The international advisory firm Cushman & Wakefield has summarized the situation on Poland’s largest office markets at the end of the first half of 2025. In Warsaw, tenant activity slightly declined by the end of June 2025. Meanwhile, regional markets experienced a very fruitful first half of the year, with demand rising by as much as 37% year-on-year. At the same time, new supply and developer activity remain characterized by a single word — “stagnation.” A revival in supply and, consequently, higher volumes of office space delivered can be expected only after 2027.
SUPPLY: New supply at the lowest level in 14 years
At the end of Q2 2025, the total stock of modern office space in Poland’s largest markets stood at approximately 13.1 million square meters.
Most of the newly delivered office buildings by June were located in Warsaw. In regional cities, only one office building was completed. Thus, the new supply level for the first half of the year, just under 88,000 sqm, was close to the result recorded in the same period in 2011, commented Ewa Derlatka-Chilewicz, Head of Research Poland at Cushman & Wakefield.
The largest office buildings completed in Warsaw by the end of Q2 were The Bridge (47,000 sqm – Ghelamco) and Office House (27,800 sqm – Echo Investment). In regional cities, the Dymka 188 building in Poznań (2,400 sqm – Dom Medialny Św. Wojciech) was finished.
Currently, 325,000 sqm of office space is under construction, including 135,000 sqm in Warsaw and 190,000 sqm in regional cities. According to Cushman & Wakefield estimates, the Polish office market will grow by approximately 210,000 sqm in 2025 (including projects already delivered in H1), and only by 100,000 sqm in 2026. A larger volume of new office space is expected only after 2027, added Ewa Derlatka-Chilewicz.
DEMAND: Regional markets break records
In the first half of 2025, total tenant activity in Warsaw exceeded 301,000 sqm, marking a slight decline of about 5% year-on-year. Between January and June, renegotiations slightly dominated the transaction structure, accounting for 43% of the leased space, new leases made up 40%, owner-occupied space increased to 9%, and expansions constituted 8%.
Regional markets recorded higher cumulative demand than the capital, setting a record for regional markets. The total transaction volume exceeded 387,000 sqm, up 37% compared to the same period in 2024. This outstanding result was primarily driven by strong demand in Kraków, which alone accounted for over 122,000 sqm in Q2. Renegotiations dominated regional transaction structures, accounting for 58% of volume, new leases for 34%, expansions about 6%, and owner-occupied space around 1%, explained Michał Galimski, Partner and Head of Office Sector at Cushman & Wakefield.
Demand forecasts may become increasingly optimistic. The Cushman & Wakefield report “What occupiers want” indicates that after years of downsizing leased space, this trend is ending. Although 32% of companies globally still plan to reduce their office footprint, one in eight tenants intends to lease additional office space. Meanwhile, the average size of newly signed leases has increased by 13% since 2023.
The upcoming new edition of the Business Environment Assessment Study (BEAS), prepared for several years by Cushman & Wakefield and Antal, indicates that companies operating in Poland have a more optimistic approach to space planning than the global average. Specifically, 18.2% of organizations plan to increase their occupied space — about 43% more than those planning reductions (12.7%). The majority — on average 45% — declare an intention to maintain their current office footprint, commented Ewa Derlatka-Chilewicz.
VACANCY: Slight fluctuations in vacancy rates
The average vacancy rate in Poland at the end of Q2 2025 was 14.2%, representing an increase of 0.1 percentage points compared to Q1 2025 but a decrease of 0.2 percentage points compared to June 2024.
In Warsaw, vacancy increased by 0.3 percentage points quarter-on-quarter to 10.8%. Regional cities saw minor decreases in Łódź, Lublin, and Szczecin, while vacancy increased in Katowice by 1.6 percentage points. The vacancy rate for regional cities remains elevated, averaging 17.5%. Across all office markets analyzed, available space totaled 1.86 million sqm, roughly the same level as in Q2 last year, explained Vitalii Arkhypenko, Market Analyst at Cushman & Wakefield.
RENT LEVELS: Price increases mainly in the city center
In June 2025, “premium” rents for the best office space in Warsaw averaged 24.00–27.00 EUR/sqm/month in the Central zone and 15.00–19.00 EUR/sqm/month in non-central locations.
In Warsaw, rent increases were mainly observed in newly delivered buildings in the city center. In existing buildings, both in central and well-occupied non-central zones, rents grew roughly in line with inflation through indexed offers. In regional cities, the best central office spaces were offered on average in the range of 14.00–17.00 EUR/sqm/month. Above-average rents were recorded for newly completed buildings or those in prime locations, summarized Jan Szulborski, Business Development & Insight Manager at Cushman & Wakefield.
Source: https://ceo.com.pl/polski-rynek-biurowy-h1-2025-stagnacja-podazy-i-rekordowy-popyt-w-regionach-18593
