Following a relatively quiet start to the year, Warsaw’s office market gained significant momentum in the second quarter of 2026. Tenant activity reached 420,000 sqm in the first half of the year, representing a 38% increase compared with the same period of 2025.
At the same time, limited new development, declining vacancy rates and rising rents in the most attractive locations confirm Warsaw’s position as one of the most competitive office markets in Central and Eastern Europe.
The latest AXI IMMO report, Warsaw Office Market H1 2026, shows that despite the continued popularity of hybrid working models, modern offices remain a key element of corporate strategies.
Warsaw office take-up reaches 420,000 sqm
Total office leasing volume in Warsaw amounted to 420,000 sqm in the first half of 2026, while net demand reached 220,000 sqm.
The second quarter was particularly strong, with numerous large transactions completed during the period. Leasing activity was almost twice as high as in the corresponding quarter of the previous year.
“Employees are spending more time in offices, while companies are expanding their operations. This is translating into stronger tenant activity and the return of large transactions,” said Tomasz Michalczyk, Head of Office Agency at AXI IMMO.
“Offices are once again being assessed not only as a cost but also as spaces that support cooperation, organisational culture and the achievement of business objectives.”
The largest transactions completed during the first half of the year included Frontex’s lease renewal for 21,500 sqm at Warsaw Spire B, Visa Europe’s new lease covering 17,300 sqm at The Bridge and Poczta Polska’s renewal of 17,000 sqm at Domaniewska Office Hub.
Companies from the business services, financial and IT sectors were the most active tenants.
New office supply falls by 47%
The supply of new office space remains severely constrained. Since the beginning of 2026, developers have delivered only 50,000 sqm of new offices in Warsaw, representing a 47% decline compared with the corresponding period of the previous year.
Approximately 130,000 sqm is currently under construction, 7% less than a year earlier. More than 90% of the projects under development are located in central areas of the capital.
The quality of available space is becoming increasingly important. Tenants are focusing on modern buildings offering high technical standards, convenient transport connections and solutions supporting sustainable development.
Older properties that have not undergone modernisation are becoming less competitive. Some are being withdrawn from the office market and converted primarily into residential or hotel developments.
Vacancy rate falls to 8.5%
Limited supply combined with strong tenant demand has resulted in a further decline in the availability of office space.
At the end of June 2026, Warsaw’s average vacancy rate stood at 8.5%, down by 2.3 percentage points year on year.
The vacancy rate in central zones fell to just 4.8%. In the Rondo Daszyńskiego area, currently Warsaw’s most active business hub, only 3.6% of office space remained available.
“Warsaw’s office market is increasingly moving towards quality,” said Emilia Trofimiuk, Research Manager at AXI IMMO’s Research and Market Analysis Department.
“The limited number of new developments, the withdrawal of the least competitive buildings and continued strong demand mean that the availability of modern office space is steadily declining, particularly in central locations.”
Prime office rents reach EUR 32 per sqm
The decreasing availability of offices is also affecting rental rates.
Asking rents in most office buildings in central Warsaw currently range from EUR 15 to EUR 28 per sqm per month. In the premium segment, rents range from EUR 25 to as much as EUR 32 per sqm per month.
“Growing competition for the best office space in central Warsaw and the limited number of new projects are supporting further rental growth,” said Michał Baranowski, Business Development Associate Director at AXI IMMO’s Office Agency.
“The most prestigious buildings are already achieving rents of up to EUR 32 per sqm per month, strengthening their position in the market.”
Modern office space expected to remain scarce
AXI IMMO experts expect the market to continue operating under conditions of limited modern office supply over the coming years, particularly in the segment of buildings meeting the highest technical and environmental standards.
The conversion and withdrawal of older properties from the market will further reduce overall office availability.
“The key challenge for Warsaw’s office market over the next two to three years will be the limited availability of modern space,” Trofimiuk said.
“With demand remaining strong and few new projects entering the market, we expect vacancy rates to decline further and competition for the best locations to increase.”
According to AXI IMMO, 2027 is expected to bring a record-low level of new office supply. The first signs of a more substantial recovery in development activity are unlikely to emerge before 2028.
Until then, upward pressure on rents in top-quality office projects is expected to continue.
Non-central locations may benefit
Rising rents and the limited availability of prime office space in central Warsaw may encourage some companies to consider a wider range of locations.
“Well-connected non-central districts with an increasingly mixed-use character may benefit from this trend,” Michalczyk said.
“However, not all buildings will benefit equally. High-quality and professionally managed projects will be in the strongest position, reinforcing the quality premium outside the city centre as well.”
Detailed data on tenant demand, supply, vacancy rates, rental levels, the largest leasing transactions and the outlook for Warsaw’s office market are included in AXI IMMO’s latest report, Warsaw Office Market H1 2026.
Source: Managerplus.pl
