Tuesday, 5 May 2026
A new report by Savills indicates that office development activity in Warsaw remains at historically low levels, with limited new supply contributing to tightening availability and upward pressure on rents.
Total modern office stock in the city reached 6.28 million sqm at the end of March 2026. In the first quarter, just under 43,000 sqm was delivered, with full-year completions expected to total around 72,000 sqm. This compares with average annual deliveries of approximately 163,000 sqm over the past five years and 220,000 sqm over the past decade.
New supply in Q1 included the Vena project (15,400 sqm) and the Studio B building (24,000 sqm), alongside the refurbishment of a smaller property on Przemysłowa Street. Projects scheduled for completion later this year include Skyliner II and additional developments on Puławska and Przemysłowa Streets.
At the same time, development activity declined to around 120,000 sqm, with 89% of projects concentrated in central locations.
Daniel Czarnecki, Head of Landlord Representation at Savills, said: “We are currently observing the lowest level of developer activity on record. We estimate that over the next three years, the total volume of new space could reach just 217,000 sq m. This is no longer just a temporary slowdown, but a deep supply gap that will limit tenant choice in the coming quarters. With such limited supply, the importance of existing, well-located buildings, which find tenants more quickly, is growing.”
The tightening of supply is particularly evident in central areas. At the end of March, the overall vacancy rate stood at 9.5%, with approximately 597,000 sqm of available space. Net absorption during the quarter was just over 10,000 sqm. In the city centre, vacancy has fallen to 6.5%.
Jarosław Pilch, Head of Tenant Representation at Savills, commented: “Tenants today face increasingly difficult choices. On the one hand, they want to secure attractive offices that will help attract employees, but on the other, the availability of space in central locations is rapidly shrinking. The vacancy rate in the city center is now only 6.5%. Companies that postpone decisions must consider that in a year or two, the choice will be significantly smaller and they will have less flexibility in negotiations.”
Savills has also introduced a new platform, officemarket.pl, designed to support occupiers in navigating the leasing process. The tool uses artificial intelligence to match office options to user requirements and allows for comparisons across both traditional and flexible workspace formats in Warsaw and other Polish cities.
Limited availability is contributing to rental growth in prime locations. In central areas, headline rents are currently in the range of €23–28 per sqm per month, with some schemes under construction achieving up to €30 per sqm. In Służewiec, rents remain stable at €13.5–15.5 per sqm per month. Service charges in prime buildings are reported at PLN30–40 per sqm per month.
Leasing activity in the first quarter reached 133,800 sqm, down 9% year-on-year and below the average for first quarters between 2020 and 2025. Demand was relatively balanced between central (54%) and non-central (46%) locations. The City Centre recorded the highest take-up at 57,700 sqm, followed by Służewiec (25,700 sqm) and the CBD (14,400 sqm).
New leases accounted for 51% of total volume, while renegotiations represented 39%. Expansions and pre-lets were more limited, at 9% and 3% respectively.
Wioleta Wojtczak, Head of Research at Savills, said: “Although the beginning of the year was quieter, this does not change the overall market picture. With limited supply, even moderate demand will have a real impact on space availability and rent levels. We can expect a greater share of renegotiations in the coming quarters.”
According to the report, the limited development pipeline and the continued focus on central locations are expected to remain key factors influencing availability and leasing conditions in the Warsaw office market in the coming years.
