The year 2025 confirmed a strong recovery on the Warsaw office market, accompanied by a further decline in new supply. Total take-up reached 790,000 sqm, with Q4 2025 closing at a record 310,000 sqm in signed lease agreements, according to an Axi Immo report.
Amid a limited number of new developments, less than 90,000 sqm of new office space was delivered, while 190,000 sqm remained under construction.
In 2025, the Warsaw office market recorded strong take-up alongside an increase in quality-driven supply selection. The structure of take-up confirms the market's maturity. Lease renewals and renegotiations accounted for 51% of total activity, while net take-up represented 49%. The highest activity was recorded in the City Centre zone (32%) and Służewiec (23%). The largest transactions included Polkomtel's lease renewal at the Multimedia House of Plus (22,700 sqm) and Astra Zeneca's renegotiation and extension of its 20,800 sqm lease at Postępu 14.
Strong leasing momentum has translated into rising headline rents in prime office projects in central Warsaw, where rental levels range from approximately €19.00 to €27.50 per sqm per month. In selected prime locations and on top floors, rents exceed €30.00 per sqm per month. At the same time, non-central zones continue to offer a cost alternative for occupiers, with rents starting from approximately €10.00 per sqm per month. Filip Kowalski, Associate Director, Office Agency at Axi Immo, comments: "Rising rental levels in central office projects are prompting an increasing number of companies to reassess their location strategies and consider well-connected non-central locations that offer high-quality space at more predictable cost levels."
On the development side, two key trends are evident on the Warsaw office market. The first is the concentration of new developments in central locations, which accounted for nearly 90% of the approximately 90,000 sqm delivered in 2025 (-15% y/y). The second trend is the systematic withdrawal of older, technically inefficient office buildings from the market. Emilia Trofimiuk, Research Manager, Research Department at Axi Immo, explains: "The restructuring of office supply is particularly visible in Służewiec, which, as one of Warsaw's oldest office districts, has an above-average share of ageing stock."
At the end of 2025, Warsaw's total modern office stock amounted to 6.23 million sqm. The largest projects delivered during the year were located in the Rondo Daszyńskiego area, including The Bridge (51,800 sqm) and Office House (27,800 sqm). The volume of office space under construction declined by 16% y/y to 190,000 sqm, signalling a further reduction in new supply in 2026–2027. As a result of strong take-up, limited development activity and the withdrawal of non-competitive buildings, vacancy rates continued to decline. At the end of 2025, the average vacancy rate in Warsaw stood at 9.1% (-1.5 pp y/y).
