Thursday, 29 October 2026
Warsaw’s office market recorded stronger leasing activity during the first nine months of 2026, as growing occupier demand and limited development completions reduced the availability of modern workspace, particularly in central business locations. According to the latest research from AXI IMMO, total office take-up exceeded 590,000 sqm between January and September, representing a 22% increase compared with the same period last year.
Net take-up, which excludes lease renewals and certain other transactions, increased by 18% to approximately 330,000 sqm. Leasing activity remained concentrated in Warsaw’s City Centre, Central Business District and Służewiec areas, with new agreements accounting for almost half of the total volume. Business services companies and financial institutions continued to play an important role in occupier demand.
Large office transactions have also become more prominent, with several agreements exceeding 10,000 sqm during the reporting period. Among the largest were Frontex’s renewal of 21,500 sqm at Warsaw Spire B, PwC’s agreement for 20,000 sqm at Afi Tower and Visa Europe’s lease of 17,300 sqm at The Bridge. The latter two transactions involved new leases in the Centre-West office district, demonstrating continued demand for substantial floor space in modern developments.
The increase in leasing activity comes at a time when Warsaw’s development pipeline remains relatively limited. At the end of September 2026, the city’s modern office stock stood at approximately 6.23 million sqm, with around 45,000 sqm added during the first three quarters of the year. New completions included Skanska’s Studio A and PHN’s Vena, while two refurbished office buildings on Przemysłowa Street returned to the market. The withdrawal of some older properties from office use has further restricted overall stock growth.
The combination of stronger demand and modest new supply has contributed to declining vacancy levels. Warsaw’s overall office vacancy rate fell to 7.9% at the end of the third quarter, while availability in central locations declined to 4.3%. The shortage is particularly noticeable among larger, modern office units, leaving companies seeking substantial space in established business districts with fewer alternatives.
Emilia Trofimiuk, Research Manager at AXI IMMO, identifies the limited availability of suitable properties as an increasingly important consideration for occupiers. Companies requiring larger offices with advanced technical specifications and strong transport connections are beginning their property searches earlier, reflecting the reduced choice in prime locations. This shift is also evident in the growing importance of pre-leasing, which represented 15% of new lease agreements during the first nine months of 2026, compared with 7% a year earlier.
Although development activity has started to recover, the volume of space under construction remains relatively modest. Approximately 170,000 sqm of offices were being developed across Warsaw at the end of September, an increase of 15% year-on-year. Much of the activity remains focused on established central districts, although the Praga area on the eastern side of the Vistula is attracting greater developer interest. Several projects combine offices with residential, retail and service facilities, often incorporating the redevelopment of former industrial properties.
Tighter availability is also influencing rental expectations. According to AXI IMMO, asking rents across Warsaw generally ranged from EUR 10 to EUR 28 per sqm per month at the end of September, while premium properties in the central business area commanded between EUR 25 and EUR 32 per sqm per month. The consultancy reports annual rental increases in some of the market’s strongest-performing buildings, reflecting competition for high-quality space in established locations.
The changing market conditions are creating a widening distinction between newer office developments and ageing properties. Buildings offering modern technical infrastructure, energy efficiency and attractive working environments are better positioned to secure occupiers, while older assets face increasing pressure to undertake refurbishment or compete through more favourable commercial terms. For property owners, this reinforces the importance of investment in building quality and long-term competitiveness.
AXI IMMO expects the effects of Warsaw’s constrained development pipeline to remain evident over the next two to three years. Although construction activity is gradually increasing, the relatively small volume of forthcoming completions suggests that occupiers seeking prime office accommodation may continue to face limited options. The consultancy anticipates further rental pressure in the most desirable locations, while the performance of older office buildings will increasingly depend on their ability to meet changing tenant requirements.
Source: AXI IMMO, Warsaw Office Market Q1–Q3 2026, published 28 October 2026.
