According to a report from Cushman & Wakefield, Warsaw’s office development pipeline has fallen to its lowest level in 30 years, with only 130,000 sqm currently under construction — a volume last seen in 1995. While new supply remains limited, demand for centrally located office space continues to support prime rental growth.
At the end of June 2025, Warsaw’s total office stock exceeded 6.3 million sqm. Only 50,000 sqm of new space is expected to be delivered by year-end, all in central locations. Key ongoing projects include Karimpol’s Skyliner II, Strabag RE’s Upper One, and the second phase of Ghelamco’s VIBE. Despite these developments, overall construction activity remains subdued, signalling continued supply constraints in the coming years.
Leasing activity totalled 301,400 sqm in H1 2025, a 5% decline year-on-year. The average size of new leases was around 600 sqm, while renewals averaged 1,500 sqm and made up 43% of total take-up. Major transactions included Polkomtel’s 22,700 sqm renewal at Multimedialny Dom Plusa and Maersk’s pre-let of 3,750 sqm at Office House. Limited availability of large, efficient spaces in the centre has led many occupiers to extend existing leases rather than relocate.
The vacancy rate stood at 10.8% at mid-year, up slightly quarter-on-quarter but still lower than a year ago. Central areas reported a vacancy rate of just 7.8%, compared to 13.3% in non-central zones. Prime rents in the centre ranged between €22.00 and €27.00 per sqm per month, with further growth expected due to constrained supply and strong demand for high-quality space.
