Savills’ “Warsaw Office Market” report shows that Warsaw’s modern office stock reached 6.28 million sqm at the end of March 2026, but the scale of new supply and development activity remains very limited. In the first quarter, less than 43,000 sqm was delivered, while the full-year figure may reach only around 72,000 sqm. This would be one of the lowest results in the market’s history, clearly below the averages for the past five and ten years, which stood at 163,000 sqm and 220,000 sqm respectively.
Supply and Development Activity
New supply included two office projects: Vena, with 15,400 sqm, and Studio B, with 24,000 sqm, as well as the modernisation of a small building on Przemysłowa Street. Further projects planned for this year include Skyliner II and developments on Puławska and Przemysłowa streets.
At the same time, developer activity fell to around 120,000 sqm, the lowest level ever recorded. As much as 89% of projects under construction are located in central zones.
“We are currently observing the lowest level of development activity in history. We estimate that over the next three years, the total volume of new space may amount to just 217,000 sqm. This is no longer just a temporary slowdown, but a deep supply gap that will limit tenant choice in the coming quarters. With such limited supply, existing well-located buildings are becoming increasingly important, as they find tenants more quickly,” says Daniel Czarnecki, Head of Landlord Representation at Savills.
Vacancies and Space Availability
Limited availability is particularly visible in central locations. At the end of March, the average vacancy rate in Warsaw stood at 9.5%. A total of 597,000 sqm of office space was available on the market, while net absorption amounted to slightly more than 10,000 sqm.
“Tenants are facing an increasingly difficult choice today. On the one hand, they want to secure attractive offices that will help them attract employees. On the other hand, the availability of space in central locations is shrinking rapidly,” comments Jarosław Pilch, Head of Tenant Representation at Savills. “The vacancy rate in the centre is now only 6.5%. Companies postponing decisions must take into account that in a year or two, the choice will be clearly smaller and they will have less flexibility in negotiations.”
In response to the growing complexity of the office selection process, Savills is developing tools to support tenants in decision-making. The new officemarket.pl platform uses AI-based mechanisms to match offers based on users’ needs described in their own words. It also enables office comparisons and the generation of report-style summaries. The tool covers both traditional offices and flexible space, allowing users to analyse office availability not only in Warsaw, but across Poland.
Rents Under Upward Pressure
Falling availability and limited supply are translating into higher rents. In the best buildings in the city centre, rents currently range from EUR 23 to EUR 28 per sqm per month, while in projects under construction they reach as much as EUR 30. In Służewiec, rents remain stable at EUR 13.5–15.5 per sqm per month. The report’s authors note that service charges in prime locations reach PLN 30–40 per sqm per month.
Demand and Transaction Structure
Demand for office space in the first quarter amounted to 133,800 sqm, 9% lower year on year and below the average for first quarters in 2020–2025, which stood at 159,100 sqm. Tenant activity was relatively evenly distributed between central locations, with a 54% share, and non-central areas, with 46%. The largest volume of space was leased in the Centre zone, at 57,700 sqm, followed by Służewiec, at 25,700 sqm, and the CBD, at 14,400 sqm.
The demand structure shows the dominance of new leases, which accounted for 51% of the total, with renegotiations also having a significant share at 39%. Expansions and pre-let agreements played a smaller role, accounting for 9% and 3% of the volume respectively.
“Although the beginning of the year was calmer, this does not change the overall picture of the market. With limited supply, even moderate demand will have a real impact on space availability and rent levels. In the coming quarters, we may expect a higher share of renegotiations,” adds Wioleta Wojtczak, Head of Research at Savills.
Market Outlook
In the longer term, the limited number of new projects and the concentration of investment in central locations will be key factors shaping the market, both in terms of space availability and leasing conditions.
