Warsaw's office market gained momentum in the first half of 2026, with total take-up reaching 420,000 sqm, a 38% year-on-year increase, according to AXI IMMO's report "Office Market in Warsaw H1 2026". Net take-up amounted to 220,000 sqm, with the second quarter seeing a surge in large transactions that nearly doubled leasing volumes compared with the same period a year earlier. The most active occupiers came from the business services, financial services and IT sectors. Notable deals included Frontex's renewal of 21,500 sqm at Warsaw Spire B, Visa Europe's new lease of 17,300 sqm at The Bridge, and Poczta Polska's renewal of 17,000 sqm at Domaniewska Office Hub.
"The growing return of employees to the office, combined with business expansion plans, is driving tenant activity and bringing large-scale transactions back to the market," said Tomasz Michalczyk, Head of Office Agency at AXI IMMO.
New supply remains limited, with only 50,000 sqm delivered in the first half of 2026, down 47% year-on-year. Around 130,000 sqm is under construction, a 7% annual decline, with more than 90% of ongoing developments located in central areas. Constrained supply and strong demand have pushed Warsaw's average vacancy rate down 2.3 percentage points to 8.5% at the end of June 2026. In central locations, availability stood at 4.8%, falling to just 3.6% around Rondo Daszyńskiego. "The Warsaw office market is increasingly becoming a quality-driven market. A limited pipeline of new developments, combined with the gradual withdrawal of less competitive assets and continued strong demand, is steadily reducing the availability of modern office space, particularly in core central locations," said Emilia Trofimiuk, Research Manager at AXI IMMO.
Asking rents in most central Warsaw buildings currently range from €15 to €28 per sqm per month, rising to between €25 and €32 per sqm per month in the premium segment. "Increasing competition for the best office space in central Warsaw, coupled with a limited development pipeline, continues to support rental growth," said Michał Baranowski, Associate Director, Business Development, Office Agency at AXI IMMO.
AXI IMMO expects supply constraints to persist in the coming years, with 2027 likely to see particularly low levels of new completions and a meaningful recovery in development activity unlikely before 2028. "With demand expected to remain healthy and relatively few projects under development, we anticipate further reductions in vacancy rates and increased competition for prime locations," said Trofimiuk. Tomasz Michalczyk added that rising rents and limited availability may encourage some occupiers to consider well-connected non-central locations, though high-quality, professionally managed assets are likely to attract the greatest share of demand wherever they are situated.
