After a more subdued start to the year, Warsaw’s office market gained significant momentum in Q2 2026. Tenant activity in the first half of the year reached 420,000 sqm, representing a 38% year-on-year increase. At the same time, limited new supply, declining vacancy levels and rising rents in prime locations confirm that the Polish capital remains one of the most competitive office markets in Central and Eastern Europe. According to AXI IMMO’s latest report, “Office Market in Warsaw H1 2026”, modern office space continues to play a key role in corporate real estate strategies despite the sustained popularity of hybrid working models.
In the first half of 2026, total office take-up in Warsaw reached 420,000 sqm, while net take-up amounted to 220,000 sqm. The second quarter proved particularly strong, with a number of large transactions completed, nearly doubling the leasing volume recorded in the same period a year earlier.
Tomasz Michalczyk, Head of Office Agency, AXI IMMO, comments: “The growing return of employees to the office, combined with business expansion plans, is driving tenant activity and bringing large-scale transactions back to the market. Once again, companies are evaluating the office not merely as a cost, but as a strategic environment that supports collaboration, corporate culture and business performance.”
Among the largest transactions completed during the first half of the year were Frontex’s lease renewal for 21,500 sqm at Warsaw Spire B, Visa Europe’s new lease for 17,300 sqm at The Bridge, and Poczta Polska’s renewal of 17,000 sqm at Domaniewska Office Hub. The most active occupiers represented the business services, financial services and IT sectors.
On the supply side, the shortage of new office space remains pronounced. Since the beginning of the year, developers have delivered only 50,000 sqm of new office space to the Warsaw market, representing a 47% decline compared with the corresponding period of last year. Approximately 130,000 sqm is currently under construction, down 7% year-on-year. Notably, more than 90% of ongoing developments are being delivered in central locations across the capital.
The quality of office space is becoming increasingly important. Occupiers are focusing on modern buildings that offer high technical standards, excellent connectivity and solutions supporting sustainability goals. At the same time, older properties that have not undergone refurbishment are losing competitiveness, with some being repurposed, most commonly for residential or hotel use.
The combination of constrained supply and strong take-up is further reducing the availability of office space. At the end of June 2026, Warsaw’s average vacancy rate stood at 8.5%, down 2.3 percentage points year-on-year. In central locations, only 4.8% of office stock remained available, while in the area around Rondo Daszyńskiego, currently the capital’s most active business hub, availability fell to just 3.6%.
Emilia Trofimiuk, Research Manager, Research and Analysis Department, AXI IMMO, adds: “The Warsaw office market is increasingly becoming a quality-driven market. A limited pipeline of new developments, combined with the gradual withdrawal of less competitive assets and continued strong demand, is steadily reducing the availability of modern office space, particularly in core central locations.”
The declining availability of office space is also having an impact on rental levels. In most buildings in central Warsaw, asking rents currently range from €15 to 28 per sqm/month, while in the premium segment they stand at between €25 and as much as €32 per sqm/month.
Michał Baranowski, Associate Director, Business Development, Office Agency, AXI IMMO, comments: “Increasing competition for the best office space in central Warsaw, coupled with a limited development pipeline, continues to support rental growth. The most prestigious office buildings are already achieving rents of up to €32 per sqm per month, further strengthening their position within the market.”
According to AXI IMMO experts, the market is expected to continue operating under conditions of constrained supply in the coming years, particularly with regard to office space meeting the highest technical and environmental standards. In addition, the ongoing withdrawal of older buildings from the market is likely to further tighten availability.
Emilia Trofimiuk, AXI IMMO, comments: “The key challenge for Warsaw’s office market over the next two to three years will remain the limited availability of modern office space. With demand expected to remain healthy and relatively few projects under development, we anticipate further reductions in vacancy rates and increased competition for prime locations. The year 2027 is expected to see exceptionally low levels of new supply, while a more meaningful revival in development activity is unlikely before 2028. Until then, upward pressure on rents in best-in-class projects is expected to persist.”
Tomasz Michalczyk, AXI IMMO, concludes: “Rising rents and the limited availability of prime office space in the city centre are likely to encourage some occupiers to broaden their search across Warsaw. Well-connected non-central locations with increasingly mixed-use characteristics may benefit from this trend. However, not all buildings will perform equally. High-quality, professionally managed assets are likely to capture the greatest share of demand, reinforcing the premium placed on quality beyond the city centre as well.”
