800 sqm). According to analysts from BNP Paribas Real Estate Poland, the value of new supply in 2025 was 15 pct lower than a year earlier. At the end of the year, existing office space in Warsaw was lower than the combined supply in the eight largest regional cities. Currently, the capital city accounts for 48 pct of the country's office stock, with as many as 64 pct of buildings over ten years old. No new office buildings were delivered in Q4. This was due to the postponement of completion of some developments from the end of 2025 to early 2026.

New projects on the horizon

Considering the volume of space currently under construction, nearly 200,000 sq m is planned for completion in the next two years, representing a 27 pct y-o-y decline. Over 61 pct of this new supply will be allocated to the central zones, with an additional 33 pct to the CBD. Among the largest projects currently underway are AFI Tower (50,000 sq m) and Upper One (35,500 sqm). The redevelopment of V-Tower (31,000 sqm) will also be completed, with completion scheduled for the end of the first quarter of this year.

Falling vacancy rates

According to the report, by the end of December 2025, the vacancy rate in Warsaw had fallen to 9.1 pct, which is 1.5 pp less than a year earlier. Several factors contributed to this improvement: the withdrawal of buildings undergoing re-use, very limited new supply, and a significant increase in tenant activity in the second half of the year. Vacancy rates in central locations fell to 6.1 pct (a 2.6 pp drop compared to last year), while outside the city centre, they fell to 11.6 pct. 18 pct of the vacancy rate is concentrated in the Służewiec office sub-district.

Rents on the rise

Asking rents for prime office space in the capital are showing an upward trend. Few new offices are expected to enter the market in 2026, which will likely continue to support rent growth.

The highest growth rates were recorded in locations located directly next to city centres. Limited supply of new projects and stable demand create conditions for further upward pressure. Market forecasts indicate that prime monthly rents could reach EUR 32 per sqm in 2026, and even EUR 34-35 sqm in the most prestigious locations.
Małgorzata Fibakiewicz, the senior director of office leasing, BNP Paribas Real Estate Poland