Limited new supply, shrinking availability of modern office space in central locations, and sustained occupier interest in top-tier projects are shaping the Warsaw office market at the beginning of 2026. Tenants are increasingly gravitating towards modern buildings, strengthening the hand of landlords owning prime assets and supporting growth in headline rents, according to BNP Paribas Real Estate Poland’s report “Review – Warsaw Office Market Q1 2026.”
Constrained supply
The Warsaw office market remained stable at the end of Q1 2026, despite subdued new supply and increasingly selective occupier demand. Total modern office stock in Warsaw reached nearly 6.28 million sqm. In the first quarter, supply increased by just under 43,000 sqm, delivered across three centrally located projects. Skanska completed Studio A (24,000 sqm), PHN delivered the Vena scheme (15,000 sqm), while Powiśle Nieruchomości finalised the refurbishment of Przemysłowa 26a (close to 3,500 sqm).
“The scale of completed projects reflects a cautious stance among developers, whose limited activity stems from elevated construction costs and unsatisfactory return levels. Not a single new speculative office project broke ground in Warsaw in early 2026,” says Wiktoria Weilandt, Associate Director, Office Agency, BNP Paribas Real Estate Poland.
Vacancy and market absorption
Despite a limited new supply, the vacancy rate edged up quarter-on-quarter to 9.5%. This increase was primarily driven by rising availability in non-central locations, while occupiers continue to focus on the most modern assets.
On an annual basis, however, vacancy dropped by 1.0 percentage point, pointing to a steady absorption of available stock. Total vacant space in Warsaw stood at 597,000 sqm at the end of March 2026.
Central zones continue to attract the strongest tenant interest, with vacancy rates remaining relatively low at around 6.5%. Buildings located within the CBD, as well as Centre East and North, are performing particularly well, with availability remaining limited.
At the same time, older and less efficient office buildings are gradually being withdrawn from the market and subsequently earmarked for refurbishment or repositioning. The highest volumes of vacant space are currently found in Służewiec (184,000 sqm) and Centre West (92,000 sqm).
Rents on the rise
Against the backdrop of constrained supply, landlords of older office buildings are feeling the rising pressure, offering increased flexibility and more attractive incentive packages to stay competitive. In contrast, state-of-the-art developments are seeing upward pressure on rents, with prime levels reaching around €30/sqm/month—approximately 2% higher year-on-year.
“Given the persistent supply constraints, prime rents are expected to trend upward in the coming quarters, particularly in central locations and in modern ESG-compliant buildings aligned with tenant expectations. Tight availability in the city centre, coupled with ongoing relocation activity, is tipping the balance in favour of landlords of best-in-class assets, leaving limited room for downward correction,” comments Dorota Mielke, Associate Director, Office Agency, BNP Paribas Real Estate Poland.
Leasing activity
Between January and March 2026, gross take-up totalled approximately 134,000 sqm. While this is a solid result, it represents a nearly 7% year-on-year decline, according to BNP Paribas Real Estate Poland analysts. New leases accounted for over 51% of total activity, including pre-lets, which suggests that occupiers remain keen to secure space in prime developments early—particularly in central locations. Lease renewals also continue to play a significant role, as tenants frequently renegotiate contracts on new terms.
“A high share of renegotiations (39%) highlights that many occupiers are focusing on optimising both space and lease conditions. The widening gap between central zones and non-central locations—especially Służewiec and selected office corridors—underscores increasing market polarisation. More and more tenants are adopting a ‘flight to quality’ strategy, opting for modern, energy-efficient buildings in well-connected locations,” adds Wiktoria Weilandt.
Lease renewals dominated the largest transactions in Q1 2026. The biggest deal was P4 (Play) renewing its lease at Neopark B in Służewiec, covering 8,800 sqm. Significant agreements were also signed by Baxter at Nordic Park (4,700 sqm) and Mindspace at Skyliner II (4,400 sqm), the latter under a pre-let agreement. Other notable transactions included Worldline’s renewal and expansion at Proximo I (3,500 sqm) and Clifford Chance Warsaw’s renegotiation of its lease at Norway House (3,300 sqm).
