The Warsaw office market has accelerated markedly. In the first half of 2026, the volume of leasing transactions increased by 38% year on year, reaching nearly 417,000 sq m. At the same time, development activity remains highly constrained. New supply for the full year is forecast at just 49,000 sq m, one of the lowest levels recorded in two decades.
As a result, the vacancy rate continued to decline, reaching 8.5% at the end of June. Warsaw remains a landlord’s market, particularly in the segment of the most modern and best-located office buildings.
The Polish capital remains the country’s largest and most mature office market. Its total stock of modern office space currently stands at 6.23 million sq m, representing almost half of Poland’s overall supply. Warsaw also accounts for more than half of total office demand nationwide.
“The first half of 2026 brought a further increase in tenant activity, confirming the strong fundamentals of Warsaw’s office market. At the same time, the limited number of new projects means that space in the best buildings and locations will become increasingly scarce. The quality of the existing stock is therefore becoming particularly important, including building standards, energy efficiency and location,” says Edyta Szmajda, Senior Analyst at Knight Frank.
Limited Supply Is Shifting the Balance of Power
During the first half of 2026, Warsaw’s office stock increased by approximately 45,000 sq m following the completion of three projects. The largest was Studio A, developed by Skanska, which delivered 24,000 sq m of office space.
The outlook for the coming quarters is exceptional in terms of the limited scale of new development. Only around 4,000 sq m is scheduled for completion by the end of 2026, while a total of approximately 125,000 sq m of modern office space is expected to enter the market in 2027 and 2028.
Most projects currently under construction are concentrated in central locations, with approximately 65% of the space situated in the Rondo Daszyńskiego area.
“The limited amount of new supply is also influencing companies’ decisions to renew their existing leases. Tenants are, of course, analysing relocation costs and taking a highly considered approach to their office strategies. However, when offices are well located and offer the right standards, employee comfort and access to infrastructure, companies often decide to remain in their current locations. With a limited choice of available space, finding an alternative that meets all business requirements may be more challenging today than it was several years ago,” adds Dorota Mielke, Director and Head of Office Agency at Knight Frank.
Tenants Return to the Market
Demand for office space in Warsaw increased significantly. During the first six months of 2026, leasing transactions covered nearly 417,000 sq m, representing a 38% increase compared with the corresponding period of 2025.
Central zones attracted the highest level of activity, accounting for 59% of the total leasing volume. The largest share of transactions was recorded in the City Centre West area, which represented 34% of demand, while the Central Business District accounted for 18%.
Służewiec also continued to attract strong tenant interest, generating 21% of the total transaction volume.
The structure of demand shows that companies are actively managing their office strategies. Lease renegotiations accounted for 48% of all transactions, while new leases represented 46% of the total volume. Expansions accounted for a further 5%.
Business services remained the most active sector, representing 15% of leased space. Companies operating in banking, insurance and investment services accounted for 13% of demand, followed by the IT sector and public institutions, each with an 11% share.
Prime Office Buildings Gain Importance
The combination of rising demand and limited supply contributed to a further decline in the vacancy rate. At the end of June 2026, it stood at 8.5%, down 2.3 percentage points from a year earlier.
Pressure on the best available office space is also reflected in rental levels. Asking rents in central locations ranged from EUR 18 to EUR 32 per sq m per month, while rates outside the city centre ranged from EUR 12 to EUR 18 per sq m per month.
Top-quality buildings offering modern solutions, attractive locations and high-quality working environments continue to demonstrate the strongest rental resilience.
