Thursday, 18 December 2025
The Warsaw office market is closing 2025 in a phase of stabilisation, with a growing emphasis on asset quality rather than volume, according to the latest outlook from AXI IMMO. Limited new development, the gradual withdrawal of older buildings and steady occupier demand are reinforcing the position of prime locations and modern office stock.
AXI IMMO estimates that around 90,000 sq m of new office space will be delivered in Warsaw by the end of 2025, broadly in line with the previous year. The volume of space under construction remains constrained and is not expected to exceed 200,000 sq m, reflecting a cautious approach by developers. New activity continues to be concentrated mainly in central areas, where demand is more resilient.
“The Warsaw office market is maturing. The drop in new supply is not a sign of weakness but part of a natural rebalancing process,” said Emilia Trofimiuk, Research Manager at AXI IMMO. “We’re seeing more obsolete assets taken off the leasing market for full repositioning or major upgrades. It’s a clear sign that both landlords and tenants are becoming more discerning, and real product quality is steadily increasing.”
Total leasing activity in 2025 is forecast to reach approximately 740,000 sq m, a level comparable to 2024. Lease renewals continue to account for the majority of transactions, although relocation activity remains stable, particularly among tenants seeking higher standards, more efficient layouts and improved public transport connectivity.
At the end of the third quarter of 2025, the overall vacancy rate in Warsaw stood at around 9.7%, with notable differences between central and non-central submarkets. AXI IMMO expects vacancy to decline gradually in the coming months, especially in the most sought-after buildings.
“Simply being in a good district is no longer enough,” said Bartosz Oleksak, Associate Director, Office Agency at AXI IMMO. “Tenants are increasingly focused on micro-locations, metro access, commuting comfort and the overall environment around the building. These factors played a key role in shaping lease-up speed and rent levels throughout 2025.”
Prime headline rents remained broadly stable toward the end of the year. In the best office buildings in the city centre, asking rents reached up to approximately €27.5 per sq m per month, while in non-central locations rates started at around €9.5 per sq m. According to AXI IMMO, upward pressure on rents is mainly visible in new developments and refurbished assets that offer high technical standards and ESG-oriented solutions.
“The end of 2025 confirms that Warsaw’s office market is increasingly driven by quality and selectivity,” said Tomasz Michalczyk, Head of Office Agency at AXI IMMO. “For landlords, this means continued investment in upgrades and tailoring buildings to real tenant needs. For companies planning an office move, it means earlier planning and a more strategic approach to site selection.”
Source: AXI IMMO
