Warsaw's office stock reached 6.24 million sqm in the first half of 2026, expanding by 45,210 sqm through the completion of Studio A, Vena and the refurbishment of Przemysłowa 26-26a. Ongoing refurbishments and redevelopments simultaneously reduced the total stock by more than 70,000 sqm since the start of the year. Development activity remains subdued, with almost all new office space under construction concentrated in central locations and only 3,900 sqm at Puławska 533 expected to be delivered by the end of 2026, Avison Young reports.
Take-up reached almost 417,000 sqm in H1 2026, up 38% year on year, with 70% of volume transacted in Q2 alone. The City Centre, Służewiec and CBD zones together accounted for 80% of total take-up. Demand was split between renewals (48%) and new leases (46%), with expansions making up the remainder. Only five transactions above 10,000 sqm were completed, all in Q2, and the two largest, both renewals in central zones, were the only deals exceeding 20,000 sqm. The public sector accounted for two of the five largest deals.
Strong leasing activity pushed the overall vacancy rate down by 1.0 percentage point quarter on quarter and 2.3 percentage points year on year to 8.5%, with central locations recording 4.8% and non-central zones 11.8%. The reduction in stock driven by demolitions and conversions to alternative uses, combined with limited new supply, continues to constrain availability, particularly for large units exceeding 5,000 sqm.
"We anticipate a further decline in vacancy rates, particularly in prime locations and highest-quality office buildings. Increasing challenges in securing suitable office space are prompting occupiers to initiate their processes earlier. At the same time, the growing share of lease renewals will further restrict the availability of office space for new and smaller tenants, particularly in buildings where major occupiers hold first-tenancy or expansion rights," said Przemysław Urbański, Director, Office Agency at Avison Young.
On the investment side, the office sector accounted for 20% of Poland's total investment volume in H1 2026, reaching €594 million across 23 transactions. Warsaw recorded 10 transactions worth more than €384 million. Polish investors provided 50% of the capital deployed in the office sector and acquired three of the five assets traded. Key Warsaw deals included the acquisitions of Central Point by Lewandpol Property and Royal Wilanów by Wood & Company. Supply constraints and occupier demand are expected to continue driving rental growth, with top rents already exceeding €30 per sqm per month.
