Record demand and a decade-low level of new construction have fundamentally shifted the balance of power in Warsaw's office market. In the second quarter of 2026, leasing volume exceeded 280,000 sqm, one of the strongest quarterly results on record, while net take-up surpassed 134,000 sqm. The previous quarter had already set an all-time high, with 310,000 sqm of lease agreements signed between October and December 2025. Against this backdrop, just over 140,000 sqm of office space is currently under construction in Warsaw, the lowest pipeline in more than a decade, and Walter Herz estimates that fewer than 30,000 sqm of new space will be delivered by the end of 2026.
Vacancy figures underline the pressure on occupiers. At the end of June 2026, the average vacancy rate across Warsaw stood at 8.5 per cent, falling to 4.8 per cent in the city centre. In the Western Centre submarket, the rate dropped by half in a single quarter to reach just 3.6 per cent. Although roughly 500,000 sqm of vacant space exists across the city, much of it sits in older buildings outside central locations and is generally not considered by large corporate occupiers seeking modern Class A space near transport hubs. Walter Herz analysts forecast that rents for the best office space in central Warsaw will exceed €30 per sqm per month before the end of 2026.
The constrained supply is structural rather than cyclical. Projects currently under construction include AFI Tower (approximately 50,000 sqm), Upper One (35,000 sqm), Skyliner II (23,000 sqm), LightOn (23,600 sqm) and Puławska 533 (approximately 4,000 sqm). Even if new developments were launched immediately, they would not reach the market for another two to three and a half years, making a significant increase in supply unlikely before the end of the decade. "In Warsaw's office leasing market today, success is determined not by the highest offer, but by the speed of decision-making," said Bartłomiej Zagrodnik, Managing Partner and CEO of Walter Herz. "Companies that begin their search well in advance have a range of options to choose from. By contrast, if less than a year remains before the lease expires, companies with substantial space requirements are typically left with only one realistic option: renegotiating their existing lease and remaining in the same location."
As a result, occupiers are launching headquarters selection processes several years ahead of lease expiry rather than the one-year lead time that was standard until recently. Michał Gliński, Attorney-at-Law and Managing Partner at Wardyński i Wspólnicy, notes that early negotiations allow companies to structure contractual protections carefully. "From a legal perspective, it is essential to plan the negotiation strategy well in advance, ensuring that the tenant is not placed under time pressure that could weaken its bargaining position vis-à-vis the landlord," said Michał Gliński. He added that key issues to address early include lease extension options, rights of first refusal, early termination terms, rent indexation mechanisms and a precise allocation of fit-out costs, and that renegotiations additionally require a detailed review of existing security clauses, handover conditions and any subleasing restrictions.
An increasing number of companies are also considering the outright acquisition of office buildings as an alternative to leasing. Recent examples include WB Electronics acquiring Mokotowska Square (8,600 sqm), Łazarski University purchasing Taifun (7,000 sqm) on Jutrzenki Street to create a Medical Simulation Centre, Enter Air relocating its headquarters to Bokserska Office Center (6,600 sqm) following its acquisition from Indotek Group, and a non-real-estate company purchasing Building B within the Wiśniowy Business Park complex (8,800 sqm) for its own operational use. Gliński notes that such acquisitions require careful preparation, including selection of the appropriate transaction structure, a full legal and technical due diligence process, and a two-stage signing process in which a preliminary agreement sets out conditions precedent before the final transfer is completed.
