The Warsaw office market is increasingly feeling the effects of limited development activity seen in recent years. As tenant take-up continues to grow, office availability is steadily decreasing, particularly in the most sought-after central locations. According to the latest AXI IMMO report, “Warsaw Office Market Q1–Q3 2026”, companies leased more than 590,000 sqm of office space between January and September 2026, representing a 22% year-on-year increase. At the same time, the vacancy rate across Warsaw declined to 7.9%, while in central office zones it fell to just 4.3%. Combined with limited new supply, these conditions are strengthening the position of landlords in prime office buildings and putting upward pressure on rental rates.
The first three quarters of 2026 in the Warsaw office market brought a visible increase in occupier activity. Gross take-up exceeded 590,000 sqm, up 22% year-on-year, while net take-up increased by 18% to approximately 330,000 sqm. Take-up remained concentrated in the City Centre, Central Business District (CBD) and Służewiec office zones. New lease agreements accounted for nearly half of the total transaction volume.
Return of Large-Scale Lease Transactions
A notable trend in 2026 has been the return of large-scale lease transactions exceeding 10,000 sqm. The largest deals concluded in the Warsaw office market during Q1–Q3 2026 included the lease renewal by Frontex at Warsaw Spire B (21,500 sqm), PwC’s new lease at Afi Tower (20,000 sqm), and Visa Europe’s lease at The Bridge (17,300 sqm). Two of these transactions were new agreements signed in the Centre-West zone. Business services companies and financial institutions remained among the most active occupier groups.
Emilia Trofimiuk, Research Manager, Research Department, AXI IMMO, comments: “The Warsaw office market has entered a phase in which growing occupier activity increasingly collides with limited availability of suitable office space. This particularly affects companies looking for larger units in modern, well-located, technologically advanced buildings. With such requirements, the number of realistic options can be quite limited, which is why some tenants are now initiating relocation processes significantly earlier than they did just a few years ago. We are also seeing the return of large-scale transactions, confirming that despite evolving work models, the office remains a key element of the strategy of major organisations.”
Pre-let agreements continue to gain importance. During the first three quarters of 2026, they accounted for 15% of all new lease contracts, compared to 7% a year earlier.
Prime Locations See Declining Availability
Despite strong take-up, the volume of newly delivered office projects remains limited. At the end of September, Warsaw’s total stock of modern office space stood at approximately 6.23 million sqm. Since the beginning of 2026, the city’s office stock has expanded by around 45,000 sqm, significantly less than in the previous year.
AXI IMMO analysts note that two office projects were delivered during the period: Studio A (Skanska) and Vena (PHN). In addition, two buildings on Przemysłowa Street returned to the market following refurbishment. At the same time, some older office properties continue to be withdrawn from office use, leaving overall market stock broadly stable.
Praga Attracts Growing Developer Interest
At the end of Q3 2026, approximately 170,000 sqm of office space was under construction, representing a 15% increase compared with the previous year. While Warsaw’s business centre remains the primary focus for new developments, projects on the right bank of the Vistula River are attracting increasing market attention.
Emilia Trofimiuk comments: “The increase in office space under construction does not yet signal a rapid end to the current supply gap. New supply remains very limited. Against this backdrop, Praga deserves particular attention as it continues to strengthen its position within Warsaw’s office market. New developments are being constructed as part of larger mixed-use schemes combining office, residential and retail functions. We expect this direction of development to gain further importance in the coming years.”
In 2026, developers launched additional phases of office projects in Praga. These investments are predominantly mixed-use in nature, integrating office space with residential units, services and public amenities. Increasingly, developers are incorporating post-industrial heritage into these projects, adapting former industrial sites for modern business functions.
Availability in Central Warsaw Continues to Shrink
Strong take-up coupled with constrained supply is reflected in the vacancy rate. At the end of Q3 2026, the citywide vacancy rate fell to 7.9%, while in central locations it reached just 4.3%. In some parts of Warsaw’s business core, the availability of larger office units remains extremely limited.
The low number of projects launched in previous years is now translating into declining market availability. Occupiers remain focused on modern buildings offering attractive locations, high technical standards and solutions supporting ESG objectives.
Upward Pressure on Rents Persists
At the end of Q3 2026, asking rents in Warsaw generally ranged between €10 and €28/sqm/month, while in the most prestigious buildings within the city’s business centre they reached €25–32/sqm/month. AXI IMMO analysts report year-on-year rental growth in the best-performing projects.
Emilia Trofimiuk adds: “The market is increasingly rewarding quality. Occupiers are willing to pay a premium for location, building standards, technological solutions and workplace environments that support employee attraction and retention. With limited availability of top-quality office space, this creates further upward pressure on rents in the prime segment. At the same time, older buildings will need to compete not only on pricing but also on the scale of modernisation and the quality of the product they offer.”
AXI IMMO experts expect the effects of the current supply gap to remain visible for at least the next two to three years. Rental growth pressure is likely to continue, particularly in the most desirable locations and within the highest-quality office buildings.
