In Q1 2026, office take-up in Warsaw declined to 130,000 sq m (-9% y/y), while limited new supply and low development activity sustained pressure on rental growth, particularly in central locations.
From this article you will learn:


how office take-up and demand structure evolved in Warsaw in Q1 2026,


what the current supply pipeline and development activity levels are,


how location disparities affect vacancy rates and rental levels.

Decline in occupier activity and absence of large transactions

According to AXI IMMO’s report “Office Market in Warsaw. Q1 2026”, gross office take-up reached 130,000 sq m, representing a 9% year-on-year decrease. No lease transactions exceeding 10,000 sq m were recorded in the first quarter, reflecting a cautious approach by occupiers toward long-term commitments.

Demand remained concentrated in central locations, including the Central Business District (CBD). The IT sector accounted for 20% of total take-up, followed by business services (13%) and the financial sector (12%).

As noted by Emilia Trofimiuk, Research Manager, Market Research and Analysis Department at AXI IMMO, the current result is influenced by the structure of transactions and the limited number of large deals: The year-on-year decline in occupier activity is visible in both gross and net take-up; however, this does not indicate a structural weakening of the market. The current result is largely due to the absence of large transactions and the continued high share of lease renewals and renegotiations.

Limited new supply and low development activity

At the end of Q1 2026, Warsaw’s total modern office stock stood at approximately 6.28 million sq m. During the quarter, around 40,000 sq m of new space was delivered, primarily in central locations. Completions included Studio A (24,000 sq m, Skanska), Vena (15,400 sq m, Polski Holding Nieruchomości) and the refurbished office building at 26A Przemysłowa Street in Solec (3,500 sq m).

At the same time, older and technically obsolete buildings are being withdrawn from the market, keeping overall supply broadly stable. Development activity remains limited, with only 120,000 sq m under construction (-46% y/y). The largest ongoing project is Afi Tower (50,000 sq m), part of the Towarowa 22 scheme, scheduled for completion in 2028. No new office projects were launched in Warsaw in Q1 2026.

As indicated by Filip Kowalski, Associate Director, Office Agency at AXI IMMO, the current level of development activity will affect future availability: Such low development activity means that the availability of modern office space, particularly in central Warsaw, will remain limited in the coming years. This factor is already influencing landlords’ rental expectations.

Market polarisation and rental growth

At the end of March 2026, the average vacancy rate in Warsaw stood at 9.5%, down 1.0 percentage point year-on-year. However, the gap between central and non-central locations remains significant. Vacancy rates in central areas stood at 6.5%, compared with 12.2% in non-central zones.

Limited availability in prime locations continues to support rental growth. Asking rents range from EUR 10.00 to EUR 28.00 per sq m per month. In prime office buildings in central Warsaw, rents start at approximately EUR 19.00 per sq m per month and may exceed EUR 30.00 per sq m per month on upper floors.

– Warsaw is increasingly becoming a two-speed office market. In central locations, the supply of high-quality, prestigious office space is strengthening, with rents remaining high and expected to rise further. Outside the city centre, competition will be driven primarily by price, service charges and the quality of modernisation. – Emilia Trofimiuk notes.

Outlook for 2026

Despite a weaker start to the year, forecasts for the coming quarters remain moderate. Total annual take-up in 2026 may be comparable to or exceed 2025 levels, supported by ongoing negotiations and expected lease signings.

Graphics: Adobe Stock, Grand Warszawski.