Warsaw Office Market Holds Steady as Developers Slow Down and Vacancy Drops Below 10%. Newmark Polska Q3 2025 Report Highlights Stable Demand and Limited New Supply in the Capital’s Office Sector.
According to the latest report by Newmark Polska, “Office Occupier – Warsaw Office Market”, the third quarter of 2025 was marked by stable tenant activity and a rising share of new leases and pre-lets. At the same time, limited new supply combined with the withdrawal of older, inefficient buildings led to a significant drop in the vacancy rate, which fell below 10% for the first time since 2020.
Limited New Supply and Shrinking Office Stock
By the end of Q3 2025, Warsaw’s total stock of modern office space stood at 6.25 million sq m, a 1% decrease compared with the previous quarter. In absolute terms, this represents a decline of nearly 90,000 sq m. Only one small project — 3,500 sq m — was completed during the quarter.
“In all of 2025, Warsaw’s modern office stock will expand by nearly 150,000 sq m, of which 88,700 sq m was delivered in the first three quarters. However, this year’s new supply will not offset the space withdrawn from the market — since January, over 140,000 sq m has been removed, nearly 80% of which was in buildings completed before 2000,”
explains Karol Wyka, Managing Director, Office Agency, Newmark Polska.
Developer activity in Warsaw remains at historically low levels. As of the end of September 2025, just under 139,000 sq m of office space was under construction — up 7.6% quarter-on-quarter but down more than 51% year-on-year. No major office projects were launched in Q3.
“Developers plan to deliver only 60,000 sq m of new offices in 2026 — the lowest volume in Warsaw’s history, which will further deepen the supply gap. Tenants seeking large units above 3,000 sq m, especially in prime, sustainable, and tech-advanced buildings, already face very limited options,”
adds Wyka.
Tenant Activity Remains Stable
Tenant activity has remained relatively steady throughout 2025, with a slight uptick in Q3 compared with the first half of the year. Between July and September, total leasing volume reached 185,150 sq m, above the H1 average of 150,700 sq m.
From January through September, tenants leased a total of 486,550 sq m, just 1.9% below the volume recorded during the same period in 2024.
Central locations continued to attract slightly more attention, accounting for 54% of total demand in the first three quarters of 2025.
In Q3 alone, new leases dominated, making up 47% of total leasing volume, while the remaining 53% consisted of renewals (40%), pre-leases (6%), expansions (5%), and owner-occupier transactions (2%). Across the first nine months of the year, new leases (41.8%) narrowly outpaced renewals (41.6%).
Vacancy Rate Falls Below 10%
For the first time since the end of 2020, Warsaw’s vacancy rate dropped below 10%, reaching 9.7% at the end of September — a 1.1 percentage point decrease quarter-on-quarter and 1 point lower year-on-year.
“We expect this downward trend to continue in the coming quarters due to low developer activity and an increasing number of modernization or conversion projects in existing office buildings, which temporarily or permanently remove them from the market,”
notes Agnieszka Giermakowska, Director of Research and Advisory, Head of ESG, Newmark Polska.
Rents Hold Steady with Minor Growth in Prime Locations
In Q3 2025, average headline rents in Warsaw’s prime office buildings remained stable compared with the previous quarter, standing at €22–28 per sq m per month in central areas and €16–18 per sq m outside the center.
A slight increase was noted at the upper end of the range in central locations, driven by declining availability of top-tier office space. As of September, only around 40,000 sq m remained available in centrally located buildings completed after 2020 — and just four buildings could offer units larger than 3,000 sq m.
