The Warsaw office market closed 2025 with strong tenant demand and a notable drop in vacancy rates, according to a report by BNP Paribas Real Estate Poland, which finds that the market was shaped by a surge in lease renewals, active transaction activity in the final quarter, and new supply focused in central areas.
Tenant activity reached nearly 795,000 sqm in 2025, a 7% increase year-over-year. The final quarter was particularly dynamic, with almost 310,000 sqm leased, up 69% from Q3. "The transaction structure in 2025 was dominated by lease renewals. For many companies, this was a decision made almost out of necessity, as the market currently offers very few viable relocation options," notes Wiktoria Weilandt, Director, Office Agency Department at BNP Paribas Real Estate Poland. Tenant activity was strongest in the City Centre zone, which accounted for 32% of total leasing volume, followed by Służewiec with 23%.
Q4 saw several major transactions: AstraZeneca expanded its office to nearly 22,500 sqm and renewed its lease at Postępu 14, while a confidential tenant secured 16,000 sqm in Eurocentrum Office Complex Delta. The City Transport Authority and Ringier Axel Springer Polska each renewed leases for 12,000 sqm at Fabryka PZO I and Signum Work Station, respectively.
At the close of 2025, Warsaw's office market offered 6.23 million sqm of modern office space, with less than 88,000 sqm delivered during the year. New supply was mainly concentrated in The Bridge (47,000 sqm) and Office House (27,800 sqm). By December 2025, Warsaw's vacancy rate fell to 9.1%, down 1.5 percentage points year-over-year, with central locations seeing vacancies drop to 6.1%.
Prime asking rents continued to rise, with market forecasts indicating that in 2026, prime headline rents may reach €32 per sqm per month, and in the most locations even €34-35 per sqm per month. "Limited supply of new developments combined with stable demand continues to fuel upward pressure," emphasises Małgorzata Fibakiewicz, Senior Director, Head of Office Agency Department at BNP Paribas Real Estate Poland.
