Across all office markets in Poland, the supply of new office space remains significantly limited. Meanwhile, the appetite for modern office premises continues to grow steadily. In the first quarter of this year, companies leased 25 percent more office space across Poland’s major office markets compared to the same period in 2024.
In Warsaw, demand for office space in Q1 exceeded 160,000 sqm, with new lease agreements dominating the structure of transactions. In regional markets, demand proved even higher, with nearly 180,000 sqm leased, over half of which were renegotiated contracts.
“Tenants continue to favour new buildings, appreciating their high standards and prime locations. In Warsaw, most office space leased in the last quarter was located in modern buildings within the city’s central zone. Financial conditions, location, and convenient access to public transport remain the key factors in choosing office space,” says Mateusz Strzelecki, Partner / Head of Tenant Representation at Walter Herz. “We are observing a slowdown in investment activity on the nationwide office market and only a marginal increase in new supply compared to the previous market boom. We estimate that Warsaw’s stock will grow by just around 135,000 sqm this year. The limited new supply is also being offset by the withdrawal of outdated and inefficient office buildings from the market. However, lower interest rates and easier financing for new projects could stimulate a larger influx of new developments. Moreover, growing interest in high-quality assets from investors, who are executing some of the largest office transactions in Europe in the Polish market, may further boost investment activity,” says Mateusz Strzelecki.
New Developments Concentrated in Warsaw
In terms of completed projects, the first quarter of this year marked the weakest result in two decades. Warsaw’s total office stock, currently at 6.39 million sqm, grew by just one new office project. In the regional markets, the only new delivery was an office building in Poznan.
According to Walter Herz, estimates around 210,000 sqm of office space are currently under construction in Warsaw. Two major buildings are expected to be completed this year: The Bridge (51,400 sqm) and Office House (31,100 sqm). Other projects underway include Upper One (35,900 sqm), Studio II Phase (26,600 sqm), Vena (15,400 sqm), and Skyliner II (22,000 sqm). The largest modernisation project is V Tower (26,200 sqm).
Among regional markets, Kraków and Wroclaw are showing the highest levels of activity. Kraków, Poland’s second-largest office market with a total supply of 1.81 million sqm, currently has around 86,000 sqm of new space under construction. Demand in Cracow during Q1 reached approximately 57,000 sqm.
In Wroclaw, the country’s third-largest office market with 1.42 million sqm of space, approximately 44,000 sqm was leased in the first quarter of 2025. Around 27,000 sqm of space is currently under construction.
Stable Rents and Vacancy Rates
Across all Polish office markets, rental rates and service charges have remained stable since the end of 2024. In central Warsaw, asking rents range from €18 to €27 per sqm. per month, while in non-central areas they range from €10 to €17 per sqm per month. In regional cities, rents fall between €9 and €19.5 per sqm per month.
Outside Warsaw, the average vacancy rate in major cities exceeds 17 percent. A downward trend is observed in Cracow and Katowice, while vacancy is rising in Wroclaw and Poznan. In Warsaw, the vacancy rate is decreasing, currently averaging just over 10 percent. However, the gap between central and non-central areas is widening—only 7 percent of offices remain vacant in central zones, while in outlying districts such as the Sluzewiec business area, the vacancy rate exceeds 20 percent.
