Warsaw’s office market closed 2025 with one of the highest demand levels in its history, while supply fell and the vacancy rate dropped markedly. According to Savills Poland’s report “Warsaw Office Market Spotlight Q4 2025”, the key trends include the dominance of lease renewals, limited availability of large space units in the city center, and rising rental pressure in prime buildings.
Total modern office stock in Warsaw stood at 6.23 million sq m at the end of 2025—1% lower than a year earlier. This decline resulted from demolitions and the repurposing of older assets. In 2025 alone, more than 152,000 sq m of office space disappeared from the market (through demolition or conversion to other uses). At the same time, new supply remained low at 88,700 sq m (down 15% year on year), with around 90% delivered in central locations. A further 202,000 sq m is currently under construction, with the largest projects—such as AFI Tower and Upper One—rising in the city center.
“Since 2020, nearly 410,000 sq m of office space has already been removed from the Warsaw market. This is certainly not a short-term trend, but rather a significant structural change whose effect is that older office buildings are giving way to residential projects, hotels, or are undergoing deep modernization. Increasingly, this also applies to central locations, which further limits the availability of office space in the most sought-after parts of the city,” says Wioleta Wojtczak, Head of Research at Savills.
The largest developments delivered last year were completed in the western part of the city center (the Western City Centre zone): The Bridge, offering 47,000 sq m, and Office House, with 27,800 sq m. Project scale varies significantly by location—within central zones, the average size of buildings under construction is around 25,000 sq m, while outside the core the market is dominated by smaller, more boutique schemes, typically below 10,000 sq m.
The report’s authors estimate that by the end of 2028, a total of around 290,000 sq m of new office space could be delivered, with nearly 230,000 sq m located in central areas—mainly in the Western City Centre zone.
Take-up reached 794,000 sq m, up 7% year on year, placing 2025 among the strongest years on record. In the fourth quarter alone, leasing hit a record level of nearly 310,000 sq m. Over the full year, renewals accounted for 51% of total volume, indicating that companies more often chose to stay in their existing locations rather than relocate. Outside the city center, Służewiec stood out in particular, with 180,000 sq m leased—its third-highest result ever, surpassed only by 2015 and 2019. The most active tenant sectors were manufacturing (14%), IT (13%), and finance (11%).
The combination of weak new supply and strong demand translated into a clear decline in the vacancy rate. At year-end it stood at 9.1%, down 150 basis points from the previous year. In central zones, availability fell to 6.1% of stock, and only seven buildings in these central areas had more than 5,000 sq m of space available. Net absorption also jumped sharply—up 117% year on year—to 188,400 sq m.
Limited availability of top-quality space has begun to influence rental levels. In the second half of 2025, asking rents in central locations increased to around EUR 27.50 per sq m per month, while outside the center they rose to around EUR 19.00. Service charges stabilized at PLN 30–40 per sq m, although in some buildings they exceed PLN 45.
“2025 confirmed that Warsaw’s office market has entered a phase of clear imbalance between demand and supply. In the city center, the problem today is not a lack of tenant interest, but the very limited availability of sufficiently large and modern space. This phenomenon will be one of the key factors shaping the market this year—both in terms of rents and the strategies tenants adopt,” says Jarosław Pilch, Head of Tenant Representation at Savills.
The report notes that with an expected acceleration of economic growth in 2026 and further interest-rate cuts, pressure on the best office buildings may persist, while market polarization between prime assets and older stock could deepen even further.
“In Warsaw today, we have a market where the best buildings are clearly gaining in value. Shrinking availability of prime space means stronger competition and continued upward pressure on rents, while landlords can afford to be more selective in choosing tenants. At the same time, we expect that inflation stabilization should limit the scale of indexation, which will partly ease cost increases. That said, it does not change the fact that some companies will begin to seriously consider relocating outside the city center in search of more affordable projects,” comments Daniel Czarnecki, Head of Landlord Representation at Savills.
