Report – The office market in Warsaw in Q1 – Q3 2025, Poland, October 2025, the most recent publication provided by AXI IMMO Research department experts in the AXI IMMO real estate agency, the largest Polish consulting firm on the commercial real estate market in Poland.

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Tenants choose quality and location on the Warsaw office market

At the end of Q3 2025, the vacancy rate on the Warsaw office market declined to approximately 9.7%. Leasing activity continued to concentrate in central locations and in modernised buildings. New supply remains limited and is heavily concentrated in the city centre. Prime rents remain stable, with slight upward pressure.

The office market in Warsaw in Q1–Q3 2025

As of the end of Q3 2025, Warsaw’s total office stock slightly declined to approximately 6.25 million sq m (–0.3% y/y), while the overall quality of the office space improved. This is due to two concurrent trends. First, outdated and non-competitive buildings are being withdrawn from the market and sold  
for redevelopment — typically into residential use. Second, owners who see long-term potential in their assets are choosing to modernise and reposition their buildings to align with the evolving expectations
of tenants. 

In the first three quarters of 2025, developers delivered 90,000 sq m of new office space — an increase  of 18% y/y.

According to AXI IMMO analysts, key completions during the period included The Bridge along with the renovated Nowa Bellona (51,800 sq m), and Office House (27,800 sq m) in the City Centre-West zone. A new headquarters for CD Projekt (5,600 sq m) was completed in Praga-Północ, and in Mokotów, Stoen Operator fully modernised and moved into its own 3,500 sq m building. Approximately 140,000 sq m remains under construction, with nearly 90% of it located in central zones.

 Expert’s comment

Emilia Trofimiuk AXI IMMO

“Reducing stock by suspending the commercialisation of outdated buildings and converting them to other uses is not a weakness, but rather a natural progression in a mature market.

While Warsaw is shrinking in terms of total office stock, it is gaining in quality. The market is also evolving spatially, with the central business district developing rapidly.

Nearly 90% of space currently under construction is located in the city centre. This trend aligns with tenant preferences, which increasingly favour central locations — both for the convenience of commuting and the prestige of client-facing meetings.” 

Emilia Trofimiuk, Research Manager,
Research Department, AXI IMMO

Which new office buildings will soon be in Warsaw?

By the end of 2025, two additional projects are expected to be completed in the City Centre-West zone: Studio A (26,600 sq m) and the refurbished V Tower (32,700 sq m). Projects under construction for upcoming quarters include Upper One, Skyliner II, and Vena. Planned developments for the future include Afi Tower (part of the Towarowa22 complex), Chopin Tower, Vibe B, FORT 7, LightOn, and Nowe Intraco. 

Where can I rent an office immediately in Warsaw?

 The vacancy rate in Warsaw declined to 9.7% at the end of September 2025 (–1.0 pp y/y and –1.1 pp q/q). The rate is considerably lower in the city centre (6.9%) compared to non-central locations (12.1%), with the highest vacancy levels recorded in Służewiec and the Żwirki i Wigury street. 

What does the demand for offices in Warsaw look like from the beginning of the year until the end of September 2025?

Tenant activity remained steady, with approximately 490,000 sq m leased between January  
and September 2025 (–2% y/y). In the leasing structure, new agreements (including pre-lets and owner-occupier deals) accounted for 51%, renewals and extensions for 42%, and expansions for 7%. The average lease size remains below 1,000 sq m.

How much does it cost to rent a modern office in Warsaw?

Asking rents in prime central locations range from EUR 19.00 to EUR 27.50 per sq m/month. In non-central zones, rents start at around EUR 9.50 per sq m/month. Year-on-year rental increases are most evident in newly built or modernised buildings. 

Expert’s comment

“From a tenant’s perspective, the current market favours well-informed, strategic decisions rather than impulsive moves.

The most desirable offices are those near the city centre, with excellent access to public transportation and layouts that support hybrid working.

We expect total annual take-up to reach a level similar to last year—around 750,000 sqm.  

Due to the limited availability of prime office space, the vacancy rate is likely to continue its gradual decline, while prime rents will remain stable with upward pressure in prime  locations.” 

Filip Kowalski, Associate Director,
Office Agency, AXI IMMO

About AXI IMMO

AXI IMMO offers comprehensive advisory services related to commercial real estate, including warehouse and office leasing and property management, real estate valuation, land acquisition, and sales. The firm also offers B2B and B2C supply chain management services. AXI IMMO’s greatest advantage is combining international business standards with deep local market knowledge.

AXI IMMO has received numerous awards, including Best Local Agency of the Year from 2012 to 2019 and 2021 in the CiJ Awards and Best Team in the Warehouse Sector in 2016–2017. In 2019 and 2023, the firm was the winner in the Local Agency category, and in 2024, it was named Advisor of the Year at the CEE Investment Awards. AXI IMMO was named Local Agent of the Year in 2023 and 2024 in the CEE region at the CEEQA awards. The firm’s most recent achievement is the title of Advisor of the Year in the Prime Property Prize 2024.

The AXI IMMO’s Research Department team at AXI IMMO conducts regular market analyses and provides reports and publications on the commercial real estate market.

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