After the first three quarters of 2025, the Warsaw office market continues to experience constrained supply amid strong occupier activity. According to BNP Paribas Real Estate Poland, demand significantly outstrips office availability, pushing vacancy rates down both in the city centre and in other locations across Warsaw.
New offices are in short supply
Warsaw’s office stock has contracted in recent quarters, says BNP Paribas Real Estate Poland in its latest report, Review: Warsaw Office Market, Q3 2025. Between January and the end of September 2025, a total of 150,000 sqm was withdrawn from the market, mostly for the planned upgrades or repurposing of obsolete buildings, with Warsaw recording the second-ever decline in total supply.
The third quarter saw just 3,500 sqm of new office space delivered through a single project developed for Stoen Operator’s headquarters at ul. Pory 80 in Warsaw’s Mokotów district – a 69 percent decrease compared with the same period last year. New office completions over the past four quarters totalled 118,000 sqm, up by more than 2 percent year-on-year.
Looking ahead, an increase in new office deliveries is unlikely for several more quarters. The development pipeline currently stands at approximately 152,000 sqm, of which 63 percent is under construction in the centre of the capital and 23 percent in the Central Business District – the epicentre of Warsaw’s largest projects underway: Strabag’s Upper One (35,500 sqm) and Cornerstone’s V-Tower (30,800 sqm), the latter undergoing refurbishment and scheduled for completion in Q4 2025.
Occupier activity remains strong as the public sector leads the way
In the third quarter of 2025, gross office take-up in Warsaw hit 185,000 sqm, marking the highest volume year to date and an increase of more than 19 percent from the previous quarter. Notably, more than half of that space (52 percent) was transacted in central locations, with the remaining 48 percent leased in non-central areas. BNP Paribas Real Estate Poland notes that the public sector led leasing activity in the third quarter, accounting for over 17 percent of total take-up. This underscores the ongoing trend of public institutions relocating to modern office buildings.
The largest transaction to complete in the Warsaw market between July and September saw a confidential tenant renew and expand its lease to 12,800 sqm at West Station II in the Jerozolimskie Corridor. Another major deal was Luxmed’s new lease for 5,600 sqm at the West Warsaw Office complex in the West zone.
Alternative? Go non-central or renegotiate
With high-quality office space in the city centre shrinking at a pace and few new projects underway, companies seeking larger units to lease are increasingly opting either to extend their leases or to look beyond the central zones. As a result, more occupiers are shifting their focus to alternative locations, particularly in Mokotów and along Aleje Jerozolimskie, which are once again attracting tenant interest.
“Companies seeking offices larger than 1,500–2,000 sqm face very limited options. Hence, the rising share of renegotiations in overall take-up, as they are becoming an increasingly popular choice, especially among major occupiers,” comments Małgorzata Fibakiewicz, Senior Director, Office Agency, BNP Paribas Real Estate Poland.
In the third quarter of 2025, the Warsaw office market was dominated by new leases, which accounted for 53.3 percent of total take-up – broadly in line with the figure recorded in the same period in 2024. Lease renewals made up 39.8 percent, posting a year-on-year uptick of 0.2 pp. Take-up over the past four quarters was driven by both renewals (45.6 percent) and new leases (43.8 percent).
Meanwhile, the share of pre-lets edged down to 11.3 percent at the end of September – a year-on-year decrease of 0.3 pp.
Vacancy rate on a downward trajectory
The limited availability of new office space continues to translate into falling vacancy rates. At the end of September 2025, the overall vacancy rate stood at 9.7 percent, down by 1.1 percentage points over the quarter. The sharpest decline, from 21.1 percent to 18.8 percent, was recorded in Służewiec. By contrast, central Warsaw saw its vacancy rate drop to 6.9 percent, down 0.9 pp quarter-on-quarter.
Non-central locations are also seeing heightened occupier demand, with the vacancy rate edging down to 12.1 percent, a quarterly drop of 1.2 pp. The downward trend is likewise visible among office buildings more than 10 years old, where 12.4 percent of space remains unoccupied – a year-on-year decrease of 1.3 pp.
Will rents come under pressure?
Despite the decline in vacancies, asking rents remain stable, with prime rental rates in top-tier buildings in the city centre holding at around €30/sqm/month. That said, constrained supply is expected to place upward pressure on rents in the coming quarters.
“Asking rents for premium office space hold steady, ranging between €22.5 and 26 per sqm per month in central locations. Notably, new developer-led projects in the CBD are commanding higher rents, reaching up to €28–30 per sqm per month – a level that no longer comes as a surprise to tenants,” says Wiktoria Weilandt, Associate, Office Agency, BNP Paribas Real Estate Poland.
Monthly rental rates in non-central locations stand at €14–18 per sqm. According to BNP Paribas Real Estate Poland, with monthly service charges now reaching PLN 40 per sqm, these expenses are becoming an increasingly important factor in budget planning.
