Analysts from Axi Immo's Research Department estimate that approximately 90,000 sqm of new office space will be delivered in Warsaw by year-end, consistent with 2024. Space under construction remains limited and is not expected to exceed 200,000 sqm, signalling a cautious approach from developers. Most activity is concentrated in central zones, where demand remains most resilient.
"The Warsaw office market is maturing. The drop in new supply is not a sign of weakness but part of a natural rebalancing process," said Emilia Trofimiuk, Research Manager at Axi Immo. "We're seeing more obsolete assets taken off the leasing market for full repositioning or upgrades. Both landlords and tenants are becoming more discerning, and product quality is steadily increasing."
Total leasing activity in 2025 is expected to reach around 740,000 sqm, in line with 2024. Renewals continue to dominate the transaction structure, though demand for relocations remains steady, especially among tenants seeking improved standards and better public transport access. At the end of Q3 2025, the vacancy rate in Warsaw stood at approximately 9.7%.
Prime asking rents in Warsaw remained stable through year-end. In the city centre's best buildings, rates are holding up to approximately €27.5/sqm/month, while in non-central locations, rents begin at around €9.5/sqm. "The end of 2025 confirms that Warsaw's office market is increasingly driven by quality and selectivity," added Tomasz Michalczyk, Head of Office Agency at Axi Immo.
