Wednesday, 11 February 2026
The Warsaw office market closed 2025 with historically high tenant activity, limited new supply and a continued decline in vacancy, according to BNP Paribas Real Estate Poland’s Review – Warsaw Office Market, Q4 2025. Lease renegotiations dominated transactions throughout the year, while developers delivered the lowest quarterly volume of new space in the final three months.
Total modern office stock in Warsaw reached 6.23 million sqm by the end of December, representing an annual increase of just under 90,000 sqm. New deliveries in 2025 amounted to 88,700 sqm, with no new office buildings completed in Q4 as several projects shifted into early 2026. The largest schemes delivered during the year were The Bridge (47,000 sqm) and Office House (27,800 sqm), both located in central zones. Refurbished projects also contributed additional space, including approximately 10,000 sqm at the Lipowy Park complex.
Leasing volume totalled 794,000–795,000 sqm in 2025, up around 7% year-on-year, marking the strongest annual result recorded for the Warsaw office market. The fourth quarter alone accounted for nearly 310,000 sqm, a 69% increase compared with Q3 and the highest quarterly figure of the year.
“The transaction structure in 2025 was dominated by lease renewals. For many companies, this was a decision made almost out of necessity, as the market currently offers very few viable relocation options. On top of that, fit-out costs often create a significant barrier to changing headquarters. Tenant activity was strongest in the City Centre zone, which accounted for 32% of the total leasing volume. The second most active area was Służewiec, with a 23% share,” notes Wiktoria Weilandt, Director, Office Agency Department, BNP Paribas Real Estate Poland.
BNP Paribas data indicates that renewals represented 50–51% of gross leasing volume over the year, while new leases accounted for roughly 40%. In Q4 alone, renewals made up 64–65% of activity, with new leases at just over 31%. Pre-lets represented 7.4% of total transactions across the last four quarters.
Among the largest transactions of the year were Santander Bank’s 24,500 sqm pre-let at The Bridge, Polkomtel’s 22,680 sqm renewal in Służewiec, and AstraZeneca’s 22,500 sqm renewal and expansion at Postępu 14. In Q4, additional significant deals included a confidential tenant securing over 16,000 sqm at Eurocentrum Office Complex Delta and multiple public-sector renewals exceeding 9,000–12,000 sqm.
Sector-wise, demand was led by banking, insurance and investment firms (15%), followed by business services (14%), manufacturing (13%) and IT products and services (12%), with public institutions accounting for around 10% of leased space.
While annual deliveries were modest, the development pipeline expanded slightly. By the end of 2025, approximately 199,000–200,000 sqm of office space was under construction for delivery between 2026 and 2028. More than 60% of this pipeline is concentrated in central zones and about one-third in the Central Business District.
Key schemes under construction include AFI Tower (50,000 sqm), Upper One (35,500 sqm) and the V-Tower refurbishment (30,800 sqm), alongside projects such as Studio A and Skyliner II. Analysts note that securing large contiguous units exceeding 1,000 sqm remains challenging despite the overall availability of space.
At the end of December 2025, approximately 560,000–565,000 sqm of office space was available in Warsaw, translating into a vacancy rate of 9.1%, down 1.5 percentage points year-on-year and 0.6 points quarter-on-quarter. The decline was driven by limited new supply, building withdrawals for alternative uses and stronger tenant demand in the second half of the year.
Central locations recorded a vacancy rate of around 6.1%, compared with 11.6% outside the city centre. The highest concentration of vacant space remained in Służewiec, where availability exceeded 18%, while the CBD and City Centre West maintained vacancy levels near 6%. Newer buildings performed better, with vacancy below 5% in properties under five years old, compared with more than 11% in assets older than ten years.
Prime headline rents continued to rise in 2025, supported by constrained supply in central zones. Average prime asking rents across Warsaw reached approximately EUR 30 per sqm per month, while in the CBD headline rents climbed to around EUR 29 per sqm per month and EUR 26–27 per sqm per month in the wider City Centre.
“The highest growth dynamics were recorded in locations directly adjacent to the city centre. Limited supply of new developments combined with stable demand continues to fuel upward pressure. Market forecasts indicate that in 2026, prime headline rents may reach EUR 32 per sqm per month, and in the most prestigious locations — even EUR 34–35 per sqm per month,” emphasizes Małgorzata Fibakiewicz, Senior Director, Head of Office Agency Department, BNP Paribas Real Estate Poland.
With only a limited volume of new office space expected to be delivered in 2026, analysts anticipate continued competition for high-quality central offices and further upward pressure on rents in prime assets.
Source: BNP Paribas Real Estate Poland
