The year 2025 in the Warsaw office market brought strong demand and a selection of supply based on quality. Tenant activity reached 790,000 sqm (+7 pct year-on-year), with Q4 standing out in particular, with contracts signed for a total of 310,000 sqm, setting the highest quarterly result in the history of office market monitoring.
According to Axi Immo, the demand structure in the Warsaw office market confirms its maturity. Extensions and renegotiations accounted for 51 pct. Total activity, while net take-up accounted for 49 pct, with new leases prevailing (39 pct), ahead of expansions (6 pct) and owner-occupied space (4 pct). The highest activity was recorded in the City Centre zone (32 pct) and Służewiec (23 pct), with the City Centre primarily attracting new tenants, while Służewiec remained the dominant area for lease renegotiations. Among the largest lease transactions were Polkomtel’s renewal of the Multimedia House Plus (22,700 sqm), while AstraZeneca, after renegotiating and extending its 20,800 sqm lease at 14 Postępu Street, decided to expand by an additional 1,700 sqm. Demand pressure is reflected in rising rents in the most prestigious office projects in central Warsaw, where rents range from around EUR 19.00 to EUR 27.50 per sqm per month, with some locations on the top floors exceeding EUR 30.00/sqm/month. At the same time, in non-central areas, which remain an attractive cost alternative for companies, rents started at around EUR 10.00 per sqm per month.
The increase in rents in central projects is causing more and more companies to review their location strategies and consider well-connected non-central locations, which offer high-quality space at more predictable costs. The market is becoming increasingly selective, and buildings that best meet the organisation’s actual needs, both in terms of technical standards and cost-effectiveness, are gaining ground. At the same time, we are observing a growing tendency for tenants to remain in established locations, which stems from the limited availability of modern supply and the rising costs of relocation and office fit-out. Consequently, we expect longer leases to become increasingly common, with contracts for at least seven years becoming standard for new projects.
Filip Kowalski, associate director, office space department, Axi Immo.
Two trends are evident in the Warsaw office market supply. The first is the concentration of new projects in the capital’s central locations, where, of the nearly 90,000 sqm (-15 pct year-on-year) delivered in 2025, as much as 90 pct are located in this zone. The second trend is the systematic withdrawal of older, inefficient office buildings from the market.
The restructuring of office supply is particularly visible in the Służewiec area, which, as one of the oldest office districts in Warsaw, has an above-average share of older buildings. Removing technically inefficient buildings from the market and changing their functions will improve the quality of the available office space and gradually increase the competitiveness of this location for tenants.
Emilia Trofimiuk, research manager, market analysis and research department, Axi Immo.
At the end of 2025, the total stock of modern office space in Warsaw reached 6.23 mln square meters, with the largest completed projects located near Rondo Daszyńskiego, including The Bridge complex (51,800 square meters) and Office House (27,800 square meters). At the same time, Axi Immo analysts indicate that the volume of space under construction decreased by 16 pct year-on-year to 190,000 square meters, which portends a further reduction in new supply in 2026-2027. The largest office buildings under construction at the end of December 2025 were: AFI Tower (50,000 sqm, construction scheduled to begin in Q4 2025), Upper One (35,900 sqm, Strabag), Studio A (26,600 sqm, Skanska), and Skyliner II (24,000 sqm, Karimpol).
The result of strong demand, limited development activity, and the decommissioning of uncompetitive buildings is a decline in vacancy rates. At the end of 2025, the average vacancy rate in Warsaw was 9.1 pct (-1.5 percentage points year-on-year and -0.8 percentage points quarter-on-quarter), with a significant difference between the city centre (6.1 pct) and non-central locations (11.6 pct). The largest decrease was recorded in the Central Business District (by 3.9 percentage points year-on-year), which confirms the growing demand from tenants for offices in prime locations.