Warsaw’s office market closed 2025 in stable condition. Total leasing activity increased, and the vacancy rate fell noticeably. According to BNP Paribas Real Estate Poland’s report “Review – Warsaw Office Market, Q4 2025,” the market was shaped primarily by lease renewals, a strong surge in deal volume toward year-end, and new supply concentrated in central locations.
A strong year-end
Warsaw finished 2025 with solid results: total tenant activity reached nearly 795,000 sq m, up 7.0% year on year. The final months were particularly intense. In Q4 alone, almost 310,000 sq m was leased—an increase of as much as 69% compared with Q3 2025.
“Transaction structure in 2025 was dominated by lease renewals. For many companies, this was effectively a forced decision, because the market currently offers few genuine relocation options, and fit-out costs often act as a barrier to moving offices. The highest tenant activity was concentrated in the Central zone, which accounted for 32% of total leased volume. Second was Służewiec, with a 23% share,” says Wiktoria Weilandt, Associate Director, Office Leasing Department, BNP Paribas Real Estate Poland.
In Q4 2025, Warsaw recorded several large deals: AstraZeneca expanded its office to nearly 22,500 sq m and renewed its lease in Postępu 14, while a confidential tenant signed for 16,000 sq m in Eurocentrum Office Complex Delta in the Jerozolimskie Corridor zone. Zarząd Transportu Miejskiego and Ringier Axel Springer Polska also opted to renew leases of 12,000 sq m each, in Fabryka PZO I and Signum Work Station, respectively.
In Q4, renewals accounted for the largest share (65%) of gross leasing volume, while new leases made up 31%. On an annual basis, new transactions represented 40% of signed lease area, while renewals accounted for about 51%. Over the last four quarters, pre-lets represented 7.4% of volume.
Limited new supply
At the end of 2025, Warsaw’s total office stock stood at 6.23 million sq m. From January to December, just under 88,000 sq m was delivered. New supply was driven mainly by two projects: The Bridge (47,000 sq m) and Office House (27,800 sq m). BNP Paribas Real Estate Poland analysts note that 2025’s new supply was 15% lower than the year before.
By year-end, Warsaw’s existing office stock was smaller than the combined supply of the eight largest regional cities. The capital currently accounts for 48% of Poland’s total office resources, and 64% of buildings are more than 10 years old.
No new office building was completed in Q4. This was due to the postponement of several project completions from late 2025 to early 2026.
New projects on the horizon
Based on the current construction pipeline, nearly 200,000 sq m is scheduled for delivery over the next two years—a 27% year-on-year decline. More than 61% of new supply will be delivered in central zones, with an additional 33% in the Central Business District.
The largest projects currently underway include AFI Tower (50,000 sq m) and Upper One (35,500 sq m). The redevelopment of V-Tower (31,000 sq m) will also be completed, with delivery planned for the end of the first quarter of this year.
Vacancy rate declines
According to the report, Warsaw’s vacancy rate fell to 9.1% at the end of December 2025—down 1.5 percentage points year on year. This improvement was driven by several factors: the withdrawal of buildings being repurposed from the office market, very limited new supply, and a clear increase in tenant activity in the second half of the year.
In central locations, the share of vacant space fell to 6.1% (down 2.6 p.p. year on year), while outside the centre it stood at 11.6%. 18% of total vacant space is concentrated in the Służewiec zone.
Rents are rising
Asking rents for Warsaw’s best office space continue to trend upward. In 2026, only a limited number of new offices will come to market, which will likely continue to support rental growth.
“The strongest rent increases have been recorded in locations immediately adjacent to the city centre. Limited new supply and stable demand create conditions for continued upward pressure. Market forecasts indicate that in 2026 Prime rents may reach EUR 32/sq m/month, and in the most prestigious locations—even EUR 34–35/sq m/month,” emphasizes Małgorzata Fibakiewicz, Senior Director, Office Leasing Department, BNP Paribas Real Estate Poland.
