The first half of 2025 confirmed Warsaw’s dominant position in Poland’s office real estate sector. Over 85,000 sqm of new modern office space was delivered, and total leasing volume reached 301,000 sqm—accounting for 44% of all leasing activity nationwide. Despite a limited number of new developments, the market remains stable. Rental rates held firm, while tenants continued to favor sustainable, well-located office buildings.
Nearly Half of Poland’s Office Stock Concentrated in Warsaw
At the end of June 2025, Warsaw’s total office stock stood at 6.33 million sqm—nearly half of the country’s entire office space. More than 85,000 sqm of new space was completed in H1, with 80,000 sqm delivered in Q2 alone—the highest quarterly volume in three years.
“The completion of The Bridge (Ghelamco), the largest delivery in H1 at 47,000 sqm, is a significant addition to the Warsaw office landscape. Still, the scale of new supply remains limited. Currently, only 130,000 sqm is under construction, the majority of which is located in the city’s central districts, underlining the ongoing focus on prestigious locations,” said Michał Kusy, Market Research Analyst at Knight Frank.
Leasing Demand Remains Strong
Total office space leased in Warsaw during the first half of the year reached 301,000 sqm, representing 44% of all lease transactions in Poland. Lease renegotiations accounted for the largest share (43%), followed by new contracts (over 40%), and tenant expansions (8%).
“We’re seeing a clear market polarization. Tenants are increasingly selecting office buildings that offer top-tier technical, environmental, and locational standards. Demand in Warsaw’s central districts rose by 32% compared to the same period last year,” noted Mariusz Dąbkowski, Senior Negotiator at Knight Frank.
Sustainability Now a Key Leasing Driver
Sustainability is becoming a decisive factor in leasing decisions. In H1 2025, 71% of leased space was in environmentally certified buildings. Nearly half of that (48%) was in properties with the highest certification levels, such as BREEAM Excellent or Outstanding, and LEED Platinum.
Vacancy Rates Rise Slightly—But Stay Low in Key Districts
Despite a relatively high influx of new supply, Warsaw’s vacancy rate edged up only slightly. In Q2 2025, it stood at 10.8%—an increase of just 0.3 percentage points from the previous quarter. In prime central areas (CBD, City Centre, Rondo Daszyńskiego), the vacancy rate was significantly lower at 7.8%. In non-central zones, it reached 13.3%.
The lowest vacancy was recorded in Mokotów (excluding Służewiec), at just 5.4%. Służewiec, however, continued to experience the highest vacancy rate in the capital—21.1%.
Rents and Operating Costs Remain Stable
As of Q2 2025, asking rents in central Warsaw remained stable, typically ranging from €18 to €28 per sqm per month, with premium projects exceeding this level. Outside the city center, rates ranged from €10 to €17 per sqm per month. Operating costs were unchanged, holding steady at PLN 18–38 per sqm per month.
Source: CEO.com.pl
