Thursday, 6 August 2026
Warsaw’s office market strengthened during the second quarter of 2026, with leasing activity accelerating after a slower start to the year. Rising occupier demand, combined with a limited pipeline of new developments and falling vacancy rates, is tightening the availability of modern office space across the Polish capital, particularly in central business locations.
According to the latest research published by AXI IMMO, total gross office take-up reached approximately 420,000 sqm during the first half of 2026, representing a 38% increase compared with the same period of 2025. Net take-up totalled around 220,000 sqm, with the second quarter accounting for the strongest performance as several large transactions returned to the market after a relatively cautious opening to the year.
Among the largest agreements completed during the first six months were Frontex’s renewal of 21,500 sqm at Warsaw Spire B, Visa Europe’s lease of 17,300 sqm at The Bridge, and Poczta Polska’s renewal of 17,000 sqm at Domaniewska Office Hub. Business services, financial institutions and technology companies remained the most active occupier groups, reflecting continued demand from sectors that rely on high-quality office environments despite the widespread adoption of hybrid working.
The increase in leasing activity has coincided with historically low levels of new office construction. Developers delivered only around 50,000 sqm of new office space during the first half of the year, while approximately 130,000 sqm remained under construction, with more than 90% of current projects located in central Warsaw. The restrained development pipeline reflects continued caution among investors and developers following several years of changing workplace demand and higher construction costs.
The shortage of new supply has contributed to a further decline in vacancy rates. At the end of June, Warsaw’s overall office vacancy rate stood at 8.5%, down from 9.5% at the end of the first quarter and more than two percentage points lower than a year earlier. The tightest market conditions continue to be found in central locations, where vacancy has fallen to 4.8%, while the rapidly developing Rondo Daszyńskiego business district recorded availability of just 3.6%, highlighting the limited choice of premium office space.
The market also continues to demonstrate a growing divide between newer, highly specified office buildings and older properties. Tenants are increasingly prioritising offices that offer strong environmental performance, modern technical standards, flexible workplace layouts and excellent public transport access. Older buildings that no longer meet these expectations are increasingly being refurbished, repositioned or converted to alternative uses, including residential and hotel developments, further reducing available office stock.
Limited supply is also supporting rental growth across Warsaw’s prime office districts. Asking rents in central Warsaw generally range between €15 and €28 per sqm per month, while premium developments are achieving rents of between €25 and €32 per sqm per month. The highest-quality buildings continue to attract the strongest occupier interest as companies compete for a relatively small pool of available space.
Looking ahead, market conditions are expected to remain favourable for landlords. With relatively few office projects scheduled for completion over the next two years, analysts anticipate that the supply of modern, high-quality office space will remain constrained until a larger development cycle begins, which is not widely expected before 2028. If occupier demand remains stable, vacancy rates are likely to continue falling while competition for prime office buildings is expected to maintain upward pressure on rents in Warsaw’s most sought-after business locations.
The latest figures reinforce Warsaw’s position as one of Central and Eastern Europe’s most active office markets, although the balance between supply and demand is increasingly shifting in favour of owners of modern, well-located buildings as occupiers focus on quality, sustainability and long-term workplace strategies.
