The international advisory firm Cushman & Wakefield has published its summary of Poland’s major office markets after the third quarter of 2025. Tenant activity remains stable, supported by solid demand across key regional cities. On the supply side, however, developers continue to act cautiously, postponing or scaling down new projects. According to forecasts, new office completions in 2026 will shrink by about half year-on-year.
Supply: Construction Pipeline Remains at a Historic Low
As of the end of September 2025, the total stock of modern office space across Poland’s largest markets reached nearly 13 million sqm.
The volume of newly delivered projects since the beginning of the year remained very low — just under 107,000 sqm, of which as much as 83% was completed in Warsaw.
In total, approximately 330,000 sqm of space is currently under construction in Warsaw and the regional markets combined — compared to around 1.6 million sqm before the pandemic, illustrating developers’ ongoing caution in launching new projects.
“In regional cities, we are also seeing completion dates being postponed as part of risk-mitigation strategies — particularly in the face of rising construction and financing costs,”
comments Ewa Derlatka-Chilewicz, Head of Research at Cushman & Wakefield.
Among the largest buildings delivered in Warsaw were The Bridge (47,000 sqm, Ghelamco) and Office House (27,800 sqm, Echo Investment). In regional markets, completions were more modest — for example, Stella Office (9,900 sqm, Grupa Zasada) in Kraków.
“We estimate that total new supply in 2025 will amount to just under 200,000 sqm, while in 2026 it will reach slightly above 100,000 sqm. Stabilisation around 200,000 sqm annually is expected in 2027–2028,”
adds Derlatka-Chilewicz.
Demand: Steady and Healthy Tenant Activity
Total office take-up in Poland exceeded 1 million sqm as of the end of September 2025. Importantly, regional markets outperformed Warsaw, recording 522,000 sqm of leased space — a 6% increase year-on-year.
This strong performance was driven primarily by high leasing activity in Kraków in the second quarter.
“The most active tenant sectors include IT, business services, and manufacturing. Their leasing activity continues to reflect the strength of the Polish economy and a robust labour market,”
says Vitalii Arkhypenko, Market Analyst at Cushman & Wakefield.
In regional markets, renewals accounted for 54% of total transactions, new leases for 36%, and expansions for just 6%, with owner-occupied space making up the remaining 4%.
Vacancy and Rents: Declining Vacancy, Rents with Upward Potential
The average vacancy rate in Poland stood at 13.9% at the end of Q3 2025, down 0.1 pp quarter-on-quarter and 0.2 pp year-on-year.
In Warsaw, the vacancy rate fell by 1.1 pp to 9.7%. Among regional markets, the most notable declines were seen in Łódź and Poznań, while slight increases occurred in Wrocław and Kraków.
The average regional vacancy rate remains elevated at 17.7%. Across all major office markets, the total available space reached 1.79 million sqm, representing a 2% decline year-on-year, Arkhypenko notes.
As of September 2025, prime headline rents in Warsaw averaged EUR 24.00–27.00 per sqm/month in the City Centre, and EUR 15.00–19.00 per sqm/month in non-central locations. Rent increases were observed mainly in newly delivered buildings in central zones.
In regional cities, prime rents in central locations ranged from EUR 14.00 to 17.50 per sqm/month, with above-average rates seen in newly completed or well-located projects.
“Higher construction, fit-out, and financing costs continue to exert significant pressure on rent levels in new developments.
In existing buildings, rental rates depend strongly on building quality, location attractiveness, and local market conditions,”
concludes Vitalii Arkhypenko.
Source: Cushman & Wakefield / ceo.com.pl
