The Warsaw office market confirmed a strong recovery in 2025, accompanied by a further contraction in new supply. Total take-up reached 790,000 sqm, with the fourth quarter delivering a record 310,000 sqm of signed lease agreements. Against a backdrop of limited development activity, less than 90,000 sqm of new office space was delivered during the year, while 190,000 sqm remained under construction. According to AXI IMMO analysts, Warsaw continues to operate in a supply gap phase, particularly in central locations.
In 2025, the Warsaw office market recorded robust leasing activity alongside increasingly quality-driven occupier decisions. Tenant activity totalled 790,000 sqm (+7 percent y/y), with the fourth quarter standing out as the strongest period on record. During Q4 alone, leases were signed for 310,000 sqm – the highest quarterly volume since market monitoring began.
This strong demand is reflected in the structure of leasing activity. According to AXI IMMO analysts, the composition of take-up confirms the market’s growing maturity. Lease renewals and renegotiations accounted for 51 percent of total activity, while net take-up represented 49%, driven primarily by new leases (39 percent), followed by expansions (6 percent) and owner-occupied space (4 percent). The highest levels of activity were recorded in the City Centre (32 percent) and Służewiec (23 percent). The city centre continued to attract mainly new tenants, whereas Służewiec was dominated by renegotiations. The largest transactions included Polkomtel’s lease renewal at Multimedia House of Plus (22,700 sqm) and AstraZeneca’s renegotiation and extension of its 20,800 sqm lease at Postępu 14, together with an additional 1,700 sqm expansion.
Strong leasing momentum has translated into rising headline rents in prime central office buildings, where asking rents range from approximately €19.00 to €27.50 per sqm per month. In selected prime locations and on top floors, rents exceed €30.00 per sqm per month. At the same time, non-central zones continue to provide a competitive cost alternative, with rents starting from around €10.00 per sqm per month.
Filip Kowalski, Associate Director, Office Agency, AXI IMMO, comments: “Rising rental levels in central office projects are prompting more companies to reassess their location strategies and consider well-connected non-central areas that offer high-quality space at more predictable cost levels. The market is becoming increasingly selective, with buildings that best align with occupiers’ operational needs gaining a clear competitive advantage in terms of both technical standard and cost efficiency. At the same time, we observe a growing tendency among tenants to remain in proven locations, driven by limited availability of modern space and rising relocation and fit-out costs. As a result, we expect longer lease terms to become more common, while new developments increasingly standardise lease agreements of at least seven years.”
On the development side, two key trends continue to shape the Warsaw office market. First, new construction is highly concentrated in central locations, which accounted for nearly 90 percent of the approximately 90,000 sqm delivered in 2025 (-15 percent y/y). Second, older and technically inefficient office buildings are being systematically withdrawn from the market.
Emilia Trofimiuk, Research Manager, Research Department, AXI IMMO, explains: “The restructuring of office supply is particularly visible in Służewiec, which, as one of Warsaw’s oldest office districts, has an above-average share of ageing stock. The withdrawal of technically obsolete buildings and changes in their use are improving the overall quality of available space and gradually strengthening the competitiveness of this location from the occupiers’ perspective.”
At the end of 2025, Warsaw’s total modern office stock stood at 6.23 million sqm. The largest projects delivered during the year were located in the Rondo Daszyńskiego area, including The Bridge (51,800 sqm) and Office House (27,800 sqm). Meanwhile, the volume of office space under construction fell by 16 percent year-on-year to 190,000 sqm, pointing to a further decline in new supply in 2026–2027. The largest schemes under construction as of December 2025 included Afi Tower (50,000 sqm, construction started in Q4 2025), Upper One (35,900 sqm, Strabag), Studio A (26,600 sqm, Skanska) and Skyliner II (24,000 sqm, Karimpol).
Emilia Trofimiuk adds: “On the supply side, we are observing a clear and sustained slowdown in development activity. New office deliveries in 2025 were 15 percent lower than a year earlier and well below the levels recorded in the peak years of 2020–2021. At the same time, the volume of space under construction declined by 16 percent year-on-year. Forecasts indicate that new supply will remain limited in the coming years, which will have a material impact on the availability of modern office space, particularly in prime locations.”
As a result of strong take-up, limited development activity and the ongoing withdrawal of non-competitive buildings, vacancy rates continued to fall. At the end of 2025, Warsaw’s average vacancy rate stood at 9.1 percent (-1.5 pp y/y and -0.8 pp q/q), with a clear disparity between the city centre (6.1 percent) and non-central locations (11.6 percent). The most significant decline was recorded in the Central Business District, where vacancy fell by 3.9 pp year-on-year, underscoring growing occupier demand for prime office locations.
AXI IMMO analysts expect the Warsaw office market to remain constrained by limited modern supply in the coming years, particularly for large, contiguous floorplates. This environment is likely to support further growth in lease renegotiations and selective rental increases in best-performing assets. At the same time, the repositioning and conversion of older buildings will play an increasingly important role in shaping the quality and functionality of Warsaw’s office stock.
