The Warsaw office market is facing a further slowdown in future supply. According to the latest report by international advisory firm Cushman & Wakefield, the volume of office space under construction has fallen to just 118,000 sq m — the lowest level recorded in 30 years. Tenant activity in the first quarter remained relatively stable, reaching nearly 134,000 sq m, while new leases stood out positively, accounting for 51% of total demand. Tenants looking for small and medium-sized office units remain active in the relocation market.
Supply: lowest volume under construction in 30 years
In the first quarter of 2026, Warsaw’s total office stock stood at 6.28 million sq m. During the period under review, three office buildings with a combined area of nearly 43,000 sq m were delivered to the market: the newly built Studio A, offering 24,000 sq m and developed by Skanska, Vena, offering 15,400 sq m and developed by PHN, and the renovated Przemysłowa 26a building, offering 3,500 sq m and developed by Powiśle Nieruchomości.
As successive projects are completed and delivered, the volume of office space under construction continues to decline. At the end of the first quarter of 2026, it stood at just 118,000 sq m, marking a new 30-year low for Warsaw.
“Among the largest projects currently under construction in Warsaw are the Skyliner II office tower by Karimpol, Strabag Real Estate’s flagship Upper One project and the Afi Tower office building by AFI / Echo Investment. Upcoming developments include Ghelamco’s planned start of works on the second phase of the VIBE complex, as well as the demolition of an older office building at 69 Prosta Street, where investor CPI plans to develop a new office project called LightOn,” explains Vitalii Arkhypenko, Market Analyst at Cushman & Wakefield.
Demand: a calm first quarter
Tenant activity in the first quarter of 2026 reached 133,800 sq m, down by around 9% compared with the same period a year earlier, while remaining close to the level recorded in 2024.
More than 180 transactions were signed during the period under review, of which 34 involved office space exceeding 1,000 sq m. New leases dominated the transaction structure between January and March, accounting for 51% of total volume. Renegotiations represented 39%, expansions 9%, while owner-occupier space accounted for around 1%.
The largest transactions signed during the period included the renegotiation of P4’s lease, operating under the Play brand, in the Neopark B building for more than 8,850 sq m, Baxter’s renegotiation in Nordic Park for approximately 4,700 sq m, and a pre-lease agreement signed by Mindspace in Skyliner II for nearly 4,400 sq m.
“Our observations show that the continued interest in office space in Warsaw is largely supported by the dynamic growth of shared services centres. At the same time, sectors with growth potential, in addition to business services, include IT, banking, the public sector and pharmaceuticals. Alongside strong interest in the central zone, we are also seeing stable demand outside the city centre, particularly in Służewiec and the Jerozolimskie Corridor. Niche office zones such as the East, North and Puławska Corridor areas also remain an option for tenants. These locations offer an attractive and cost-competitive alternative both for large companies seeking to keep some departments in less central locations and for smaller businesses operating on a limited scale or just entering the market,” says Ewa Derlatka-Chilewicz, Head of Research Poland at Cushman & Wakefield.
Cushman & Wakefield expects tenant activity in the Warsaw office market to remain in the coming quarters at a level similar to that seen in 2023–2024. At the same time, the pace of market development may vary depending on the broader economic climate and the cost-cutting or expansion strategies of international companies.
Vacancy rate: slight correction in availability, while the downward trend continues
At the end of March 2026, Warsaw’s vacancy rate stood at 9.5%, up by 0.4 percentage points quarter on quarter, but down by 1.0 percentage point compared with the same period in 2025.
The current slight increase in availability is mainly the result of new office buildings being delivered to the market. At the same time, absorption remains stable and positive, reflected in a higher volume of leased space compared with space being vacated. Given the limited new supply expected in 2026–2028, the vacancy rate is likely to continue declining. The vacancy structure remains clearly differentiated by location. Non-central zones currently have a higher vacancy level of 12.2%, while availability in the central zone stood at a low 6.5% at the end of the first quarter of 2026,” adds Paweł Kłosiński, Senior Office Leasing Manager at Cushman & Wakefield.
The ongoing compression of available office space in central locations may continue to drive rental growth in the city centre. Combined with the limited number of new developments, this situation may support both an improvement in the competitive position of older central projects and growing interest in selected locations outside the centre. The trend may also encourage owners of older buildings to carry out modernisation works, enabling them to compete more effectively for both retaining existing tenants and attracting new ones.
Rents: further growth mainly in the centre, with modest increases outside it
In March 2026, premium rents for the best office space in Warsaw averaged EUR 24.00–29.00 per sq m per month in the city centre and EUR 15.00–19.00 per sq m per month in non-central locations. Rental growth was observed primarily in central buildings, both under construction and already existing. Rents in buildings outside the centre also increased, although on a smaller scale — broadly in line with or slightly above inflation.
Cushman & Wakefield expects upward pressure on rents in the coming quarters to remain most visible in projects under construction and in the most attractive buildings located in the city centre or selected city-fringe zones. In most buildings in non-central locations, however, rental growth is expected to remain limited due to stronger competition and a relatively higher vacancy rate.
