The Warsaw office market began 2025 in stable form, recording an increase in demand and a slight decrease in vacancy rates. New supply remains limited, while property owners are focusing on quality and modernizing existing assets. The market is entering a phase of selective development, responding to the evolving needs of businesses. Poland’s largest commercial real estate advisory firm, AXI IMMO, presents its latest report titled “The Warsaw Office Market in Q1 2025.”
At the end of March 2025, the total supply of modern office space in Warsaw reached 6.28 million square meters, marking only a symbolic year-on-year increase but confirming that office stock remains stable. In practice, new supply is being balanced by the withdrawal of older, less efficient properties. In the first quarter of the year, only one new building was delivered — the new CD Projekt headquarters in Praga-Północ. Around 210,000 square meters of new office space remain under construction, with 90% located in central office zones, particularly concentrated around Rondo Daszyńskiego. The vacancy rate in the capital slightly decreased to 10.5%. In the city center, the vacancy rate stands at 7.4%, while outside the center it reaches 13%, and in the Służewiec area even 20.4%.
Emilia Trofimiuk, Research Manager, Research and Market Analysis Department at AXI IMMO, comments:
“We are seeing a gradual loss of competitiveness among older office buildings. Their owners are increasingly withdrawing spaces that no longer meet tenants’ technical or environmental expectations. Some buildings are awaiting modernization, while others are being repurposed, often for residential use. The market is becoming more conscious, and spaces are better tailored to changing needs. This is a natural stage in the maturation of Warsaw’s office market.”
A positive trend in Q1 2025 is the growing level of tenant activity, totaling 160,000 square meters (+16% year-on-year). The highest interest was recorded in central locations — within the Central Business District (CBD) and the Center-West zone, but also in Służewiec, which, despite challenges, still offers a significant volume of available office space. In terms of overall leasing volume on the Warsaw office market, the majority of deals were new leases and pre-leases (66%), lease renewals accounted for 25%, and expansions for 9%. The average deal size during the period was approximately 1,000 square meters.
Bartosz Oleksak, Associate Director, Office Agency Department at AXI IMMO, explains:
“We are witnessing growing awareness among tenants — companies are becoming more cautious yet decisive in their choices. They often seek tailor-made spaces: modern, comfortable, well-connected, and employee-friendly. Central locations, especially around Rondo Daszyńskiego, are gaining significance not only for their prestige but also as a real response to the needs of modern organizations. Additionally, there is rising interest in flexible lease agreements and the option to expand later within the same building — reflecting ongoing uncertainty around future office work models.”
Between January and March 2025, AXI IMMO analysts noted that asking rents on the Warsaw office market remained stable. In prestigious central locations, rents range from EUR 19 to 26.50 per square meter per month, while in the highest-standard buildings, rents can be even higher. Outside the center, tenants can find rates starting around EUR 10 per square meter per month.
Source: CEO.com.pl
