The Warsaw office market ended 2025 in very good shape. Record-high demand, combined with limited new supply, resulted in a further decrease in vacancy levels and the stabilization of rental rates. The total leasing volume for the entire year of 2025 amounted to 794,000 sq m, representing a 7% year-on-year increase, while the vacancy rate dropped to 9.1%—the lowest level in over five years.
“The end of 2025 was unprecedented in terms of tenant activity. The fourth quarter alone brought nearly 310,000 sq m of leased space, which was the highest quarterly result in the history of the Warsaw office market. This shows that decisions deferred in previous periods were finalized precisely at the end of the year,” — Michał Kusy, Market Research Analyst at Knight Frank.
Record-Low New Supply and Investment Concentration in the Center
At the end of 2025, total office stock in Warsaw reached 6.23 million sq m. Developer activity remained at a historically low level. Since the beginning of the year, only 89,000 sq m of modern office space was delivered to the market—the lowest result in over two decades. The largest completed project was The Bridge office building (47,000 sq m), developed by Ghelamco.
Currently, 189,000 sq m of office space remains under construction, with 90% located in central city zones. More than half of the projects underway are scheduled for delivery in 2026, indicating that new supply will remain limited in the coming years.
Renegotiations Dominate, Green Buildings Gain Importance
The structure of demand in 2025 clearly illustrates tenant caution and a focus on cost optimization. Renegotiations accounted for a record 51% of the total leasing volume, while the share of new agreements fell to 40%.
Simultaneously, the market is consistently moving toward sustainable development—67% of Warsaw’s stock holds green certifications, and 73% of the space leased in 2025 was in certified buildings.
“Tenants are increasingly combining cost decisions with ESG requirements. We are observing the lowest vacancy levels in the newest, certified buildings, confirming the growing importance of quality, energy efficiency, and location,” — Piotr Kalisz, Director of Tenant Representation at Knight Frank.
Falling Vacancies and Stable Rents
At the end of Q4 2025, the vacancy rate in Warsaw stood at 9.1%.
- Central zones: Vacancy dropped to 6.1%.
- Non-central zones: Vacancy stood at 11,6%.
- Newest stock: The lowest level of unleased space was recorded in buildings delivered after 2020, where the rate was only 3.9%.
Asking rents remained stable.
- Central locations: Typically ranged between 18–32 EUR/sq m/month.
- Non-central locations: Ranged between 12–18 EUR/sq m/month.
- Service charges: Remained stable.
