Warsaw's office market recorded take-up of more than 590,000 sqm in the first three quarters of 2026, a 22% increase year on year, according to a report by AXI IMMO covering the January to September period. The vacancy rate for the city as a whole fell to 7.9%, while in central zones it dropped to just 4.3%, reflecting the impact of limited development activity in recent years.
"Warsaw's office market has entered a phase in which growing tenant activity is increasingly running up against limited availability of suitable space," said Emilia Trofimiuk, Research Manager at AXI IMMO. "This applies above all to companies seeking larger units in well-located, technologically advanced buildings. With such requirements, the number of realistic options can be small, which is why some tenants are beginning relocation processes much earlier than just a few years ago."
Trofimiuk also noted a return of large-scale transactions, confirming that offices remain a key element of strategy for major organisations despite shifts in working models. She added that rising construction volumes do not yet signal a swift end to the supply gap, as new deliveries remain very limited.
"On this backdrop, Praga is worth highlighting as it consolidates its position on the Warsaw office market," Trofimiuk said. "New investments there are being developed as part of larger mixed-use schemes combining office, residential and service functions. This direction will gain further importance in the coming years." The constrained supply in central locations, combined with growing occupier demand, is strengthening the position of landlords with well-located assets and putting upward pressure on rents.
