Limited new supply, declining availability of modern offices in the city centre and sustained demand for top-quality projects are shaping the Warsaw office market at the beginning of 2026. Tenants are increasingly choosing modern buildings, strengthening the position of owners of the best properties and supporting growth in prime rents, according to BNP Paribas Real Estate Poland’s report Review – Warsaw Office Market for Q1 2026.
Limited supply
At the end of the first quarter of 2026, the Warsaw office market remained stable despite limited new supply and selective demand. The total stock of modern office space in Warsaw reached almost 6.28 million sqm. In the first quarter, the market expanded by less than 43,000 sqm of office space delivered in three projects located in the city centre. Skanska completed Studio A, offering 24,000 sqm; PHN completed the Vena project, with 15,000 sqm; and Powiśle Nieruchomości completed the renovation of the Przemysłowa 26a building, with nearly 3,500 sqm.
“The scale of completed projects reflects developers’ caution, with lower activity resulting from high development costs and unsatisfactory return levels. Since the beginning of 2026, not a single new office project has been started in Warsaw,” emphasises Wiktoria Weilandt, Associate Director, Office Agency at BNP Paribas Real Estate Poland.
Vacancy and market absorption
Despite limited new supply, the vacancy rate increased quarter on quarter to 9.5%. This was mainly due to greater availability of space in locations outside the city centre, while tenants continue to focus on the most modern office buildings. Year on year, the level of vacant space fell by 1.0 percentage point, confirming the gradual absorption of available stock by the market. At the end of March 2026, total vacant office space in the capital stood at 597,000 sqm.
Central zones of Warsaw continue to attract the strongest tenant interest, with vacancy remaining relatively low at around 6.5%. Buildings located within the Central Business District, as well as in the Centre East and Centre North zones, are performing particularly well, with availability remaining limited. At the same time, older and less efficient office buildings are gradually disappearing from the market and are subsequently being earmarked for modernisation or conversion to other uses. The largest amount of vacant space is located in Służewiec, with 184,000 sqm, and Centre West, with 92,000 sqm.
Expected rent increases
In an environment of limited supply, owners of older office buildings remain under growing pressure, increasing their negotiating flexibility and offering attractive incentive packages to maintain the competitiveness of their properties. At the same time, rents in the most modern projects are rising and have already reached EUR 30 per sqm per month, 2% more than a year earlier.
“Under current conditions of limited new supply, local growth in prime rents can be expected in the coming quarters, particularly in central zones and in modern buildings that meet ESG standards and tenant expectations. Low availability of space in the centre, combined with sustained relocation demand, strengthens the negotiating position of owners of the best projects. This shifts the market balance towards rent growth, with relatively limited downside potential,” says Dorota Mielke, Associate Director, Office Agency at BNP Paribas Real Estate Poland.
Transaction volume
Between January and March 2026, gross take-up amounted to approximately 134,000 sqm. According to BNP Paribas Real Estate Poland analysts, this is a good result, although it represents a decline of nearly 7% year on year. New agreements dominated, accounting for more than 51% of the total, including pre-lets. This may indicate continued interest in relocations and in securing space early in top-quality projects, particularly in central locations. Tenants also often renew leases on new terms.
“The high share of renegotiations, at 39%, confirms that many tenants are focusing on optimising space and lease terms. Significant differences between central zones and areas outside the centre — especially Służewiec and selected office corridors — highlight the market’s polarisation. Tenants are increasingly implementing a ‘flight to quality’ strategy, choosing modern, energy-efficient buildings in well-connected locations,” emphasises Wiktoria Weilandt.
Among the largest transactions finalised in the first quarter of 2026, lease renewals dominated. The largest was P4 – Play’s lease renewal in the Neopark B building in Warsaw’s Służewiec district, covering 8,800 sqm. Significant agreements were also signed by Baxter in Nordic Park, covering 4,700 sqm, and Mindspace in Skyliner II, where a 4,400 sqm pre-lease was concluded. Key transactions also included the renewal and expansion by Worldline in Proximo I, covering 3,500 sqm, and Clifford Chance Warsaw’s renegotiation of its lease in Norway House, covering 3,300 sqm.
Source: Managerplus.pl
