Quality above scale on the Warsaw office market
Warsaw, October 20, 2025 – At the end of Q3 2025, the vacancy rate on the Warsaw office market declined to approximately 9.7%. Leasing activity continued to concentrate in central locations
and in modernised buildings. New supply remains limited and is heavily concentrated in the city centre. Prime rents remain stable, with slight upward pressure. AXI IMMO, Poland’s largest consulting company, presents its latest report entitled: The office market in Warsaw in Q1–Q3 2025.
As of the end of Q3 2025, Warsaw’s total office stock slightly declined to approximately 6.25 million sq m
(–0.3% y/y), while the overall quality of the office space improved. This is due to two concurrent trends. First, outdated and non-competitive buildings are being withdrawn from the market and sold
for redevelopment — typically into residential use. Second, owners who see long-term potential in their assets are choosing to modernise and reposition their buildings to align with the evolving expectations
of tenants.
In the first three quarters of 2025, developers delivered 90,000 sq m of new office space — an increase
of 18% y/y. According to AXI IMMO analysts, key completions during the period included The Bridge along with the renovated Nowa Bellona (51,800 sq m), and Office House (27,800 sq m) in the City Centre-West zone. A new headquarters for CD Projekt (5,600 sq m) was completed in Praga-Północ, and in Mokotów, Stoen Operator fully modernised and moved into its own 3,500 sq m building. Approximately 140,000 sq m remains under construction, with nearly 90% of it located in central zones.
Emilia Trofimiuk, Research Manager at AXI IMMO, comments: “Reducing stock by suspending the commercialisation of outdated buildings and converting them to other uses is not a weakness, but rather a natural progression in a mature market. While Warsaw is shrinking in terms of total office stock, it is gaining in quality. The market is also evolving spatially, with the central business district developing rapidly. Nearly 90% of space currently under construction is located in the city centre. This trend aligns with tenant preferences, which increasingly favour central locations — both for the convenience of commuting and the prestige of client-facing meetings.”
By the end of 2025, two additional projects are expected to be completed in the City Centre-West zone: Studio A (26,600 sq m) and the refurbished V Tower (32,700 sq m). Projects under construction for upcoming quarters include Upper One, Skyliner II, and Vena. Planned developments for the future include Afi Tower (part of the Towarowa22 complex), Chopin Tower, Vibe B, FORT 7, LightOn, and Nowe Intraco.
The vacancy rate in Warsaw declined to 9.7% at the end of September 2025 (–1.0 pp y/y and –1.1 pp q/q). The rate is considerably lower in the city centre (6.9%) compared to non-central locations (12.1%), with the highest vacancy levels recorded in Służewiec and the Żwirki i Wigury corridor.
Tenant activity remained steady, with approximately 490,000 sq m leased between January
and September 2025 (–2% y/y). In the leasing structure, new agreements (including pre-lets and owner-occupier deals) accounted for 51%, renewals and extensions for 42%, and expansions for 7%. The average lease size remains below 1,000 sq m. Asking rents in prime central locations range from EUR 19.00 to EUR 27.50 per sq m/month. In non-central zones, rents start at around EUR 9.50 per sq m/month. Year-on-year rental increases are most evident in newly built or modernised buildings.
Filip Kowalski, Associate Director, Office Agency, AXI IMMO, points out: “From a tenant’s perspective, the current market favours well-informed, strategic decisions rather than impulsive moves. The most desirable offices are those near the city centre, with excellent access to public transportation and layouts that support hybrid working. We expect total annual take-up to reach a level similar to last year—around 750,000 sqm.
Due to the limited availability of prime office space, the vacancy rate is likely to continue its gradual decline, while prime rents will remain stable with upward pressure in prime locations.”
