At the end of Q3 2025, the vacancy rate on the Warsaw office market declined to approximately 9.7 percent. Leasing activity continued to concentrate in central locations and in modernised buildings. New supply remains limited and is heavily concentrated in the city centre. Prime rents remain stable, with slight upward pressure. AXI IMMO, Poland’s largest consulting company, presents its latest report entitled: The office market in Warsaw in Q1–Q3 2025.
As of the end of Q3 2025, Warsaw’s total office stock slightly declined to approximately 6.25 million sqm (–0.3 percent y/y), while the overall quality of the office space improved. This is due to two concurrent trends. First, outdated and non-competitive buildings are being withdrawn from the market and sold for redevelopment — typically into residential use. Second, owners who see long-term potential in their assets are choosing to modernise and reposition their buildings to align with the evolving expectations of tenants.
In the first three quarters of 2025, developers delivered 90,000 sqm of new office space – an increase of 18 percent y/y. According to AXI IMMO analysts, key completions during the period included The Bridge, along with the renovated Nowa Bellona (51,800 sqm), and Office House (27,800 sqm) in the City Centre-West zone. A new headquarters for CD Projekt (5,600 sqm) was completed in Praga-Północ, and in Mokotów, Stoen Operator fully modernised and moved into its own 3,500 sq m building. Approximately 140,000 sq m remains under construction, with nearly 90 percent of it located in central zones.
Emilia Trofimiuk, Research Manager at AXI IMMO, comments: “Reducing stock by suspending the commercialisation of outdated buildings and converting them to other uses is not a weakness, but rather a natural progression in a mature market. While Warsaw is shrinking in terms of total office stock, it is gaining in quality. The market is also evolving spatially, with the central business district developing rapidly. Nearly 90 percent of space currently under construction is located in the city centre. This trend aligns with tenant preferences, which increasingly favour central locations – both for the convenience of commuting and the prestige of client-facing meetings.”
By the end of 2025, two additional projects are expected to be completed in the City Centre-West zone: Studio A (26,600 sqm) and the refurbished V Tower (32,700 sqm). Projects under construction for upcoming quarters include Upper One, Skyliner II, and Vena. Planned developments for the future include Afi Tower (part of the Towarowa22 complex), Chopin Tower, Vibe B, FORT 7, LightOn, and Nowe Intraco.
The vacancy rate in Warsaw declined to 9.7 percent at the end of September 2025 (–1.0 pp y/y and –1.1 pp q/q). The rate is considerably lower in the city centre (6.9 percent) compared to non-central locations (12.1 percent), with the highest vacancy levels recorded in Służewiec and the Żwirki i Wigury corridor.
Tenant activity remained steady, with approximately 490,000 sqm leased between January and September 2025 (–2 percent y/y). In the leasing structure, new agreements (including pre-lets and owner-occupier deals) accounted for 51 percent, renewals and extensions for 42 percent, and expansions for 7 percent. The average lease size remains below 1,000 sqm. Asking rents in prime central locations range from €19.00 to €27.50 per sqm/month. In non-central zones, rents start at around €9.50 per sqm/month. Year-on-year rental increases are most evident in newly built or modernised buildings.
Filip Kowalski, Associate Director, Office Agency, AXI IMMO, points out: “From a tenant’s perspective, the current market favours well-informed, strategic decisions rather than impulsive moves. The most desirable offices are those near the city centre, with excellent access to public transportation and layouts that support hybrid working. We expect total annual take-up to reach a level similar to last year—around 750,000 sqm. Due to the limited availability of prime office space, the vacancy rate is likely to continue its gradual decline, while prime rents will remain stable with upward pressure in prime locations.”
