The western extension of Warsaw's metro Line M2, serving the new Lazurowa, Chrzanów and Karolin stations, is undergoing testing and is expected to open shortly. Analysis by property consultancy Walter Herz shows that more than half of Warsaw's office buildings already sit within 1.2 km of a metro station, and those buildings account for 61% of the city's total office stock. Office rents in buildings within that walking catchment area run €3 to €6 per sqm per month above those of comparable buildings outside it, with the premium reaching its peak for Class A properties.
"The metro is one of the key factors shaping Warsaw's office market geography. Approximately 51% of Warsaw's office buildings are located within 1.2 km of a metro station. This indicates that office buildings located near the metro are, on average, larger than those outside its catchment area," said Daria Stefańska, Senior Data Analyst at Walter Herz.
Data from Walter Herz show a clear relationship between proximity to a station and rental levels. Buildings within 300 metres of a station average €19.60 per sqm per month, those between 300 and 800 metres away average €18.90, and those between 800 and 1,200 metres away average €15.60. More than 570 office properties outside the metro catchment area average only €12.90 per sqm per month. "The highest premium for metro accessibility is maintained within the typical walking catchment area of approximately 10 minutes. Beyond 800 metres, rents quickly converge towards the levels recorded outside the metro catchment area," Stefańska added.
Historical data suggest that new office supply has tended to follow metro expansion. Around the original stations on Line M1, which opened in 1995, around 150 office buildings totalling 954,000 sqm have since been developed. The central section of Line M2, open since 2015, has been accompanied by approximately 230 new buildings offering 3.12 million sqm. However, later extensions produced a more modest response: the 2019–2020 expansion generated roughly 45 buildings totalling 202,000 sqm, while the 2022 expansion yielded only eight buildings totalling 63,600 sqm.
Of the three new western stations, Karolin holds the most office activity. Twelve buildings offering a combined 28,000 sqm sit within 1.2 km of the three new stations, with average rents of €12.70 per sqm per month. Notable properties near Karolin include TRUMPF HQ (1,700 sqm, Class A, 130 metres from the station), West Warsaw Office (5,800 sqm, Class A, 520 metres away) and Diamond Business Park Ursus, a complex of seven buildings located 1.20 km from the station. No office buildings currently sit within walking distance of Chrzanów station.
"The metro creates opportunities primarily for mixed-use developments, local office projects, flexible workspaces and services for residents. Whether Bemowo will develop into a local office hub will depend not only on transport links and improved connectivity, but also on local zoning plans, land availability, competition from residential development and actual tenant demand," said Stefańska. The western extension of Line M2 will ultimately show whether improved transport accessibility generates enough demand to raise property values and make further development financially viable for investors in a market already characterised by relatively high office supply and growing adoption of hybrid working.
