After three quarters of 2025, the Warsaw office market remains in a phase of limited supply, with sustained high demand from tenants. According to BNP Paribas Real Estate Poland, demand for office space continues to significantly exceed the availability of new projects. This imbalance has led to a decline in vacancy rates, both in central districts and across other parts of the city.
Few New Offices Coming to Market
Data from the BNP Paribas Real Estate Poland report “Review – Warsaw Office Market Q3 2025” show a decline in the stock of modern office space in recent quarters. Between January and September 2025, approximately 150,000 sqm of office space was withdrawn from the market — mainly due to planned refurbishments or conversions of older buildings into properties with different functions. This marks only the second time in history that Warsaw has recorded a net decrease in total supply.
In Q3 2025, only 3,500 sqm of new office space was added — a single project involving Stoen Operator’s relocation to a new headquarters at Pory 80 Street in Mokotów — a 69% drop compared to the same period last year. The total supply over the past four quarters reached 118,000 sqm, representing a 2% year-on-year increase.
An expansion of Warsaw’s modern office stock is not expected until the next few quarters. Currently, around 152,000 sqm is under construction, with 63% of the new space located in the city center and 23% in the Central Business District (CBD). The largest ongoing projects include Upper One (35,500 sqm, developed by Strabag) and V-Tower (30,800 sqm, redeveloped by Cornerstone), scheduled for completion in Q4 2025.
Tenant Activity Remains High — Public Sector Leads Demand
In Q3 2025, total gross leasing volume in Warsaw reached 185,000 sqm, the highest level this year and up more than 19% compared to the previous quarter. Over half of all lease agreements (52%) were signed in central locations, while the remaining 48% were in non-central zones.
According to BNP Paribas Real Estate Poland, the public sector was the most active tenant group, accounting for over 17% of total demand in the third quarter. A clear trend is emerging — the relocation of public institutions to modern office buildings.
The largest lease transaction between July and September was signed by a confidential tenant in West Station II (Jerozolimskie Corridor zone), covering 12,800 sqm as part of an extension and expansion. The second-largest was by Luxmed, which leased 5,600 sqm at the West Warsaw Office complex in the western zone — a new lease.
Alternatives: Outside the Center or Lease Extensions
As prime office availability in central Warsaw continues to shrink and new projects remain scarce, many companies seeking large office spaces are extending existing leases or relocating to secondary areas. As a result, districts such as Mokotów and the Jerozolimskie Avenue corridor are once again attracting tenant interest.
“Companies looking for larger spaces — above 1,500 to 2,000 sqm — face very limited options. That’s why we’re seeing a rising share of lease renegotiations, which are becoming a popular solution, particularly among major tenants,”
says Małgorzata Fibakiewicz, Senior Director, Office Leasing Department, BNP Paribas Real Estate Poland.
In Q3 2025, new leases dominated the commercial real estate market, accounting for 53.3% of total transaction volume, unchanged from Q3 2024. Renewals made up 39.8%, slightly higher by 0.2 percentage points year-on-year. Over the past four quarters, renewals accounted for 45.6%, and new leases 43.8%.
The share of pre-leases fell slightly to 11.3% by the end of September — down 0.3 percentage points year-on-year.
Vacancy Rates Continue to Decline
Limited availability of new office space has pushed vacancy rates down. As of September 2025, the average vacancy rate in Warsaw stood at 9.7%, a 1.1 percentage point decrease compared to the previous quarter.
The sharpest drop occurred in Służewiec, where vacancies fell from 21.1% to 18.8%. In central Warsaw, the vacancy rate decreased by 0.9 p.p., reaching 6.9%.
Interest in non-central locations is also growing, with vacancy rates dropping to 12.1%, down 1.2 p.p. quarter-on-quarter. The downward trend extends to older office buildings (over 10 years old), where vacancy rates fell to 12.4%, a 1.3 p.p. decrease year-on-year.
Pressure on Rents Expected
Despite the decline in vacancies, asking rents have remained stable. Prime rents in the best central locations are holding at around €30 per sqm per month. However, experts predict that persistently low supply may exert upward pressure in the coming quarters.
“Asking rents for top-quality office space remain stable — between €22.5 and €26 per sqm per month in central locations.
For new projects in the CBD, we’re already seeing upward pressure, with developers charging between €28 and €30 per sqm, which no longer surprises tenants,”
notes Wiktoria Weilandt, Associate, Office Leasing Department, BNP Paribas Real Estate Poland.
In non-central areas, monthly asking rents range from €14 to €18 per sqm. Operating expenses remain significant — up to PLN 40 per sqm per month — and play an increasingly important role in budget planning, according to BNP Paribas Real Estate Poland analysts.
Source: CEO.com.pl – “Brakuje biur w Warszawie: popyt najemców przewyższa ofertę, pustostany maleją”
