Wednesday, 21 October 2026
The approaching completion of Warsaw’s western metro extension could improve the position of existing office buildings in Bemowo and neighbouring districts, offering landlords an opportunity to attract tenants seeking more affordable accommodation with convenient access to the city centre. Research by property consultancy Walter Herz indicates that proximity to underground stations is associated with higher office rents across the capital. However, the potential benefits of the new infrastructure will depend on occupier demand, building quality and the ability of western Warsaw to compete with established business districts.
The final western section of metro Line M2 will introduce three stations: Lazurowa, Chrzanów and Karolin. Warsaw’s municipal authorities confirmed in October that test trains were operating along the extension, with construction approaching completion. The project also requires connections to the existing underground network, resulting in the temporary closure of Bemowo and Ulrychów stations between 17 and 25 October. Passenger services at the new stations will begin following the completion of the remaining technical and regulatory procedures. The improved connections will provide more convenient access between western Warsaw, Wola and the central districts.
According to Walter Herz, approximately 51% of the office buildings examined in its research are situated within 1.2 kilometres of a metro station, accounting for around 61% of the floor space included in the analysis. The consultancy found that buildings within this distance generally achieve higher asking rents than properties farther from the underground network. For Class A accommodation, average rents exceed €20 per sqm per month near metro stations, compared with approximately €14.40 outside the designated area. The difference is smaller for Class B and C properties, averaging around €3–4 per sqm monthly. These figures describe rental differences across the consultancy’s analysed properties and should not be interpreted as increases that will automatically follow the opening of new stations.
The importance of location is also reflected in Warsaw’s wider office market. Figures published by the Polish Chamber of Commercial Real Estate, PINK, show that the capital contained approximately 6.23 million sqm of modern office accommodation at the end of September 2026. The overall vacancy rate declined to 7.9%, compared with 8.5% three months earlier and 9.7% a year previously. However, substantial differences remain between business districts. Central locations recorded vacancy of 4.3%, while the rate outside the centre reached 11.1%, indicating that demand continues to vary considerably across the city.
Leasing activity exceeded 175,000 sqm during the third quarter, according to PINK, while no new office buildings were completed between July and September. CBRE independently confirmed the absence of new completions and reported that prime office rents remained at approximately €28.50 per sqm per month. These market conditions suggest that improved transport accessibility could help existing properties compete for tenants, particularly where landlords can offer lower occupancy costs than those associated with central Warsaw. Nevertheless, the higher vacancy rate outside the centre indicates that new transport infrastructure alone may not be sufficient to generate substantial additional demand.
Further evidence of Warsaw’s rental differences comes from Brookfield Partners, whose October 2026 research recorded an average asking rent of €17.52 per sqm per month across its monitored office buildings. The consultancy reported average rates of €22.33 in Śródmieście and €20.84 in Wola. In Bemowo, the two buildings included in its research recorded an average of €11.50 per sqm. Although the Bemowo sample is too limited to represent the entire district, it illustrates the pricing difference between selected western properties and accommodation in established central business locations.
Walter Herz identifies Karolin as the area with the clearest immediate opportunity to benefit from the metro extension because several office properties are already established around Połczyńska Street. These include TRUMPF HQ, West Warsaw Office and other commercial buildings in the surrounding area. Improved access to the underground network could make these locations more convenient for employees and businesses travelling from other parts of Warsaw. For landlords, the potential advantage lies in offering tenants a combination of public transport connections and accommodation costs below those typically associated with the city centre.
The situation around Lazurowa and Chrzanów is different. While the wider Lazurowa area contains existing commercial properties, Walter Herz reports that Chrzanów currently has no office buildings within the 1.2-kilometre area examined around the planned station. Consequently, the immediate benefits there are more likely to concern residential accessibility and local services than established office accommodation. Any significant commercial development would depend on future planning decisions, available development sites and sufficient demand from businesses. The eventual attractiveness of individual locations will also depend on practical pedestrian connections between station entrances and nearby properties.
Warsaw’s experience with previous metro extensions demonstrates that improved public transport can accompany substantial changes in commercial property development. Walter Herz’s historical research identifies considerable office construction around earlier sections of the underground network, particularly in established business districts. However, transport investment has not been the only influence on development activity. Economic conditions, land availability, planning regulations and occupier requirements have also shaped the distribution of office space. With hybrid working arrangements influencing corporate accommodation strategies and new office construction remaining limited, the latest extension may initially have a greater effect on existing buildings than on the development of entirely new office districts.
For investors and property owners, the opening of the western M2 extension could strengthen the appeal of buildings that combine convenient access with competitive rents, suitable technical specifications and efficient operating costs. Improved accessibility may support tenant retention and leasing activity, but it does not establish that property values will increase. Investment performance will continue to depend on occupancy, rental income, operating expenditure and market yields. The longer-term significance of the new stations will therefore become clearer once passenger services begin and landlords can assess changes in tenant enquiries, leasing conditions and demand for accommodation in western Warsaw.
