After the first three quarters of 2025, the Warsaw office market continues to experience constrained supply amid strong occupier activity, finds a report by BNP Paribas Real Estate Poland. Demand outstrips office availability, pushing vacancy rates down both in the city centre and in other locations across Warsaw.
Warsaw's office stock has contracted in recent quarter. Between January and the end of September 2025, a total of 150,000 sqm was withdrawn from the market, mostly for planned upgrades or repurposing of buildings, with Warsaw recording the second-ever decline in total supply.
The third quarter saw just 3,500 sqm of new office space delivered through a single project developed for Stoen Operator's headquarters at ul. Pory 80 in Warsaw's Mokotów district – a 69% decrease compared with the same period last year. New office completions over the past four quarters totalled 118,000 sqm, up by more than 2% year-on-year.
In the third quarter of 2025, gross office take-up in Warsaw hit 185,000 sqm, marking the highest volume year to date and an increase of more than 19% from the previous quarter. Notably, more than half of that space (52%) was transacted in central locations, with the remaining 48% leased in non-central areas. BNP Paribas Real Estate Poland notes that the public sector led leasing activity in the third quarter, accounting for over 17% of total take-up.
"Companies seeking offices larger than 1,500–2,000 sqm face very limited options. Hence the rising share of renegotiations in take-up, as they are becoming an increasingly popular choice, especially among major occupiers," comments Małgorzata Fibakiewicz, Senior Director, Office Agency at BNP Paribas Real Estate Poland.
The limited availability of new office space continues to translate into falling vacancy rates. At the end of September 2025, the overall vacancy rate stood at 9.7%, down by 1.1 percentage points over the quarter.
